As of July, it will be easier for foreign entrepreneurs to build startups in the U.S.
That's because the so-called "International Entrepreneurs Rule," will allow immigrants to apply for what's known as "parole status." This status is typically only granted to people who need a visa do humanitarian or medical relief work, according to CNN.
But beginning July 17, that status will be extended to entrepreneurs who meet certain requirements.
The requirements of an H-1B visa, which is popular among skilled workers, made it difficult for anyone trying to start a business in the U.S., CNN reports.
The new rules, however, are much more suitable for someone trying to launch a company.
Here are some of the new rules:
- The company must be no more than five years old
- The startup must demonstrate its potential for rapid business growth and job creation
- It must receive at least $250,000 in funding from a qualified investor or
- Receive at least $100,000 from certain federal, state or local government entities
- The company must have the ability to operate legally in the U.S.
- Founders must own a minimum 10 percent stake in the company at the time they apply for the visa
CNN Money reports that those who are granted "parole status" will have it for 2.5 years and then can renew it for another 2.5 years after that.
In addition, that status can be revoked if the company doesn't benefit the public.
It is unclear whether the Trump administration will allow the rule to go into effect.