New Company: The company must have been formed within 5 years of the date of filing the parole application.
Applicant is an Entrepreneur: The applicant must own at least 10% of the company and have “an active and central role in the operations and future growth of the entity, such that the alien is well-positioned, due to his or her knowledge, skills, or experience, to substantially assist the entity with the growth and success of its business.”
Significant US Capital Investment or Government Funding: The government lists three scenarios in which a company may qualify:
- The company has received investment capital from US investors with established records of successful investments totaling $250,000 or more. These investments must come from investors such as venture capital firms, angel investors, or start-up accelerators. These investment numbers will be re-calibrated every three years.
- The company has received Federal, State or local government grants or awards totaling $100,000 or more.
- Alternative: Provide “additional reliable and compelling evidence” of the company’s “substantial potential for rapid growth and job creation.”
Additional criteria will apply to a renewal application
Applicant is an Entrepreneur: The ownership percentage required is diluted to 5%.
Significant US Capital Investment or Government Funding: To file for renewal an applicant will have to demonstrate one or more of the following:
- At least $500,000 in additional qualifying funding since initial parole period was granted.
- Revenue generation of $500,000 per year or more with average annualized revenue growth of at least 20%.
- Substantial job growth, at least 5 full-time jobs (35 hours per week) have been created since the grant or parole.
- Alternative catch-all still available.