We already know about Donald Trump's aversion to foreign companies and foreign nationals. So, after the fiasco of H-1B visa, the Trump administration is now reportedly planning to delay International Entrepreneur Rule, widely regarded as the US version of a startup visa.
Approved by the Department of Homeland Security during President Barack Obama’s last days in office, the rule permits foreign entrepreneurs a window of time to stay in the US to build companies they recently started. It is scheduled to go into effect July 17.
As per a report by the San Francisco Chronicle, "the Trump administration plans to delay and ultimately scrap" International Entrepreneur Rule, that has been anxiously awaited by the startup community.
Citing an official in the know of things, the report said that the department plans to push back the rule’s effective date to March 2018. During this time, the administration may issue a public notice and comment period to revoke the rule altogether.
Currently, a foreign entrepreneur cannot reside in the US while building a company. While H-1B and L-1 programs are for companies hiring employees or transferring executives from abroad, the startup visa would have allowed entrepreneurs who do not qualify for existing visa programs a chance to stay in the US and grow their businesses.
A Trump spokesman said to siliconangle.com, “We cannot speculate on the outcome of the review of the rule. When the review is final, we will make the decision public.”
Many in startup community have been anxiously waiting for the rule to come into effect. However, if these reports turn out to be true, it would be the end of the big American dreams for many entrepreneurs.