This paper addresses transnational diaspora entrepreneurship (TDE), its superdiversity and respective formal identity and status. As migration increases, formal identity becomes a panacea for migrants' economic participation and global entrepreneurial policies. Our review of TDE literature identified a lack of specification of TDE types and criteria. We develop a taxonomy and discuss TDE problems addressing formal identity, generation, mixed-origin, multi-location, diversity of migratory patterns and cross-border entrepreneurial business activities. Since policymaking employs formal status for impeding or facilitating cross-border venturing, it is crucial to reduce the ambiguity of terms and categories and facilitate more nuanced and accurate theorizing and policymaking.