A notice to officially end the International Entrepreneur Rule has been sent to the Office of Management and Budget — the first step the Trump administration must take to officially end a rule that would allow some foreign startup founders to stay in the U.S. and build their companies.

The rule, which is the closest Silicon Valley has come to a visa for entrepreneurs, was approved by the Department of Homeland Security during President Barack Obama’s last few hours in office. But a week before it was set to go into effect in July, the Trump administration delayed it with the intent to rescind it altogether.

The notice to officially rescind the rule, colloquially known as the “startup visa” rule, was posted on the Office of Information and Regulatory Affairs website Friday. This means a draft to officially rescind the rule is currently being reviewed by the administration, and will likely be published in the Federal Register in the coming days.

Once the proposal is published, a lengthy public notice and comment period will follow. It’s a requirement that has slowed other efforts by the Trump administration to unravel rules created during the Obama administration.

The International Entrepreneur Rule requires foreigners to meet certain standards. They must demonstrate that they would contribute to economic growth, and show that their company has at least $250,000 from a reputable investor. The rule would allow the individual to stay in the U.S. for 30 months, with the possibility of a 30-month extension.

Critics argue that the rule’s use of so-called “parole” authority is unlawful. In this case, the term parole means individuals are allowed to stay in the U.S. with temporary status because they will provide a “public benefit” to the country.

In September, the National Venture Capital Association filed a lawsuit in a federal court arguing that the administration’s decision to delay the rule was unlawful because the change was made without a public notice and comment period. If the court accepts the association’s motion, the Department of Homeland Security would then be required to begin implementing the International Entrepreneur Rule.

Trisha Thadani is a San Francisco Chronicle staff writer. Email: tthadani@sfchronicle.com Twitter: @TrishaThadani