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Joining an existing regional center

For developers who are seeking EB-5 capital but are not creating their own regional center, there is ample opportunity for them to create a project using a pre-established regional center (RC). This is a process known as “renting” or “leasing” a regional center designation. Renting allows businesses and development projects more convenience in utilizing a pre-existing channel to conduct marketing, operations, and more. However, it is important to keep a few things in mind when joining a regional center.

It is necessary to conduct due diligence into a pre-existing regional center before joining their operations as a developer or business owner. These organizations must be a trustworthy fund for investment and hold good standing amongst the investor community, otherwise problems may emerge with soliciting capital or legal compliance. The regional center must also cover the geographic area you wish to set up your project in. If it does not, an amendment must be filed on your I-956 petition. Be sure to discuss the matter thoroughly with a lawyer before you decide to rent or lease a regional center. 

Creating your own regional center

If your organization wishes to become a designated regional center, you must file Form I-956, “Application for Regional center Designation” with the United States Citizenship and Immigration Service (USCIS). This form, introduced following the passage of the EB-5 Reform and Integrity Act of 2022 (RIA), is the formal application for regional center designation. In addition to Form I-956, all persons involved with the regional center must file a Form I-956H, “Bona Fides of Person involved with a Regional Center”. 

Regional center designation essentially signals that your organization is a) government approved,  and b) approved to work within a specific geographic area and count jobs generated in this area, which may or may not include Targeted Employment Area (TEA)s within it. It also clarifies what types of projects your regional center is authorized to construct and solicit investments for.

Requirements specified on the I-956 document include: a contiguous geographical area for the RC to operate in, an economic impact study, and a detailed plan about how the jobs will be created by bringing foreign investment to the regional center’s designated area.

Furthermore, regional centers must pay annual fees to retain their status. Regional centers are subject to regular audits and must abide by strict record keeping obligations. In addition to the initial filing fee and project filing fees, all regional centers are required to pay an annual fee into the EB-5 Integrity Fund each year.

NCE Management Responsibilities

Regardless of whether you create your own regional center, or lease a project with a pre-existing regional center, there are a few core roles which must be filled to ensure proper and holistic due diligence is being conducted.

One core role is managing investor relations and business development abroad. Establishing relationships with agents who live abroad and can speak directly with investors is critical, as well as being able to present the project for investment at trade and investment fairs. Marketing is critical to both solicit investors but also to keep them informed about a project’s progress, opportunities for further investment, and addressing a multicultural group of potential clients. 

RC Management Responsibilities

Regional centers are in charge of maintaining all records and communications between all investors and any requests from USCIS. The RC must put together an annual report for USCIS (form I-956G) and annual financial reports such as the K-1 for each investor. The RC is also responsible for picking and moving forward with development projects, as well as ensuring the business is carried out as stipulated by the business plan. While both RC and NCE management require a team of people running them, the “Full Service/NCE Managers” can be a one stop shop for filling these management roles at a higher price than the cost of one professional’s services.

Maintaining Designation Eligibility

A regional center manages its designation by fulfilling the goals of promoting economic growth, including improved regional productivity, job preservation and creation, or increased domestic capital investment. Carefully maintaining oversight records is a huge part of an RC’s purpose and responsibility. This information is required to be submitted to USCIS on a yearly basis.