A part of having a regional center designation is filing an I-924A form annually. The I-924A filing is used by USCIS to determine if a regional center continues to be eligible for their designation. An I-924A filing is required to be filed with USCIS within 90 days after the end of the government’s fiscal year which runs from October 1, 2012 until September 30, 2013. Failure to timely file a Form I-29A for each fiscal year will result in the issuance of an Intent to Terminate a regional center’s designation and may ultimately result in the termination of a regional center’s designation. Failure to timely file can also cause severe consequences for investors and projects associated with a regional center.
Therefore, a regional center should never fail to timely file an I-924A form. The I-924A filing does not require the extensive work, preparation and attention an I-924 filing requires. The I-924A filing primarily serves as a record-keeping form for USCIS. Much of the data requested in an I-924A filing will be used by USCIS to provide information to internal and external stakeholders about the industries and success of EB-5 capital investment projects. The following is a list of information required in an I-924A filing:
Aggregate amount of EB-5 capital invested through a regional center;
Aggregate number of new direct and/or indirect jobs created by investors through a regional center;
Aggregate number of jobs “maintained” by EB-5 capital investments pursuant to the “troubled business” provisions of the EB-5 Immigrant Investor Program;
Industry(s) of focus of a regional center’s EB-5 capital investments and the resulting aggregate EB-5 capital investment and job creation;
Name, address, and industry category of each job creating enterprise that has received EB-5 capital investments through a regional center;
Total number of approved, denial or revoked Form I-526 petitions filed by EB-5 investors through a regional center;
Total number of approved, denied, or revoked Form I-829 petitions filed by EB-5 investors through a regional center
The I-924A is filed with USCIS’ California Service Center and does not have a filing fee. It is important to note that USCIS may request additional information regarding individual I-526 petitions, I-829 petitions, job creation methodologies and allocation methods utilized by a regional center to verify data provided. A best practice for EB-5 investors is to request confirmation that a regional center has timely filed an I-924A form each year. Additionally, an I-924A filing may have useful information an investor will want to review prior to making a decision about which regional center to invest through.