The Trump administration has delayed the implementation of the “International Entrepreneur Rule,” an Obama-era policy that would have allowed more foreigners to start businesses in the US. The administration intends to overturn the rule, which would have gone into effect next week.
Official notice of the delay, which pushes out the effective date of the regulation until March 2018, will be published tomorrow in the Federal Register. The Department of Homeland Security intends to rescind the rule but is taking public comment during a review period.
The International Entrepreneur Rule is a kind of stunted version of the “startup visa” that tech companies have long favored. It would have allowed foreign entrepreneurs an “initial parole stay” of 30 months in the US, which could have been extended by another 30 months. Only entrepreneurs who had lined up at least $250,000 of investment capital from established, reputable investors would have been allowed to use the rule.