US companies can attract foreign investment and create new jobs by becoming an EB-5 regional center. These business entities must be approved by the United States Citizenship and Immigration Services (USCIS).
Read on to discover how to become an EB-5 regional center.
EB-5 Regional Center Program – The Fundamentals
An EB-5 regional center is a business entity regulated by USCIS focused on promoting economic growth by creating an influx of capital in a certain region. To qualify for EB-5 status, foreign investors must invest a certain amount of capital in a US enterprise.
While it is possible to form a new business from scratch or purchase an existing company, the EB-5 program gives investors the chance to invest the required amount in a regional center.
The proposed business enterprise can stimulate the local economy through job creation, regional production, etc. Fortunately, USCIS does not require any type of license, which allows any US commercial entity to apply for EB-5 regional center status directly with the agency.
Applying for EB5 Regional Center Status
To qualify for EB-5 status, a business entity must file Form I-956 (Application for Regional Center Designation) with the USCIS. In the application package, the applicant must include the necessary supporting documentation.
The filing fee is $17,795. It is possible to pay through a money order, personal check, or cashier’s check. Any check must be payable to the US Department of Homeland Security.
If the applicant decides to file at a USCIS lockbox, he or she may also pay using a credit card with Form G-1450 (Authorization for Credit Card Transactions). Failing to submit the correct fee results in rejection, which requires attention to detail.
The total costs involved in the process broadly vary depending on the region, including additional documentation. For example, large-scale business projects require several professionals involved in the drafting of a robust business plan.
No application can be submitted without a proper business project. The additional paperwork required by USCIS varies depending on the project’s readiness, which can be either hypothetical or actual/exemplar.
How to Become an EB5 Regional Center – Step-by-Step
Determining the Project’s Geographic Scope
When filing with USCIS, EB-5 regional center applicants must provide a clear description of both the geographic and industry scope of the proposed business enterprise. It is a good strategy to include reference to Targeted Employment Areas (TEAs), showing the project’s compromise to positively impact the region.
Preparing the Paperwork
In addition to Form I-956, the EB-5 regional center application may require documents like:
- A sample project business plan
- An operational business plan
- Corporate structure agreement
- Stats and economic reports relevant to the project
- All applicable immigration documents
- All applicable securities documents
Other documents may be required as well. Considering the complexity involved in the process, the best approach is to work with a well-versed immigration attorney to ensure a successful outcome.
Submitting Form I-956
Once the applicant’s document package has been properly drafted and filed, the last step is to submit Form I-956 with USCIS with the required documentation and pay the filing fee. After obtaining USCIS approval, the applicant’s business entity receives USCIS designation as a regional center.
How to Become an EB5 Regional Center – Immediately Seek Expert Legal Guidance
A well-versed legal advisor in US immigration and business law, Attorney Romy B. Jurado willingly wants to help you succeed. Contact us by calling (305) 921-0976 or emailing [email protected] to schedule a consultation.