On Friday, a new federal rule is being formally proposed that would empower the Department of Homeland Security to use its existing authority to allow entrepreneurs to legally work in the U.S. for two years. After the initial two years, entrepreneurs would have the possibility of securing a one-time three year extension to help build a company. The proposed rule will not require congressional approval.

Under the proposed new rule, foreign nationals would have to satisfy the following requirements:

  • Own at least 15 percent of a U.S.-based startup
  • Play a central role in the startup’s operations
  • Have “potential for rapid business growth and job creation” defined by at least $100,000 in government grants or at least $345,000 in investment from U.S. investors with a proven track record of investing in successful companies

Some foreign nationals who only partially meet the requirements may still be permitted to remain in the U.S. with additional proof of the growth potential of the company.