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Tips for US Businesses on Preparing to Accept EB-5 Investor Money & What to Expect from Your EB-5 Attorney

Oct 18, 2013 12:52:34 AM / by Staff Attorney

If you are a business in Los Angeles, California, or the rest of the United States, it is vital that you better understand how to approach EB-5 visas. Remember the following tips for current and future use.

  1. The EB-5 investors’ funds should be received by the New Commercial Enterprise (NCE) or its designated escrow account before the investors’ Immigrant Petitions (I-526) are filed with the US Citizenship and Immigration Services (USCIS) but not before each investor has consulted with an EB-5 attorney and devised an appropriate Source of Funds strategy.
  2. In order to accept EB-5 foreign investments, the NCE should work with the EB-5 attorney and third party professionals to become EB-5 compliant by:
    • Preparing an EB-5 compliant business plan, including project investment structure, budget, job creation timeline, market analysis, etc.
    • Demonstrating how the NCE will create 10 full time jobs per investor (within a two-to-three year period from the investor’s admission into the US).
    • Working with a corporate/securities counsel to prepare relevant investment documents (i.e., subscription agreement, term sheet, LP agreement, or a complete set of offering documents).
    • Preparing the NCE legal formation documents and issuing appropriate investment documents.
  3. The timeline for the above depends on the NCE and third party professionals’ fulfillment of tasks, but it can generally be accomplished within five to eight weeks.
  4. Your EB-5 attorney should provide a legal services agreement for the NCE’s EB-5 set up.
  5. Each investor should work with the EB-5 attorney (and an associate proficient in the investor’s native language, if needed) to determine the investor’s eligibility for the EB-5 program and develop the investor’s Source of Funds strategy.
  6. The attorney – working closely with the investor – will prepare an EB-5 Source of Funds report.
    • The timeline for preparation of a Source of Funds report depends on the complexity of the Source of Funds report and the investor’s ability to obtain and provide adequate documents. An eight-week timeline is feasible, but a timeline cannot be set until after the initial meeting with the investor.
    • The Attorney should provide the investor with a legal services agreement for the preparation of the investors’ immigrant petition (I-526), including Source of Funds report, and Immigrant Visa/Adjustment of Status application.
  7. Attorney’s fees, excluding USCIS and visa application fees, are typically between $15,000 to $20,000 per investor.

Topics: Investment, Visas

Staff Attorney

Written by Staff Attorney


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