With the EB-5 direct investment route, I believe I need to show 800k liquidity before filing I-526 and I can put all of that money in a business account. When do I need to spend all of that on labor, real estate, machinery, etc. during the business set-up process and growth? Is it before the I-526 approval or before the I-829 submission?
The business plan must show job creation within 30 months of I-526 approval, but USCIS is issuing requests for evidence to show actual jobs to get the I-526 approval on direct cases. This should be done only at the I-829 stage but it is not what is happening.
I would certainly show some movement toward your project before I-526 submission. Do you have employees, business location, business plan, etc.?
You need to show that you have invested or are in the process of investing when you file your I-526 petition. In the process of investing means that you are committed to investing the relevant required amount of capital into the new commercial enterprise. You do not need to have transferred (or spent) the required capital contribution at the time you file your I-526 petition - you do, however, have to prove that you are actively in the process of investing the funds. This can be proven by contractual agreements confirming funds are to be transferred in exchange for stock/equity, promissory notes, etc. You should supplement your I-526 petition with evidence that the entire required amount is invested prior to the adjudication of your I-526 petition - if not, USCIS will request additional evidence to confirm this point.
