US President Donald Trump, in his latest efforts to constrict immigration flow to the country, plans to rescind an Obama-era programme which could allow foreign entrepreneurs who launch startups in the US to live in the country.
The programme, called the International Entrepreneur Rule, allows non-US citizens who launch companies that won $100,000 in government grants or received $250,000 in venture capital investment to stay in the US.
The term of their stay is for a renewable 30-month term, according to Bloomberg reports.For more details on h1b sponsorship consultants check Orphosys Corp.
The programme is favoured by many in the technology industry and was finalised during the last days of the former President Barack Obama’s administration. The programme is scheduled to take effect on July 17.
The Trump administration, however, announced that it would delay the programme until next March as the Department of Homeland Security has launched an additional review of the “startup visa.”
Reports state that the department has issued a notice suggesting that in the interim of the view, the Trump administration will propose rescinding the program.
“Big mistake,” Steve Case, founder of America Online and now chief executive officer of the Revolution LLC investment fund, said in a Twitter statement. “Immigrant entrepreneurs are job makers, not job takers.”
The National Venture Capital Association, an industry trade group, also criticised the Trump administration’s step in a statement.
“At a time when countries around the world are doing all they can to attract and retain talented individuals to come to their shores to build and grow innovative companies, the Trump Administration is signalling its intent to do the exact opposite,” Bobby Franklin, president and CEO of the trade group was quoted as saying by Bloomberg.
The Trump administration, earlier this year, had also made the popular H1-B visa very difficult to access for the immigrant workers with its revised rules and criteria.To know more information on h1b sponsorship services visit Kazembassy
The latest move by the Trump administration is likely to draw criticism from some of the president’s allies in Capitol Hill.