Obama Administration Set the Idea of New Startup:
This was an occasion which was anxiously awaited by the startup community. The Obama administration was behind setting this into motion, but just before three days the former president left, the idea went into a delay till July 2017.
But now the officials say that this draft will go into a delay and will become active in 2018. They also said that they will work on permanently withdrawing this idea.
The more details on rules specific requirements and accommodations are:
“The final rule adds new regulatory provisions guiding the use of parole on a case-by-case basis with respect to entrepreneurs of start-up entities who can demonstrate through evidence of substantial and demonstrated potential for rapid business growth and job creation that they would provide a significant public benefit to the United States.
Such potential would be indicated by, among other things, the receipt of significant capital investment from U.S. investors with established records of successful investments, or obtaining significant awards or grants from certain Federal, State or local government entities.
If granted, parole would provide a temporary initial stay of up to 30 months (which may be extended by up to an additional 30 months) to facilitate the applicant’s ability to oversee and grow his or her start-up entity in the United States.”