As of 2024, Compulsorily Convertible Preference Shares (“CCPS”) have become the default form of equity offered to venture capitalists and other sophisticated investors in the early financing rounds of an Indian startup. CCPS are a type of preferred shares subject to a mandatory conversion into “ordinary equity” at a later date. In American terms, CCPS function similarly to grants of “convertible preferred stock” in that the subject equity in its original form is conferred with specified preferred rights for the holder, such as fixed dividends, liquidation preference, etc. While a conversion to “ordinary equity” is inevitable for CCPS, convertible preferred stock generally comes with the option to convert.
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CCPS (Indian) vs. Convertible Preferred Stock (American)
Categories: Indian Startups , Startup Law , Startups
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USCIS Announces Updates for the Fiscal Year 2025 H-1B Cap Registration Process
Categories: Citizenship , H-1B Visa , Law Firm , Lawyers
On April 1, 2024, the U.S. Citizenship and Immigration Services (USCIS) announced that enough electronic registrations were received during the initial registration period to reach the numerical allotments (H-1B cap) for the fiscal year (FY) 2025.
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USCIS Incorporates Department of Labor’s Definition of “Science or Art” Into Its Policy Manual
Categories: Attorneys , Citizenship , EB-2 , EB-3 , Law Firm , Lawyers
The U.S. Citizenship and Immigration Services (USCIS) issued a policy guidance in their policy manual announcing the adoption of the U.S. Department of Labor (DOL)’s definition of “science or art” into its own policy manual. This clarification specifically impacts adjudication of EB-2 & EB-3 visa preference categories for Schedule A Group II cases.
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THE END OF THE NON-COMPETE?
Categories: Attorneys , Law Firm , Lawyers
Celebrations of free market capitalism on one side, and accusations of egregious agency overreach on the other. The Federal Trade Commission’s long expected ban on employer enforced non-compete provisions is finally here.
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The Board Rules Delaware: Delaware Chancery Court Curtails Founder's Control Over Board of Directors
Categories: Attorneys , Business Law , Corporate Law , Law Firm , Legal Services
The preeminent authority of the Board of Directors of a Delaware corporation (the “Board”) is statutorily conferred by Section 141(a) of the Delaware General Corporation Law (the “DGCL”), which dictates that “the business and affairs of every corporation organized under this chapter shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation.”
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USCIS Outlines New Update on the Validity Period for Form I-693
Categories: Citizenship , Citizenship Green Cards , Law Firm , Lawyers , Legal Services
On April 4, 2024, the U.S. Citizenship and Immigration Services (USCIS) announced that Form I-693, Report of Immigration Medical Examination and Vaccination Record, that was properly completed and signed off by a civil surgeon on or after November 1, 2023, no longer has an expiration date and can be used indefinitely as evidence that an applicant is not inadmissible on health-related grounds. Form I-693 is the form that USCIS designated civil surgeons to fill out on behalf of the applicants who are applying for adjustment of status to become lawful permanent residents. This form is used to establish that an individual is not inadmissible to the United States on public health grounds.
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USCIS Sets May 2024 Adjustment of Status Filing Charts For the Visa Bulletin
Categories: EB-1 , EB-2 , EB-3 , EB-4 , EB-5 , F1 , F2A , F2B , F3 , F4 , Immigration Law , Law Firm , Lawyers , Legal Services
Sheetal A. Patel of Pasricha & Patel, LLC, explains the adjustment of status filing charts for the Visa Bulletin
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USCIS Expands Automatic Extension of Certain Employment Authorization Documents to Improve Access to Work Permits
Categories: Citizenship , immigration attorneys , Immigration Law , Lawyers
On April 4, 2024, the U.S. Citizenship and Immigration Service (USCIS) announced a temporary final rule (TFR) that will increase the automatic extension period for certain timely filed renewals for expiring Employment Authorization Documents (EADs) from 180 days up to 540 days. This announcement is made to help to improve work access to eligible foreign nationals.
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New Citizens Will Be Able to Request Social Security Updates Through Form N-400
Categories: Attorneys , Citizenship , Citizenship Green Cards , immigration attorneys , Immigration Law , Lawyers
On March 28, 2024, the U.S. Citizenship and Immigration Services (USCIS) announced the integration of the Enumeration Beyond Entry (EBE) program to the new version of the Form N-400, Application of Naturalization.
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Court Denies Temporary Restraining Order Request to Halt USCIS Fee Increase
Categories: Attorneys , Business Immigration , immigration attorneys , Immigration Law , Law Firm , Lawyers , Legal Services
Samantha Moody (an EB-5 immigrant investor), the American Immigrant Investor Alliance, and IT Service Alliance had previously jointly filed a lawsuit in the U.S. District Court for the District of Colorado opposing the fee increases for certain immigration benefits, as outlined in the new final rule published by USCIS. The plaintiffs argued that this rule, which was set to take effect on April 1, 2024, was announced without appropriate notification and it also randomly forces some businesses and individuals to fund asylum resolutions.
