Citizenship and Residency

US drafts new rule to woo global entrepreneurs


By added on 31/08/2016

The US Citizenship and Immigration Services (USCIS) is proposing a new rule to woo immigrant entrepreneurs, reports the Times of India.

 

Under the International Entrepreneur Rule, as it is called, entrepreneurs from outside the US will be granted a two-year stay in the country to scale up their startups with a subsequent option to extend it by another three years provided these startups show enough evidence of revenue and job creation.

 

"It's a good step. It could definitely encourage Indian entrepreneurs to headquarter in the US, where they have better access to funds and higher valuations. Existing investors in such qualifying companies may also encourage their portfolio to do this, as it could provide better exit opportunities, by way of acquisitions and IPOs," said Karthik Mahalingam, national practice head for venture capital in law firm Shardul Amarchand Mangaldas.