U.S introduces International Entrepreneur Rule (IER) for non-citizen entrepreneurs seeking to establish, startups
22 Jul
The United States has introduced the International Entrepreneur Rule (IER) for non-citizens who are entrepreneurs seeking to establish and grow their startups in the US.
The aim of the International Entrepreneur Rule (IER) is to provide a valuable opportunity for non-citizen entrepreneurs from any country including Nigeria to contribute to the US economy by establishing and growing their startups.
Applicants from outside the United States therefore need to meet the specified criteria and follow the application process in order to benefit from a temporary stay in the US, whilst fostering innovation and job creation.
About the International Entrepreneur Rule (IER)
The IER is a program that grants temporary parole status to foreign entrepreneurs who meet specific criteria.
This parole allows them to live and work in the United States for up to five years to develop and scale their businesses.
These conditions include:
- Ownership: The entrepreneur must own at least 10% of the startup at the time of the initial application and at least 5% at the time of re-parole.
- Startup Requirements: The startup must be less than five years old and established as a US entity.
- Investment: The startup must have received at least $250,000 in capital from qualified US investors or $100,000 in government grants or awards.
The Department of Homeland Security (DHS) grants an authorized stay, technically called ‘parole,’ on a case-by-case basis. Entrepreneurs granted parole can work only for their startup.
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