The National Venture Capital Association (NVCA) is seeking Department of Homeland Security’s (DHS) compliance regarding the implementation of an entrepreneurial court order.
The NVCA joined entrepreneurs and startup companies in filing a motion last week to conduct discovery regarding DHS complying with the court order in NVCA v. Duke, in which the U.S. District Court for the District of Columbia ordered DHS to implement the International Entrepreneur Rule (IER).
Officials said the venture capital industry believes the International Entrepreneur Rule will create American jobs by attracting the world’s top startup founders.
“The court’s ruling in NVCA v. Duke was clear: DHS’s delay of the International Entrepreneur Rule was unlawful and the rule must be implemented,”
NVCA President and CEO Bobby Franklin said. “Unfortunately, DHS has dragged its feet and even tried to persuade immigrant entrepreneurs to not launch new high-growth startups through the International Entrepreneur Rule.”
Proponents said the rule allows foreign-born entrepreneurs to launch high-growth startups in America while allowing them to remain in the country for two and a half years, with the possible extension of another two and a half years.
Less than a week before the IER was to go into effect on July 17, 2017, DHS announced the rule would be delayed and the agency intended to rescind the final rule. NVCA said that any further delays will harm the U.S. economy as the U.S. share of global venture capital investment has already dropped from 90 percent 20 years ago to 53 percent reported last year.