obamaThe Obama administration has proposed a federal rule that will give entrepreneurs the right to live and work legally in the US for up to 5 years. it is aimed at making it easier for foreigners to start up businesses and create jobs in the US.

The move, which won’t require congressional approval, allows people to stay up to five years, provided their startup has significant U.S. investment. The rule comes in the wake of the US Congress failing to pass a “start-up visa” as part of wider immigration reform.

To be eligible to work in the U.S. under the new rule, the foreigner would have to own at least 15 percent of a U.S.-based startup, have a central role in its operations and have ”potential for rapid business growth and job creation.”

According to the US Department of Homeland Security, “The proposed rule would add new regulatory provisions guiding the use of parole on a case-by-case basis with respect to entrepreneurs of start-up entities whose entry into the United States would provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation,”