Forming an EB-5 Regional Center
Florida Business Immigration Lawyer
Usher Law Firm assists developers achieve regional center designation from the USCIS. The process necessary to achieve regional center approval is complex, time consuming and requires expert guidance.
Attorney John Usher can provide regional center project oversight and coordinate the operational efforts necessary with economists, escrow agents, securities lawyers and business plan writers. He can recommend specific professionals well versed in the nuances of developing a regional center.
How To Start An EB-5 Regional Center
Developing a regional center starts by defining the vision. Changes to the structure of a regional center after submission to USCIS can lead to extensive, expensive delays and may also negatively impact the foreign investor's quest to receive a green card.
Key Components to an EB-5 Regional Center
Type of Regional Center
Regional Centers have been described as having either a loan structure or an equity structure. It's important to understand the difference because of the requirements surrounding the tracking of investor funds and specific jobs creation.
The designation of a specific, contiguous geographic area is a requirement. Additionally, to take advantage of the opportunity to invest $500,000 (as opposed to $1,000,000), thought has to be given to being in a Targeted Employment Area (TEA).
The importance of economics cannot be understated as the regional center designation is being pursued. It is necessary to skillfully define the economic activity (or activities) the regional center undertakes since later changes can derail the entire application.
Complete detailed business plans related to the investment(s) need to be developed.
Regional Center Entity
The Regional Center itself has to create a legal structure and be properly capitalized.
After learning about the proposed plans of an entrepreneur considering the creation of a regional center, Usher Law Firm can provide a fee quote.
EB-5 Information for the Immigrant Investor
Usher Law Firm can guide immigrants through the EB-5 process. While earning the benefits of a green card for themselves and their family is certainly the primary motivation for many, it doesn't matter what language a person speaks, nobody likes to lose money.
USCIS At Risk Rule
The USCIS requires that investor's money be “at risk.” Essentially, a regional center can't guarantee financial results. Because of this requirement and the fact that the types and numbers of EB-5 are becoming so large, it's more critical than ever that an immigrant critically evaluate his investment options.
Usher Law Firm can recommend business analysis experts and can assist you with due diligence efforts.
Once an EB-5 partner has been selected, funds are assembled and documentation is collected to meet the obligation of proving to the USCIS that the money has been legally accumulated.
You Selected the EB-5 Regional Center. What is Next?
After the investment is made, typically through an escrow account, the green card acquisition process is initiated by the filing of a petition with USCIS (I-526).
After petition approval, the investor will either
1. adjust to conditional resident status if they are here in the U.S. at that time or
2. if they are outside the U.S. they will attend a visa interview at the U.S. Embassy in their home country.
Temporary Green Card with an EB-5 Regional Center
Once given conditional resident status (a temporary green card), the investor can enter the U.S. and enjoy all the benefits associated with a green card including travel in and out of the U.S. Just prior to two years expires from the time after the conditional green card was issued, the immigrant applies for removal of conditions by filing with the USCIS an I-829. With the conditions removed, the holder receives a full green card good for indefinite permanent resident status. After having the unconditional green card for five years, the immigrant may apply for U.S. citizenship.
Usher Law Firm can help foreign investors with all aspects of participating in the EB-5 visa program.