US startup visa program raises funding requirements for foreign entrepreneurs

The U.S. International Entrepreneur Rule (IER), known as the startup visa, will see increased investment and revenue requirements starting October 1, 2024. The minimum investment amount rises from $264,147 to $311,071, while grants increase from $105,659 to $124,429. Additionally, the criteria for qualified investors have changed. Investors must now have made investments of at least $746,571 in other startups, up from $633,952. At least two of those startups must have created five jobs or generated $622,142 in revenue. These updates follow a contentious history for the IER program, which allows foreign entrepreneurs to stay in the U.S. for up to five years. The program aims to support innovation and economic growth through entrepreneurship.