The US Department of Homeland Security is going to make it easier for foreign entrepreneurs to stay in the country if they and their startup companies meet certain criteria to ensure they provide a “significant public benefit.” That includes creating jobs and drawing investors to their US companies.

The rule formerly proposed today and disclosed in a White House press conference, would allow the Department of Homeland Security (DHS) to use existing authority to grant temporary “parole status” to inventors, researchers, and entrepreneurs who may not qualify for the green card pathway for a defined period of time. It can be withdrawn at any time and does not confer any public benefits on recipients.

The National Venture Capital Association immediately praised the decision.

“Today’s announcement is welcome news for the entrepreneurial ecosystem and we applaud the Obama Administration for keeping its foot on the gas of this important issue. Immigration reform has long been a focus of NVCA and we are glad to see our priorities on the issue woven into this proposal,” said Bobby Franklin, the NVCA’s CEO, in a statement.

.“Absent congressional action to finally pass comprehensive immigration reform, NVCA and the venture community will continue to support all measures that make it easier for foreign-born entrepreneurs to come to the U.S. to start and grow successful businesses. We look forward to digging in and reviewing all the details of the proposed rule and working with the administration in the coming weeks to iron out the finished product so that the rule best meets the stated goal of attracting the best and brightest entrepreneurs from around the world.”

The rule goes into a 45-day public comment period before it goes into effect. After that officials say its hard to predict when applicants can expect results, but once the process starts, they hope to have the first batch completed by the end of President Obama’s term. They expect 3,000 applications but say they will process as many as they receive.

Initially, qualified immigrant entrepreneurs will be granted a two-year stay if they own at least 15 percent of a US-based startup founded in the last three years, have a major role in its operations, and have either more than $100,000 in government grants or at least $345,000 invested. The companies must show a rapid growth potential and investors must have a track record of success in prior deals.

After the initial two years, successful foreign entrepreneurs can apply for three more years parole, again if they meet stringent and increasingly stiff criteria.

Max Levchin, co-founder of PayPal, Affirm, Glow, and Slide, sent a message to White House email lists supporting the new rule. He outlined his own history as an immigrant entrepreneur and said, “I believe that the most promising entrepreneurs from around the world should have the same opportunity I had — the chance to deliver on their potential, here in America.”

The proposed rule is open for public comment for 45 days, allowing stakeholders to provide valuable feedback to DHS before the final rule is ultimately published.

White House Press Release on the new Rule: International Entrepreneurs