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US to Provide Parole Status for Foreign Entrepreneurs

November 2014, 22
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Obama Announces Start-up Visa Alternative
In a bid to attract foreign entrepreneurs, the president of United States, Barack Obama promised to ease the entry process for overseas entrepreneurs who wish to work in the US.

A memo released by the Department of Homeland Security (DHS) reveals a major opportunity termed as parole status for international entrepreneurs, which allows people to enter the country without a visa.

Generally, it is granted for people with medical or humanitarian relief. The DHS suggested the United States Citizenship and Immigration Services to introduce similar program that would enable start-up founders, researchers and inventors to enter the country legally for indefinite period.

An H1B visa necessitates overseas entrepreneurs to demonstrate that they can be recruited, paid, fired and controlled by the firm, so it is very tough task to set up a company. Hence, majority of entrepreneurs prefer to go other countries over US.

This new scheme makes it easier for entrepreneurs to enter the US market. To be qualified for this scheme, they need to prove that they are innovative enough to create jobs or they have acquired substantial funding from investors of United States.

Experts opined that this is a significant leap towards the start-up community. The main objective of this initiative is to lay a solid foundation for business through which more entrepreneurs would be eligible for permanent visa.

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