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When should I have my direct EB-5 business plan?

When should I have my direct EB-5 business plan ready? Do I have to follow it exactly all the way until I get my permanent green card?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You should have it in place at the time you file the I-526. There should not be any material change. You should consult an EB-5 immigration attorney to discuss further details.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    You should have your direct EB-5 business plan ready well in advance of your I-526 submission. There are specific requirements (see Matter of Ho) for an EB-5 business plan; it is something between a prediction and a promise. It must be comprehensive, credible, feasible and based upon verifiable detail. There are certain things that must be included in it and addressed by it. You do not have to follow your business plan exactly, but it must give USCIS enough credible and verifiable information to adjudicate your petition. If you make material changes to your business plan before you are approved, you might have to refile. Minor changes that are not considered material and do not negatively impact whether you sustained your investment and created the required number of jobs will not prevent your removal of condition.

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    Raymond Lahoud

    Immigration Attorney
    Answered on

    The EB-5 business plan should be ready early on in the project it should be completed once the escrow agreements, subscription agreements and offering memorandums are signed, and well before the Form I-526, Immigrant Petition by Alien Entrepreneur, is filed. It must be filed with the Form I-526. Also, you may not materially change the business plan of the enterprise after Form I-526 is submitted because that plan serves as the basis for later approval of Form I-829, Petition to Remove Conditions, even if you meet all other necessary requirements. However, if you do wish to change the business plan from the initial one outlined in Form I-526, you may file a new Form I-526 with a new business plan along with all other necessary requirements. If you have already adjusted your status or been issued an immigrant visa under the first one, however, then there are additional steps (depending on how far along you are). If this is the case, then your conditional residence will be terminated and you will be granted another two year conditional residence based on the new I-526 and business plan. It is important that you do not do this alone reach out to counsel.

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    Robert Lee

    Immigration Attorney
    Answered on

    You will need the business plan by the time you submit your I-526. It is a requirement to file with your petition. You do not have to follow it exactly. Just do not make any material changes. For example, creating an import/export company, then instead creating a restaurant. But if you only have 10 employees instead of 14 if it were stated in the business plan, you are OK.

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    Kyle Barella

    Immigration Attorney
    Answered on

    Your business plan is required when you submit your EB-5 petition to USCIS. You should make every effort to follow the plan in the creation of your business.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    You want to have it when you file and, yes, you need to follow it carefully.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    You must file the compliant business plan with your I-526 petition. You should aim to follow the business plan closely, because any "material changes" to the business may result in a denial of the I-829 petition to remove the conditions to your permanent residency.

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    Ian E Scott

    Immigration Attorney
    Answered on

    You have to have your business plan ready before you apply for the I-526 and it must be credible and show that you plan to create 10 full time jobs. When it comes to removing the conditions on your green card, you will not have to have followed your business plan exactly, but you must have created 10 full time jobs.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    The business plan will need to be part of your original I-526 application. It should be followed until you have received approval of your I-829. However, in every case, these are questions you should discuss in detail with your investment immigration attorney.

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    John J Downey

    Immigration Attorney
    Answered on

    It needs to be part of your EB-5 application. You may not have any "material change" to your initial plan during the period of your conditional status.

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