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USCIS Updates Policy Clarifying Mobile Biometrics Collection
Categories: Attorneys , Citizenship , immigration attorneys , Immigration Law , Law Firm , Lawyers , Software Agreements , Technology Law
On March 7, 2024, the U.S. Citizenship and Immigration Services added clarification in the USCIS Policy Manual on existing policy regarding mobile biometrics collection services to benefit requestors who live in remote locations within the United States.
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ATTENTION ALL BUSINESSES: NEW 2024 Beneficial Ownership Information Reporting Requirements
Categories: Business Law , Lawyers , Legal Services
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (“FinCEN”) recently issued the final rule on the beneficial ownership information reporting requirements effective January 1, 2024 (the “Rule”). This comes as part of an effort to increase transparency and accountability in business operations.
This post will provide a summary of the rule, its applicability, and the filing requirements and deadlines.
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USCIS Simplifies the Process of Obtaining Employment Authorization Documents for Refugees
Categories: Attorneys , Best US Immigration Attorney , Business Immigration , Business Law , Citizenship , immigration attorneys , Immigration Law , Investment Visas , Law Firm , Lawyers
On March 12, 2024, the U.S. Citizenship and Immigration Services (USCIS) introduced a new process for filing Form I-765, Application for Employment Authorization to benefit recently admitted refugees. Through this new procedure, refugees can acquire their employment authorization documents (EAD) in a more effective manner. Under United States law, any refugee is legally authorized to work in the United States upon arrival. However, being in possession of the correct work authorization documents was previously a burdensome and long-delayed process. This new process will ease the process of applying and obtaining work authorization for newly admitted refugees.
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USCIS Sets April 2024 Adjustment of Status Filing Charts For the Visa Bulletin
Categories: Attorneys , Best US Immigration Attorney , Business Immigration , F visa , H-1B Visa , Immigration Law , Investment Visas , Investor Visa , L Visa , L-1 Visa , Law Firm , Lawyers
Sheetal A. Patel of Pasricha & Patel, LLC, explains the adjustment of status filing charts for the Visa Bulletin
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USCIS Policy Updates Regarding “Ability to Pay” and Changing Employers during a Pending Adjustment of Status Petition
Categories: Attorneys , Best US Immigration Attorney , Corporate Law , immigration attorneys , Immigration Law , International Law , Law Firm , Lawyers , Legal Services , Real Estate
On January 5, 2024, the U.S. Citizenship and Immigration Services (USCIS) issued an updated policy guidance on the "ability to pay" requirement for immigrant petitions in certain employment-based visa classifications (i.e., EB-1, EB-2, and EB-3 preference categories). The “ability to pay” can be determined by showing that the U.S. employer has either been employed and paid the beneficiary an amount that is at least equal to the required wage already, or in the case of the beneficiary changing employers, the U.S. employer is willing and able to pay the required wage to the beneficiary.
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USCIS Streamlines Family-Based Conditional Permanent Residence Guidelines
Categories: Attorneys , Citizenship , Green Cards , Law Firm , Lawyers
As of December 12, 2023, the U.S. Citizenship and Immigration Services (USCIS) has revamped its policy manual focusing on family-based conditional permanent residence. With this update comes clarification on eligibility, filing, and adjudication for Form I-751, Petition to Remove Conditions on Residence.
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USCIS Revamps Fee Payment Process Prioritizing Convenience and Efficiency
Categories: Attorneys , Best US Immigration Attorney , Business Immigration , Business Law , immigration attorneys , Immigration Law , International Law , Law Firm , Lawyers , Legal Services
On January 26, 2024, the United States Citizenship and Immigration Services (USCIS) outlined changes to the payment method for certain benefit request forms.
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USCIS Sets March 2024 Adjustment of Status Filing Charts For the Visa Bulletin
Categories: Attorneys , F visa , Green Cards , H-1B Visa , Investment Visas , Investor Visa , L Visa , L-1 Visa , Law Firm , Lawyers
Sheetal A. Patel of Pasricha & Patel, LLC, explains the adjustment of status filing charts for the Visa Bulletin
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Exploring the Future of the H-1B Modernization Rule
Categories: Attorneys , Best US Immigration Attorney , Business Law , H-1B Visa , Investor Visa , Law Firm , Lawyers
The recent final rule issued by the United States Citizenship and Immigration Services (USCIS) is the beginning of a larger plan to modernize the H-1B visa program. The initial phases of this rule including the implementation of a more beneficiary centric process for H-1B registrations, flexibility of start date for certain H-1B cap-subject petitions, and additional integrity measures will take effect on March 4, 2024. However, there are additional proposed adjustments and advancements to the proposed rules that USCIS will be announcing in the near future.
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