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June 23, 2017 02:00 pm

Trump Plans To Dismantle Obama-Era 'Startup Visa'

An anonymous reader quotes a report from Ars Technica: A regulation from the Obama administration that would have allowed foreign-born entrepreneurs who raise investor cash to build their startups in the U.S. won't be allowed to go into effect. The Department of Homeland Security will file an official notice to delay the International Entrepreneur Rule for eight months. The intention is to eliminate the rule entirely, according to sources briefed on the matter who spoke to The Wall Street Journal. The decision isn't final, and a DHS spokesperson told the WSJ that the department "cannot speculate" on the outcome of the review. The International Entrepreneur Rule, signed by former President Obama days before he left office in January, doesn't offer a visa but rather a type of "parole" that would allow immigrants to stay in the U.S. temporarily as long as they meet certain requirements. In order to qualify, a foreign entrepreneur has to raise at least $250,000 from well-known U.S. investors. The rule grants a stay in the U.S. of 30 months, which can be extended for an additional 30 months. Founders can't apply for a green card during that time. DHS has estimated about 3,000 entrepreneurs would qualify under the rule.

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