US Visa for Entrepreneur: Detailed Comparison of IEP and EB1A
US Visa for Entrepreneurs: Do You Want to Run a Startup in the US? Unlike the UK and Canada, the US doesn’t have a direct visa pathway for startup founders or entrepreneurs.
However, there is an immigration pathway called International Entrepreneur Parole (IEP) exclusively for foreign entrepreneurs who want to work for their startup in the US.
Additionally, many entrepreneurs have recently been seeking talent visa-based paths, such as O1A and EB1A, to run a company in the US.
Are you unsure which option is right for you? In this blog, we discuss the benefits and limitations of both the IEP and EB1A pathways to help you make an informed decision. Let’s begin!
What is International Entrepreneur Parole?
US visa for Entrepreneurs: International Entrepreneur Parole grants parole status to foreign entrepreneurs, allowing them to grow their startup in the United States for an initial period of 2.5 years if they meet specific requirements. This period can be extended for an additional 2.5 years if they meet certain criteria.
To qualify, entrepreneurs must demonstrate that their startup has significant potential for rapid growth and job creation, providing a substantial public benefit.
If parole is granted, the entrepreneur’s spouse and children may accompany them, with the spouse eligible to apply for work authorization in the United States.
Additionally, up to three entrepreneurs from each startup are eligible to apply for International Entrepreneur Parole.
Eligibility Requirements for International Entrepreneur Parole
Here are the requirements that you must meet to qualify for International Entrepreneur Parole:
- You may either live in the US or abroad.
- Your startup must have been established in the US within the last five years.
- You need to show potential for growth and job creation through qualified investments of at least $311,071 , government grants of at least $124,429 , or other compelling evidence.
- You must own at least 10% equity in your startup.
- You must have a central and active role in the startup company.
Limitations of International Entrepreneur Parole
- IEP takes longer to process, and there’s no premium processing available.
- IEP cases are more likely to receive Requests for Evidence (RFEs).
- Most importantly, it’s not a visa. It only gives you parole status, so you’ll need to leave the US to apply for a visa or green card.
- The investment, grants, and revenue thresholds will be revised every three years based on the Consumer Price Index for All Urban Consumers. It was last adjusted this year and will be effective from October 1, 2024.
- USCIS approval alone doesn’t grant you IEP status. The final decision regarding your parole status and duration of stay remains with the U.S. Customs and Border Protection (CBP) officer at the airport or other port of entry.
Qualifications for the EB1A Green Card
Another US visa for entrepreneurs is the EB1A green card. The EB1A green card is designed for individuals with extraordinary abilities in fields such as science, arts, education, sports, and business.
Unlike the International Entrepreneur Parole, the EB1A provides a direct path to U.S. permanent residency.
To qualify for an EB1A green card, you must meet at least three of the ten EB1A criteria and demonstrate sustained national or international acclaim.’
The ten EB1A criteria include:Awards, Membership, Critical roles, Showcasing work in artistic exhibitions, Demonstrating commercial success, Original contributions, High salary, Publication, Judging and Published material about you.
You can self-petition for the EB1A, and there are no strict educational requirements.
Entrepreneurs can creatively meet the EB1A criteria. For more information on qualifying for an EB1A green card as an entrepreneur, check out our latest blog here.
O-1A vs. EB1-A: Which Is the Better US Visa for Entrepreneurs?
Entrepreneur visa: The EB1-A green card and the O-1A visa cater to different needs. The O-1A is a non-immigrant visa that allows you to stay and work in the US for an initial period of three years, with the possibility of indefinite renewals as long as you continue to meet its requirements.
The O-1A visa requires sponsorship by an employer or an agent. As an entrepreneur, your company can act as the sponsor for your O-1A visa.To qualify for the O-1A visa, you need to demonstrate extraordinary ability in your field, similar to the requirements for the EB1-A green card. However, to live and run your business in the US permanently, you will eventually need a green card.
A recommended strategy is to prepare for the EB1-A green card. During your EB1-A preparation, your profile may aligns with the O-1A visa requirements, you can apply for the O-1A first due to its faster processing times. Later, as you strengthen your profile, you can apply for the EB1-A green card.
Remember, the EB1-A green card has higher eligibility requirements than the O-1A visa.
Conclusion
We hope you have decided between the US visas for entrepreneurs, including the EB1A green card and the International Entrepreneur Parole, based on what suits you best.
It is important to note that the EB1A green card offers a shorter wait time for Indian applicants compared to the EB2 and EB3 green card categories. Additionally, the EB1A final action dates advance quickly in the monthly visa bulletins.
Therefore, the EB1A could be an optimal choice for Indian entrepreneurs seeking permanent residency in the US. If you need personalized assistance in gathering strong evidence for the EB1A, consider exploring the Smart Green Card VIP plan.
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