I am partnering with a U.S. citizen and launching a new advertising agency. I want to use it as a direct EB-5 investment. How can I ensure the new company meets the TEA standards for EB-5? Does the physical location of the business need to be in a TEA? Do the employees have to live and/or work in the TEA?
Answers
Julia Roussinova
Find an EB-5 Visa Lawyer: Immigration AttorneyA new commercial enterprise must be principally doing business in the TEA that is generally certified by a state agency, which can provide a TEA designation letter and documentation for you. Ensure you hire an experienced EB-5 attorney to assist you with a direct EB-5 case since it is highly complicated.
Bernard P Wolfsdorf
Find an EB-5 Visa Lawyer: Immigration AttorneyThe physical location of the business needs to be in a TEA and the employees have to work in the TEA.
Lynne Feldman
Find an EB-5 Visa Lawyer: Immigration AttorneyThe business needs to be physically located in a TEA. Each state determines this and some states have websites indicating which census tracts are in a TEA.
BoBi Ahn
Find an EB-5 Visa Lawyer: Immigration AttorneyThe job-creating entity must be located and operating in the TEA-designated location.
Phuong Le
Find an EB-5 Visa Lawyer: Immigration AttorneyYou need to check whether the unemployment rate of where your business is located qualifies it for a TEA. The formula varies by state (for example, California allows you to drill down by census tracts or aggregate them), so check with a law firm that can assist you.
A Olusanjo Omoniyi
Find an EB-5 Visa Lawyer: Immigration AttorneyYou and your partner need to work with an EB-5 attorney, as you are likely going to need to organize the business as a direct investment. In the process you have to put together a business plan (a Matter of Ho-compliant business plan) that shows that the business will fulfill EB-5 requirements such as creation of at least 10 jobs, the investment minimum amount will at least be $500,000 (depending on you TEA classification), and that the investment fund is from legal source(s). The TEA classification is usually a product of the department of economic development or planning of each state, so your attorney can obtain such information from the relevant agency in your state. The EB-5 business location is classified largely in a TEA. The employees of an EB-5 business are expected to live and/or work in the TEA where it is located because the business is seen as an integral part of the economic development of the TEA.
Michael A Harris, Esq
Find an EB-5 Visa Lawyer: Immigration AttorneyThe primary location of your business activity needs to be in a TEA. Best to have specialized EB-5 lawyer look into this for you.
Salvatore Picataggio
Find an EB-5 Visa Lawyer: Immigration AttorneyEach state has an agency that determines the TEA status of an address. Your immigration attorney or an economist can assist you. The address of the business must be in a TEA.
Charles Foster
Find an EB-5 Visa Lawyer: Immigration AttorneyThe location of the enterprise in which you make your direct EB-5 investment will determine whether or not it's located in a TEA. The physical location of the enterprise must be in the TEA and one would determine same through one's experienced immigration attorney, preferably board-certified by the state he or she practices, with significant experience in representing EB-5 investors. The appropriate party would have to check with the authority that has been delegated to make such determination, be that the mayor of the city or the chief county official in the county in which the enterprise is located. The employees do not have to live in the TEA, but typically, they would be working at the enterprise, wherever that is located.
Marko Issever
EB-5 Broker DealersThis is easier said than done. You need to be able to demonstrate that your project is located in a rural area or an area which has experienced unemployment of at least 150 percent of the national average rate. If you decide to qualify through the high unemployment route you could check unemployment rates from the list provided by the Bureau of Labor Statistics website. Many state agencies also issue TEA certification letters. I hope this was helpful.
Mark Davies
Find an EB-5 Visa Lawyer: Immigration AttorneyVery few law firms have meaningful experience with direct EB5. I would ask for a firm that has handled at least 10 true direct cases a year in non-hotel or residential real estate projects. By true direct, I mean someone genuinely starting their own business, not invetsing in someone else's business. Hotels are also vastly different than an operating business. Strictly speaking, you need to show that the business is located in a TEA. However, it is not as simple as that and the business plan needs to support the idea that the fulcrum of economic impact lies in the TEA. No black and white answers, I'm afraid. It all about the business plan and having it properly prepared and reviewed, together with the TEA certificate.
Robin J Gray
Find an EB-5 Visa Lawyer: Immigration AttorneyA TEA is defined by federal immigration regulations as either a rural area or an economically distressed area that has experienced an unemployment rate of at least a 150 percent of the national average. The unemployment data used in a TEA designation can be based on state, county, city or census tract data. You can contact the local chamber of commerce or local government office to find out the unemployment data and rural designation, if applicable.
Belma Demirovic Chinchoy
Find an EB-5 Visa Lawyer: Immigration AttorneyYes, the company's principal place of business - where the majority of its employees will be located - needs to be in a TEA. How to get the TEA status depends on the state. Your immigration attorney can assist with getting the letter.
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