By Anayat Durrani
The EB-5 Reform and Integrity Act of 2022 (RIA) brought with it several changes. These new provisions include measures to enhance the transparency of EB-5 regional centers and safeguard the interests of investors. One company that has since been formed with the aim of helping clients navigate the waters is Gravitas Strategies and Compliance, LLC.
“I conceived Gravitas Strategies and Compliance, LLC as a solution to the burdensome measures mandated by the EB-5 Reform and Integrity Act of 2022,” says David Hirson, sole member of Gravitas and managing partner of California-based David Hirson & Partners, LLP, a full-service immigration law firm.
“Utilizing Gravitas’ services is more economical and efficient than attempting to address compliance requirements alone, which smaller regional centers and projects often do not have the training, resources, and time to do properly,” says Hirson.
GRAVITAS HELPS WITH EB-5 FUND ADMINISTRATION
The firm provides fund administration services in full compliance with the RIA and uses in-house and contracted CPAs and professional fund administrators. They serve regional centers, job-creating entities, and new commercial enterprises requiring assistance on their EB-5 projects.
“Not adhering to all the RIA’s burdensome requirements can lead to extremely serious and potentially very expensive consequences,” says Hirson.
He adds that the skills and savvy of Gravitas “are the advantage that Gravitas bring to the table.” Hirson has enjoyed a four-decade career as an immigration attorney and is well-known as a pioneer in the EB-5 industry, as he was one of the first practitioners to file an EB-5 petition.
“Gravitas’ offering is unique to the industry and I bring an experience that goes back to the EB-5 program’s inception in 1990,” says Hirson.
THE ROLE OF EB-5 FUND ADMINISTRATION
Among Gravitas’ solutions include arranging for the formation of new regional centers, licensing existing regional centers, and addressing additional requirements to maintain full compliance with the law.
“Clients also need adroit communications from service providers, and Gravitas is highly nimble in this regard,” explains Hirson. “Complex compliance mandates for regional centers and EB-5 projects are little understood outside of the industry; as such, Gravitas fills a need for clarification and guidance on them. In this regard, the firm can have a beneficial effect on the growth of this sector, which would spur competition and mitigate the chances of monopolization.”
Gravitas offers a proprietary Form I-956 suite of services for regional centers and direct investment projects that cover developers in a variety of industries. The company’s services include the development of business plans, economic reports, job creation strategies, and reports and securities documents for offering packages, as well as the coordination of fund management and escrow accounts and the application of unique marketing methods to best support clients.
For example, for coordinating and maintaining fund management and escrow accounts associated with EB-5 projects, the firm offers premium services to reassure clients that their money is held safely and securely before being disbursed through the requisite channels.
“Gravitas further distinguishes itself with a team whose knowledge of immigration law – ranging from EB-5 compliance to filings with U.S. Citizenship and Immigration Services – is founded in personal provenance,” says Hirson.
Hirson points out that he is an immigrant himself. He happened to have studied Latin, which inspired the name of Gravitas.
“Gravitas, which conveys a message of fortitude and solidity, are qualities both the firm and its founder has,” says Hirson. “That is the image of my business that I wish to convey.”
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