If I buy an existing business and 15 employees are already working there at the time of purchase, do I still need to have to increase with 10 more workers to get approved for the EB-5 program and how long is the process filing from Canada?
Yes, normally need to create 10 new jobs by the second anniversary after the I-526 approval unless the business meets the definition of a "troubled business". Currently showing 30-54 months for processing time.
Yes, you have to hire 10 more full-time employees. Unless it is a "failing business" that has lost money, and then you just gave to save 10 jobs. The USCIS is taking 24 months or more to approve EB-5 cases.
First you need to make sure you are investing into a new commercial enterprise, but you also must confirm that the entity will create at least 10 new full-time positions for qualifying U.S. workers. You cannot claim credit for preexisting employment unless you have invested into a "troubled business" and can maintain the pre-investment employment level. The terms "new commercial enterprise" and "troubled business" have very specific definitions, so you should consult with an experienced EB-5 attorney before making any investment.
If it is an existing business, you are going to have to expand it and create more. The exception is if you acquired a troubled business (due to COVID, some acquisition opportunities out there), then you have to show maintenance of current jobs.
Unless this is classified as a troubled business with losses, the requirement is that the investment must create full-time employment for 10 U.S. workers. The 15 employees are already on the job. If purchasing an existing business, you must "simultaneously or subsequently restructure or reorganize the business such that a new commercial enterprise results, and it appears USCIS expects you to expand the existing business such that there is a 40 percent increase, either in the net worth or the number of employees results but practically, not less than 10 new workers.
