California is well-known as a place where tech companies are founded by those looking to create new and innovative products. Many of those who are responsible for some of the most successful businesses in this field came to the United States from other countries. They chose to immigrate to Corona and other communities in order to pursue the opportunity to make their dreams a reality.
However, a new delay announced by the Trump administration could this make this harder for some seeking to come to the U.S. Implementation of the International Entrepreneur Rule, which would have allowed those looking to establish businesses in the U.S. entry into the country for 30 months, has been pushed back. This news is especially detrimental to the tech industry, where immigrants were involved in founding more than half of startups whose value was placed at over $1 billion.
While leaders within the tech industry have sought to work cooperatively with the Trump administration, their efforts do not appear to be having much of an effect. Lack of resources was cited as the reason behind the delay. The program was scheduled to begin on July 17 but has been pushed back to March 2018. However, there is a chance that the program could face further delay or even be rescinded. In order to qualify, individuals would have to provide proof of either $100,000 in grants or $250,000 in investment capital to launch their company.
Given the caps being placed on work visas such as the H-1B, programs such the International Entrepreneur Rule are considered important to those in the tech industry. Entrepreneurs who wish to come to the U.S. to found a company or invest in a startup may wish to consult with an experienced immigration attorney.
Source: The Los Angeles Times, “Trump administration delays program that lets immigrant entrepreneurs into the U.S.,” Tracey Lien and Jack Flemming, July 11, 2017