In a news that could sting the world startup ecosystem pretty hard, a recent article in the San Francisco Chronicle has claimed that U.S. President Donald Trump and his administration are planning to further delay and then ultimately ditch the rule that would have allowed foreign entrepreneurs to come to the United States and build their businesses.

The International Entrepreneur Rule, which was slated to go on the floor from 17th July this year following the Department of Homeland Security’s January stamp of approval, has been on the list of the Silicon Valley demands for quite sometime now. But, according to San Francisco ChronicleSan Francisco Chronicle, the Trump administration has now decided to dump the rule that was approved during Barack Obama’s Presidential tenure.

According to the report, while they won't do away with the rule right away, a soon to be released circular will push back the start date of the rule from July 2017 and March 2018. During this period, the administration will work out a strategy to dump the rule forever. The notice is most likely be published in the Federal Register in the coming days.

If the proposed International Entrepreneur Rule would have come into action, then it would have given entrepreneurs all across the world who have big dreams and passion but do not somehow qualify for the existing visa programs in the U.S., such as the H-1B and L-1 programs which are routinely availed by Indians wanting to work in the U.S., an opportunity to legally stay in the U.S. and build their businesses in one of the most progressive economies of the world.

In addition to the new rule, the Trump administration is also facing flak for toying with the existing visa programs such as the H-1B and L-1 visas, as a part of Trump's “Buy American, Hire American” executive order.

The San Francisco Chronicle report also reported how in the light of the current environment in the U.S. regarding foreign businesses and entrepreneurs, Indian American entrepreneur Sharoon Thomas decided to move his e-commerce software startup from Mountain View, California, to Canada.

Interestingly, the news about the notice of delaying the International Entrepreneur Rule came in a week when the U.S. President Trump met with Silicon Valley giants like Microsoft and Apple to build smoother relations between the Silicon Valley and Washington.

The Startup Visa rule allows an entrepreneur to stay in the U.S. for 30 months, with the possibility of a 30-month extension. In order to qualify for the rule, an entrepreneur needs to demonstrate that he/she will be contributing to economic growth or job creation in the country and give a legit proof that a reputable investor has invested at least $250,000 into their business.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.