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[HOT] "Standard" procedures involved in a direct, individual EB-5 case from an eb-5 investor's perspective
We have been asked this question several times, so we thought it might be a good idea to explain the "normal" procedures involved in submitting a direct, individual EB-5 case, from an EB-5 investor's perspective. Please note that many cases may differ from the below procedures outlined.
I would say you should receive a paid consultation from an experienced U.S. immigration attorney as early as possible because after hearing your business plan, the U.S. immigration attorney might honestly tell you that your business plan will not be able to meet the requirements of the EB-5 case. For example, you cannot just hire part-time employees and expect to meet the requisite 10 full-time job-creation requirement. You can enter into a retainer agreement with an immigration attorney and other professionals at any stage.
1. You decide on whether the geographic location of your new commercial enterprise, i.e., your new business can qualify under a Targeted Employment Area (TEA) benefits of having to invest only $500,000 USD, rather than the normal investment amount of $1 Million USD. Note the requirements of qualifying as a TEA is pretty strict and is based on your geographic area being a rural or a high unemployment area and is difficult. For example, if your investment is located in Big Island of Hawwaii, then you would qualify as a TEA.
2. Find out from which state agency you can obtain a certification letter for TEA qualfication.
3. Decide on the area of your business and think in detail about business plan and how you would go about setting up.
4. Consult (requires money) with an experienced U.S. immigration attorney (like us) about how to set up business so that your business will qualify as the "new commercial enterprise" for a direct, individual EB-5 case, so that all requirements of EB-5 law will be satisfied. This involves all the steps you would have to do anyway if you have to start your own business in the United States. Basically, the job of the U.S. immigration attorney is to make sure you and other professionals involved understand the requirements of the EB-5 law and discuss and agree on the best way to accomplish this and at the same time, allow you to pursue your business goals.
5. Think about how you will be getting the requisite funds ready and make investments in compliance with the EB-5 law.
6. Retain a qualified U.S. immigration attorney like us to advise you along each step of the way in your EB-5 and to help you with the preparation of necessary documents to file I-526 immigrant petition. You really need to decide on the right investment structure to comply with all aspects of the EB-5 law and at the same time pursue your business goals so that your business will be successful and create the planned number of jobs. You probably need the U.S. immigration attorney to speak with your accountant to make sure the accountant understands the requirements of EB-5 law.
7. Consider retaining an immigration attorney to act as an advisor to make sure you comply with the EB-5 law requirements during the conditional permanent residence period.
8. Create the requisite jobs. This is very difficult task for a direct, individual EB-5 case.
9. File I-829 conditions removal application.