Question:
May I use my saved $500,000 while I am on H-1B visa to start my own business? The $500,000 will be used to start-up an IT staffing and consulting business. Although I might not use the whole amount, but will be able to create more than 10 jobs in 2 years. Will my case be approved to receive unconditional Green Card? What if I create fewer than 10 jobs in 2 years and show potential to increase job creation after some more time. Can I extend my stay?
Answers:
Personal funds derived from lawful sources may be used in an EB-5 New Commercial project. You may file a I-526 Investors petition, however you may not start managing or directing the EB-5 enterprise during the adjudication process of the I-526 petition. If the I-526 petition is approved while you remain in legal HI-B status , you may file your application for conditional permanent residency status. With the filing of the application you may file and receive employment authorization which will allow you manage the EB-5 enterprise even before you receive conditional permanent residency status. Currently the USCIS is discussing draft policies allowing investors to obtain unconditional residency,even when the required jobs are not created before the two year anniversary and there is a showing of substantial compliance and a showing there will be a creation of the required jobs within the next 12 months.