You have an open opportunity if you are a non-US citizen looking to own a regional center. The USCIS doesn’t impose restrictions on who can operate an EB5 regional center. It is open to both US and non-US citizens; all you need is compliance with the relevant regulations. Here are more details on how non-US citizens can own EB5 regional centers:
Basics for EB5 Regional Center
While a regional center is created and operated in the United States, the USCIS permits non-citizens to form regional centers. You can partner with US citizens or non-citizens to establish a regional center.
If you’re a non-US citizen, you must file for form I-924 to create a USCIS-approved center. The immigration agency uses the details in the form to determine whether you qualify for the EB-5 immigrant visa. The USCIS approves your form only if you have proof that the business will lead to economic growth in the US through ways like increased export sales.
Other economic metrics evaluated by the agency include:
- Job creation
- Rising regional productivity
- Elevated domestic capital investment
Some of the evidence you can use for your form I-924 application to gain The United States Citizenship and Immigration Services approval are:
- Economic job report showing the number of jobs your venture will create
- Detailed financial projections showing how funds will be invested and returned to the investors
- Investor subscription agreement and due diligence questionnaires
How To Apply for an EB-5 Regional Center
To successfully apply and own a USCIS-approved regional center as a US citizen or non-citizen, follow the following steps:
Define the Scope of the Center
As a potential regional center owner, you will need to define the geographic settings of the center and the projects you’ll invest in. The key details to consider are:
- Location of future EB5 investment ventures
- Projected business models
- Estimated investment amounts
- Total capital for the project (EB5 capital and sources of investment finances)
You should accurately define the center’s range of activities to help you develop a clear operational plan. Once approved, the plan enables you to operate an EB-5 regional center that complies with USCIS regulations.
Prepare Required Documentations
For EB5 regional center applications, the immigration agency requests the following documents:
- Immigration Documents: These include form I-924 and a letter to the immigration agency seeking to own an EB 5 regional center under Immigrant Investor Pilot Program.
- Securities documents: These include bonds, notes, investment contracts, and stocks. You should register them with US Securities and Exchange Commission (SEC), where they are regulated. The security documents illustrate how the center will structure and run future projects within its designated area.
- Job Creation Report: This information is used to demonstrate how the venture outlined in your business plan will meet the required job opportunities within the center’s location. The job report should indicate the number of jobs (direct, inducted, and indirect) the project will create and the period taken to offer the jobs.
- Business Plan: You should submit a Matter of Ho plan compliant with the USCIS standards. This plan is used by USCIS to determine your business activities, how you’ll spend the investment capital, and when the venture will start creating employment opportunities. In your proposed project investment, you should include projected revenues and costs, market research, exit strategy, and information for competitor analysis.
- TEA Designation: You should provide evidence showing your regional center is within a targeted unemployment area (These are areas of high unemployment where most of the EB5 investments are executed).
Signing Application Binders
The USCIS requests an application signature once you have presented a detailed job creation report, compliant enterprise plan, complete form I-924, and legal documentation. These details determine whether you qualify for a regional center designation. If you provide the right information, the immigration department will accept your application for about one year.
Apply for an EB 5 Regional Center Designation
Whether a US citizen or non-citizen, you can own an EB5 regional center. The USCIS has no restrictions as to who can run a regional center. You only need to meet the application standards, submit a business plan, provide legal documentation, and complete form I-924.
Consider consulting EB5 professionals for a smooth application process. They take you through the application process until you start creating EB5 ventures within your approved location.
