The Immigrant Investor Pilot Program is a way for foreigners seeking permanent U.S. residence to obtain EB-5 visa green cards by way of investment into an approved EB-5 Regional Center. The qualified investor, the investor’s spouse and their unmarried children under the age of 21 are eligible for a green card if the Regional Center creates at least 10 full-time jobs for U.S. workers. Businesses looking to become approved Regional Centers must undergo a specific process before becoming eligible and are able to participate in the program.
A Regional Center is defined as “any economic unit, public or private, which is involved with the promotion of economic growth”. The Regional Center applicant must submit a proposal to the United States Citizenship and Immigration Services (USCIS) that clearly describes the geographic scope, business goals, funding structure, promotional plan, projected indirect job creation, and overall economic impact of the planned Regional Center.
The content of the proposal is usually grouped into four main sections: 1) Overall Business Plan; 2) Operational Plan 3) Economic Impact Analysis Report; and 4) Sample Agreements.
The Overall Business Plan consists of the business aspects of the Center, such as the geographic focus, target industries, planned activities, specific project profiles with timelines, applicant’s background, business entity structure and management team. The most important factor that the USCIS looks at thoroughly is the job projections in the economic report: how will the money invested in a project be used to capitalize and operate the project in a manner that results in the claimed creation of jobs?
The Operational Plan describes the funding structure of the Regional Center, anticipated capital sources including due diligence procedures with respect to foreign investments fund, allocation of funds to promotional activities, and administrative oversight procedures.
The Economic Impact Analysis Report sets forth, based upon economically or statistically valid forecasting tools, a detailed prediction of how jobs will be created indirectly through the Regional Center, and how the Regional Center will positively impact the regional or national economy in general.
Lastly, the Sample Agreements include various legally binding documents that would be executed by a foreign investor incident to their investment in a Regional Center-based new commercial enterprise. These agreements must not only make sense from a business standpoint but also not comply with any EB-5 requirements.
All four components are critical to Regional Center Proposal and making sure that they are in order and detailed to the fullest extent will help to ensure approval from the USCIS. Some developers even look to experienced EB-5 consultants for the proper guidance on creating the proposal. Established EB-5 consultants have worked with various Regional Centers and are familiar with the approval process which can minimize the time it takes to receive approval and begin the recruitment of investors and the development of business.
More information on the EB-5 program and Regional Center approval is available at http://www.eb5exclusive.com.
Brittany Castellano is an assistant marketing director and online publicist for Exclusive Visas who specializes in media outlet for the EB-5 Immigrant Investor Program.