Who files Form I-924?
Form I-924 is filed by U.S. businesses who seek to become EB-5 regional centers with the help of experienced immigration attorneys and other professional experts (economists, business plan writers, or accountants).
Partnerships, government agencies, and existing business entities may also file for regional center designation. EB-5 capital has become a popular source of funding for many project developers.
Purpose of Form I-924 according to USCIS: (For more information from USCIS, click here.)
- Under the Immigrant Investor Pilot Program, regional centers can use this form to apply to the U.S. Citizenship and Immigration Services (USCIS) to request designation.
- This form may also be used to request approval of an amendment to a previously designated regional centers. These changes may include: geographic area, administration or organizational structure, affiliated commercial enterprise investment opportunities, business plans, or offering memoranda.
- With this form, regional centers may also seek project pre-approval.
Why is regional center designation important?
In order to operate legally, a regional center must have USCIS designation. Once a regional center has received USCIS approval they may start receiving foreign investment capital from EB-5 investors to pool into their sponsored EB-5 projects.
Form I-924 requirements:
- The regional center must provide evidence to prove that 10 full-time jobs for qualified U.S. workers will be created by each of their EB-5 investors.
- The regional must submit a map showing the focus of their geographic location.
- The regional center must provide detailed descriptions of their marketing and promotional plans. They must show how they'll allocate funds to attract investors and they must show how they'll make sure the EB-5 capital comes from lawful sources.
- Regional centers must provide evidence of their compliance with all USCIS EB-5 regulations. Evidence to show this may include the regional center's articles of incorporations, investment agreements, escrow documents, memorandums, and contracts.
How long does approval for Form I-924 take?
USCIS can take as little as 4 months or longer than 12 months to approve the forms. Sometimes USCIS requests additional evidence or information.
What is the cost of filing Form I-924?
The fee for filing the application is $6,230.