The regional center is an important model in the EB-5 investment immigration program. This article mainly introduces the operation process and application procedures of regional center projects. The key steps include regional center designation, new commercial enterprise establishment, I-526/I-829 petition submission and job creation evidence preparation. There should be transparency in informtion disclosure and risk control for regional centers and projects. With the latest policy changes after June 2021, regional centers need sustainable development through high-quality projects.
Regional center application and designation by USCIS
The regional center first submits I-924 application to USCIS for designation approval. USCIS reviews the management body, new commercial enterprise ownership structure, business plan feasibility and targeted employment area (TEA) documentation. Most regional centers can provide TEA designation proof for 50k investment threshold. Effective June 2021, I-924 filing is currently on hold due to the lapse of the regional center program legislation.
Capital injection into new commercial enterprises
After USCIS approval, the investor’s capital will first be injected into the new commercial enterprise (NCE) of the regional center project. The NCE can make further investments into one or multiple job creating entities that actually operate the businesses. At this stage, the investor can submit I-526 petition for EB-5 visa qualification.
Job creation and sustainment evidence
When I-526 is approved and visa number is available, the investor applies for 2-year conditional green card first. Within 90 days before the expiration, I-829 petition needs to be filed to remove conditions and obtain permanent residency. Sufficient evidence must be provided then to prove the full investment amount has been injected and at least 10 full-time jobs have been created and maintained.
Policy changes bring uncertainty to regional centers
The regional center program legislation expired on June 30, 2021 and has not been renewed yet. This results in the current hold of I-924 and I-526 filings related to regional centers. Many approved regional centers are facing operational challenges. It remains to be seen whether new legislation can be enacted to provide sustainability.
The regional center EB-5 model has unique strengths but also relies heavily on supportive policy environment. Both regional center operators and EB-5 investors need to assess impact of latest immigration policy trends and seek professional advice.