Form I-924 Application for Regional Center Under the Immigrant Investor Pilot Program is used to apply to the United States Citizenship and Immigration Service (USCIS) to become an EB-5 Regional Center. A regional center is an organization that promotes economic growth and job creation in a specific region by creating investment projects for EB-5 investors. Receiving EB-5 Regional Center designation has many benefits:
- Your business project will be able to raise low interest debt, or even equity
- There is no limit to the number of EB-5 investors that can invest in your project
- EB-5 investors are better equipped to meet their visa requirements
- Regional Centers are an alternative to raising funds for investment projects in slow economies when banks are unwilling to lend
In general terms, what goes into an I-924 application?
In order to apply for Regional Center designation, you should begin to gather and create evidence specific to your investment project because you will be required to demonstrate that the proposed regional center:
- Has a specific geographic location
- Will create at least 10 full-time jobs for each of the EB-5 investors
- Will have promotional activities to attract investors and legal investments
- Will be on compliance with all EB-5 regulations and rules
You should file Form I-924 with the help of an experienced immigration attorney. Preparing an application may take several months and requires the collaboration and expertise of a number of business professionals, economists, and lawyers.
The filing fee is currently $6,230 (which is subject to change) and it usually takes about 10 months or more for USCIS to process the application. If USCIS approves your request; your regional center may begin receiving immigrant investments in order to assist with its business projects. If you are interested in applying for Regional Center designation, contact us to discuss your project and determine whether EB-5 investment is a good fit for your business project.