Regional Center Developers

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EB5 Reginal Center Developers FAQs

What is the latest Regional Center Statistics?

There are currently 120 approved Regional Centers (RCs), operating in 35 states, inclusive of the District of Columbia and Guam.

A complete list of approved RCs is also available online athttp://www.uscis.gov/eb-5centers.

Approximately 90%of the individual Form I-526 petitions filed each year are filed by Alien Investors who are investing in RC-affiliated commercial enterprises.

 

Please provide current EB-5 Case Processing time

Form Type                               Target Processing Time           Current Processing Time

Form I-526                                          Five Months                            Five Months

Form I-829                                          Five Months                            Six Months

RC Initial Designation Proposal             Four Months                           Five Months

RC Amended Designation Proposal       Four Months                           One Month

 

What is new form I-924 for regional center designation or amendment application?

The Form I-924, Application for Regional Center under the Immigrant Investor Pilot Program, is a new form proposed by USCIS and just had been circulated by USCIS for public comments. The form is supposed to be used as the application form to apply for a regional center designation and to make amendments to the designated regional center.

The Form I-924, which will has a proposed filing fee of $6,230 will:
Clarify filing requirements for the RC designation;
Improve the quality of RC applications;
Better document eligibility for the Pilot Program;
Alleviate content inconsistencies among applicants’ submissions; and
Support a more efficient process for adjudication of the RC applications.

Some EB-5 practitioners believe the real reasons for the form are:
1. To collect more fees: there currently is no fee for regional center designation applications or amendments.
2. To impose more requirements, such as having to get a renewal designation every 5 years, etc.
3. To slide in additional substantive EB-5 requirements.

 

What is new form I-924A?

The Form I-924A, Supplement to Form I-924, is the proposed vehicle for a yearly regional center reporting requirement. Each approved RC will be required to file the I-924A to report RC-related activities for the preceding fiscal year within 90 days of the end of the fiscal year (on or before December 29th of the calendar year in which the fiscal year ended.)

USCIS plans to publish an aggregation of the data provided each year by all designated regional centers, to include attributes of the RC-affiliated capital investments, such as:
1. The geographic areas and industry categories receiving investment capital;
2. The volume of regional center affiliated capital invested, and;
3. The number of jobs created or maintained as a result of the capital investments.
This summarized data will be published on the USCIS Web site for each fiscal year following the publishing of the Form I-924A.

 

How much for filing Form I-924 and Form I-924A?

The Form I-924 will has a proposed filing fee of $6,230 and there is no proposed filing fee for the Form I-924A.

 

When will new regional center designation fee and form I-924 come into effect?

The Form I-924 is proposed by USCIS and USCIS had been accepting public comments until 10/25/2010. The new Form is supposed to be effective on November 23rd, 2010. Moreover, once the application for regional center designation has been granted, the applicant must comply with reporting requirements as set forth in the I-924A form. Note I-924 form contains specific items and information that must be attached to the I-924 form as part of the regional center designation application. The finalized official I-924 and I-924a forms have not yet been published on the USCIS website.

 

How many EB-5 regional center applications have been approved as of October 14, 2010?

There are currently 114 approved Regional Centers (RCs), operating in 34 states, inclusive of the District of Columbia and Guam.

There are approximately 83 initial designation RC Proposals and 11 RC Proposals that request amendments to previously approved designation proposals pending with USCIS.