USCIS Increases Investment and Revenue Thresholds for Foreign Entrepreneurs

U.S. Citizenship and Immigration Services (USCIS) announced it would increase the investment and revenue thresholds for foreign startup founders applying for a visa under the International Entrepreneur Rule, an Obama-era program that allows foreign entrepreneurs to start businesses in the United States.

The agency said in a statement it updates these thresholds every three years.

Starting October 1, 2024, foreign entrepreneurs now need to show their company has received:

• An investment of at least $311,071 (currently $264,147)
• At least $124,429 (currently $105,659) in government awards or grants or
• If the start-up doesn’t fully meet the above criteria, provide other strong and reliable evidence that shows its significant potential for fast growth and job creation.

For a renewal application, the founder must show their startup has received:

• At least $622,142 (currently $528,293) in investments
• Created at least five jobs or
• Reached an annual revenue in the U.S. of at least $622,142 (currently $528,293).

USCIS also updated the requirements for where the startup’s investments come from. The investor must have a track record of making significant investments in successful startups within the past five years.

To qualify, the individual or organization:

• Must have invested at least $746,571 (currently $633,952) in startups for equity or similar stakes.
• Additionally, after their investment, at least two of those startups must have each created at least five jobs or generated $622,142 (currently $528,293) in revenue with an average annual growth of at least 20%.

The International Entrepreneur Rule (IER) was established in January 2017 to allow foreign entrepreneurs to stay in the U.S. to grow their businesses. In 2018, the Trump administration sought to suspend the rule, citing concerns over its implementation. However, a court ruling later required DHS to begin accepting applications under the rule. The Biden administration has since reaffirmed support for the IER, praising the policy for allowing international entrepreneurs to contribute to the U.S. economy.

The program, however, hasn’t seen much success. Since FY 2021, USCIS received 94 applications: 26 cases approved, 28 rejected, and 40 pending or withdrawn cases.

In an attempt to boost the program, USCIS published updated information on July 12, 2024 to its website, including a detailed FAQ section.

Other key criteria to qualify for the program include:

• Entrepreneurs must be involved with a U.S. start-up formed within the past five years.
• Entrepreneurs can be either living abroad or already in the United States.
• Start-up entities must have been established in the U.S. within the past five years.
• Up to three entrepreneurs per start-up can be eligible.
• Spouses of entrepreneurs can apply for work authorization, but children cannot.

Under the rule, entrepreneurs can receive an initial stay of up to 2.5 years to oversee and grow their company in the U.S. An extension of up to 2.5 additional years may be granted if the startup continues to provide a significant public benefit, demonstrated by substantial increases in capital investment, revenue, or job creation.

For more info, Boundless has put together a detailed guide on the International Entrepreneur Rule.