For foreign investors in the EB5 Immigrant Investor Program, adhering to USCIS regulations is critical to ensuring the success of their investment and immigration process. Form I-956F plays an important role for investors participating through regional centers. This guide explains Form I-956F, its requirements, and how EB5 investors can navigate the form effectively.
What Is Form I-956F?
EB5 regional centers file Form I-956F, or Application for Approval of an Investment in a Commercial Enterprise, on behalf of investors. It provides critical details about the business plan, job creation, and economic impact of the EB5 project in which investors are placing their capital. This form is important for program success, since it ensures that the EB5 project complies with EB5 requirements, including the estimated plan to create at least 10 full-time jobs for US workers.
What Are the Form Requirements?
Form I-956F requires the following:
- A detailed business plan for the commercial enterprise
- Economic projections showing that the investment will create at least 10 full-time jobs
- Organizational documents for the business entity receiving the investment
- Evidence that the project will benefit a targeted employment area (if applicable)
- A description of how the regional center will monitor compliance with EB5 rules
- A filing fee of $47,695.
The regional center is responsible for preparing and submitting this information, but investors should stay informed about the content of the filing to ensure alignment with EB5 program rules. Choosing the right regional center and EB5 project is especially important for EB5 success, as they will be responsible for managing your investment on which your permanent residency is contingent.
When Should I File Form I-956F?
The regional center must file Form I-956F before individual investors file their I-526E petitions, making this one of the first steps in the EB5 process. Early filing is recommended, as it ensures that the project is vetted and approved by USCIS, allowing investors to proceed with their own applications sooner.
Choose an EB5 partner that is professional and transparent, so you always know the status of your filing and the overall project.
What to Expect After the I-956F Is Filed
After the regional center files Form I-956F, USCIS will review the submission to confirm that the project complies with EB5 program requirements. Processing times can vary but generally take several months. USCIS may issue a request for evidence (RFE) if additional documentation is needed. Once approved, the project is confirmed as EB5 compliant, allowing investors to proceed with their immigration process.
Should I File Form I-956F or I-924?
Although you may have previously heard of Form I-924, it has been phased out and is no longer part of your EB5 application process. Previously, regional centers used Form I-924 to apply for the designation of new projects or regional center amendments. However, Form I-924 is no longer accepted for new projects. Under the EB5 Reform and Integrity Act of 2022, Form I-956F has replaced Form I-924 for regional center project approvals. Regional centers must file Form I-956F to seek approval for any new commercial enterprise projects.
Key Differences Between I-956F and I-924
- Purpose: While both forms were used to seek project approval, Form I-924 was also used to designate new regional centers, whereas I-956F is solely for project-specific approval within a preexisting regional center.
- Compliance: Form I-956F reflects new integrity measures introduced by the EB5 Reform and Integrity Act, ensuring stronger oversight and transparency for regional center projects.
- Scope: Form I-956F is exclusively for regional center projects and is designed to work alongside new forms, such as I-956, which designates the regional center itself.
In short, EB5 investors no longer need to worry about Form I-924. Instead, they should ensure that their regional center is using Form I-956F to get project approval, which is crucial for filing the I-526E petition.
How LCR Can Guide You Toward US Residency
Navigating the EB5 visa process, particularly with new regulations and forms, can be challenging. As your EB5 partner, we can assure you that our regional center projects are expertly developed to ensure that all requirements are met diligently, and all projects are designed for success. Our team provides personalized support to investors, ensuring compliance and minimizing delays.
If you have questions about Form I-956F or are considering an EB5 investment, reach out to our team of experts. We are here to guide you through each step of the process.
