The Biden administration has announced plans to review the International Entrepreneur Program that allows foreign entrepreneurs to live and work in the United States. The Trump administration tried to end the program that was started by former President Obama.
The International Entrepreneur (IE) Program allows foreign entrepreneurs to live and work in the United States for up to 5 years if:
• they invest $250,000 or more in their startup business
• they own at least 10% of the business
• they have a key role in the business
• they hire 10 or more U.S. employees
Entrepreneurs are only eligible to work only for their start-up business. The entrepreneur’s spouses may apply for employment authorization in the United States, but their children can not.
Applicants are eligible to reapply to lengthen their stay based on the success of their business investment.
Immigrants are an integral part of the Illinois workforce in a range of occupations. Immigrant entrepreneurs in Illinois generate billions of dollars in business revenue:
• 119,404 immigrant business owners accounted for 21.3% of all self-employed Illinois residents in 2015 and generated more than $2.5 billion in business income.
• In 2015, immigrants accounted for 20.3% of business owners in the Chicago/Naperville/Joliet metropolitan area (which stretches from Wisconsin to Indiana through Illinois) and 6.5% of business owners in the St. Louis metro area (which straddles Illinois and Missouri).
A business immigration attorney can help immigrant investors and entrepreneurs move to Illinois and move their business to the U.S. or invest in an existing business in the United States.
Godoy Law Firm’s business immigration attorneys can help immigrant investors and entrepreneurs move to Illinois. Contact Godoy Law Office today at 630-912-0322 to answer your questions about immigration, help you file an immigration application and guide you through every step of the immigration process.