As anticipated, the United States Citizenship and Immigration Services (“USCIS”) has just released two new forms for use in the EB-5 Regional Center Program following the enactment of the EB-5 Reform and Integrity Act of 2022 (“Act”); the Form I-956, Application for Regional Center Designation, and I-956H, Bona Fides of Persons Involved with Regional Center Program.

Under the Act, all entities seeking regional center designation must submit Form I-956 to be in compliance with the new Regional Center Program requirements.

Any person that will be involved with a regional center, new commercial enterprise (“NCE”) or affiliated job-creating entity (“JCE”) must file Form I-956H.

Guidance for who must file Form I-956H is provided in the form itself and also in the Form I-956H instructions which are also available at the above link.

A person is “involved” with a regional center, NCE or affiliated JCE if the person is, directly or indirectly, in a position of substantive authority to make operational or managerial decisions over pooling, securitization, investment, release, acceptance or control or use of any funding.

A person may be in a position of “substantive authority” if they serve as a principal, a representative, an administrator, an owner, an officer, a board member, a manager, an executive, a general partner, a fiduciary, an agent or in a similar position at the regional center, NCE, or JCE, respectively. A person involved with a JCE that is not an affiliated JCE may, at the Secretary of the Department of Homeland Security’s discretion, also be required to complete Form I-956H.

Each person must complete a Form I-956H for each entity with which they are involved for submission with any related form, as applicable. The person must have a United States address to file the Form I-956H.

There is no filing fee for Form I-956H.  However, a biometric services fee of $85 is required for each person who submits a Form I-956H.  Interestingly, the Form I-956H and the biometrics fee must be submitted at the time of filing Form I-956.  This indicates that any entity filing Form I-956, Application for Regional Center Designation must collect all involved person’s Form I-956H and a check or credit card filing fee for the biometrics services fee before filing the Form I-956 and there does not appear any instruction if a regional center, NCE or JCE needs to file additional Forms I-956H to add involved person at a later time.

If you have questions about the new EB-5 rules under the Act, contact us at info@enterlinepartners.com and speak with a U.S. immigration attorney in Ho Chi Minh City, Manila and Taipei.

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Copyright 2022. This article is for information purposes only and does not constitute legal advice. This article may be changed with or without notice. The opinions expressed in this article are those of Enterline and Partners only.