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Successful Representation of an EB5 Regional Center Designation
Zhang & Associates, P.C. is pleased to announce that we have successfully applied the designation of an EB-5 regional center for a client in California.
This particular regional center was filed on November 22, 2010 by our Attorney, right before the USCIS imposed a very high filing fee ($6,230) on I-924, the regional center designation application. It takes about 8 month to secure this approval.
The whole application process involves the services of many other professionals, including a business plan drafted by an experienced business consultant and an econometric modeling and analysis conducted by a reputable economist. We also extend our thanks to the local government – the local chamber of commerce and congressional offices – for lending their support in our application for the regional center.
This particular regional center encompasses six contiguous counties in Southern California, namely, the Imperial, Los Angeles, Orange, Ventura, Riverside and San Bernardino counties. The Regional Center will engage in the construction and development of infrastructures, and shall focus on offering EB-5 compliant capital investment opportunities into new commercial enterprises for a variety of commercial enterprises in the following target industries: nursing and residential care facilities; food services and drinking places; professional, scientific and technical; retail; metal fabrication; printing; machine shop; and construction.
Upon its approval, this regional center is now eligible to receive immigrant investor capital and now has the ability to apply EB-5 investor immigrant visa for its clients based on their investment. Currently, the U.S Congress allocates 10,000 visas per year for aliens and family members whose qualifying investments result in the creation or preservation of at least ten (10) full-time jobs for U.S. workers – among these 10,000 visas, 3,000 total are set-aside particularly for aliens who invest in designated regional centers in areas of high unemployment or other qualifying rural areas.
A regional center is defined as any public or private entity that is involved in the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment. After submitting a proposal to the USCIS, supported by economically and statistically valid forecasting tools, Zhang & Associates was able to indicate – with the help of economists, business consultants, and corporate and immigration attorneys – how the regional center that it represented for its client would plan to focus on a geographical region within the U.S in order to promote economic growth in that region. Furthermore, its proposals also showed in verifiable detail (using economic analyses and models) that jobs would be created either directly or indirectly through capital investments made in accordance with the regional center’s business plan.
Across the nation, various groups and individuals have also developed EB-5 regional centers. For example, one New York group has launched its EB-5 project in the form of a hotel, by which it hopes to both satisfy the USCIS’ job creation standards and, based on market proven data, hopes to make a significant profit. Similarly, another regional center in Northern California has also begun its venture in a dairy farm, through which it hopes to work closely with a large U.S cooperative in the distribution of its dairy products. In Florida, another group has also set out to embark upon its regional center project in the form of a life science park, which will be located in one if its health districts, and hopes to create many direct and indirect jobs in the industries of commercial and property development as well as medical and research facilities development. Thus, EB-5 regional centers have a considerable amount of potential and are growing in prevalence throughout the nation.
As of March 2011, there are presently 125 regional centers in 36 states in the United States. Most of them are located in California and New York, states that attract large waves of immigrants. Even though we have represented many clients in regional center designation applications and represented individual investors in their investments in regional centers, we nevertheless maintain our neutral and professional standing and do not endorse any particular regional center. Before committing its investment in any regional center, the foreign investor should retain a professional financial advisor in conducting due diligence about the investment risks. We, as the immigration attorneys, may guide the client through the process, but we do not substitute the role of other financial adviser.
Currently, there are 156 initial regional center proposals, as well as 34 regional center proposals seeking to amend their approved regional centers, pending initial review with USCIS. The increasing popularity of EB-5 regional centers helps to indicate that such EB-5 investors come from diverse countries, diverse backgrounds, and all walks of life. Those who choose to pursue the EB-5 route do not simply have to be rich. In fact, most who pursue this route are people who wish for their children better opportunities in the U.S. As a result, we welcome and encourage the inquiries of foreign investors who find interest pursuing the EB-5 regional center as a possible immigration route.
Furthermore, any political groups, interest parties, and individuals who are also interested and have questions about the process and legality of such regional centers should feel free to contact Zhang & Associates for more information.
Founded in 1996, Zhang & Associates, P.C. offers legal services to clients nationwide in all aspects of U.S immigration law. We have successfully handled thousands of immigration cases.
At Zhang & Associates, P.C., our attorneys and supporting professionals are committed to providing high-quality immigration and non-immigration visa services. We specialize in NIW, EB-1, PERM, and I-485 cases. In the past fifteen years, we have successfully helped thousands of clients get green cards. If you plan to apply for a green card, please send your CV to Attorney Jerry Zhang (email@example.com) for a free evaluation.
Zhang & Associates, PC.
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