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What obstacles will I face in opening my own dental practice that also serves as an EB-5 investment for me?

I am an overseas dentist soon to be accredited to practice within the U.S. After reading and listening to EB-5 information on the internet I am somewhat familiar with EB-5 fundamentals and requirements. My aim is to invest in a dental practice (buying into). I have been running my own dental practice for many years in this overseas country where practice standards are similar to the U.S., and I have more than 10 employees working for me. With this experience I am confident that I can satisfy the key requirements of EB-5 in a two-year timeframe. How can I determine the viability of opening or acquiring my own practice and what obstacles should I be aware of?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You will not be able to use the existing employees to count toward the required 10 full-time jobs unless you invest in a troubled business. You will need to preserve 10 full-time jobs and it is possible more jobs need to be created. You should work with an experienced team of professionals including an EB-5 immigration attorney, business attorney and CPA. It is also advisable that you consider L-1A option which may be more efficient and less costly. Licensing requirements are also an important factor to consider in the state you plan to practice.

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    Dawn M Lurie

    Immigration Attorney
    Answered on

    You appear to be conversant in the licensing regulations for foreign dentists, but be sure that you obtain the appropriate licensing in the state you intend to practice in. If you are buying into an established practice, you will need to consider the job creation aspect of the EB-5 requirements. Items to be looked at include when the practice was established and the current number of employees. You will also need to review the amount of the investment to be made and whether or not you are in an established TEA area (where the investment could be reduced to $500,000). Prior to making the investment you should contact an experienced immigration attorney to ensure the deal is structured correctly.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    As immigration counsel, I would only be able to advise on the viability of your immigration processes (that is, would you receive approval of your I-526, etc.) It will be important to review your business plan and other information to determine if you have the opportunity to obtain conditional and full permanent residency. For business viability, you should work closely with corporate lawyers and CPAs.

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    Michael A Harris

    Immigration Attorney
    Answered on

    Buying a business is a possible option. Keep in mind that you will not be able to use the existing employees unless it is a troubled business that has experienced a net loss for the previous 12 to 24 months exceeding 20 percent of the net worth of the business. If it is a troubled business, then you will be required to maintain the jobs there. You will still need to preserve at least 10 jobs, so additional jobs may need to be created. Otherwise, starting a business yourself will require that you create at least 10 jobs during your conditional residency period.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    An L-1A might make more sense for you

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