Question:

By submitting an application on Form I-924, with proper fee and the supporting documentation generally preferred by USCIS. USCIS website lists this preferred documentation.

In order to submit an application for regional center designation that includes one or more business projects, one should have a clear idea first of what business they will be starting under the regional center, what kind of offer they will be making to investors, including anticipated return, exit strategy and other key deal parameters. The deal itself should be presented in the form of a PPM (private placement memorandum) and subscription agreement; these documents are usually drawn up by securities attorneys. If one is seeking TEA status one needs to get a letter designating the TEA or show proof that the MSA in question has a population of qualifying size.

You will need to submit the I-924 application along with a filing fee of $6,230.00 with supporting documentation such as a business plan and economists report regarding the functions and projects planned for the regional center.

A new regional center must apply on Form I-924 and pay the filing fee. There are numerous requirements including a business plan and disclosure information on the principals of the regional center, their company structure and marketing plans. Also, the regional center must indicate its geographic scope and industry focus, along with other supporting documentation. A regional center application might also include an exemplar, or hypothetical project, which if approved, would entitle future applicants to receive deference from the USCIS in adjudicating their petitions.

You must submit an I-924 application with the appropriate fee and required documents such as business plan, market study, economist reports and regional center structure.

To become a designated Regional Center you need to fill out the Regional Center application, I-924 Petition. All of the information can be found on the USCIS website.

The Regional Center Designation process is in a state of flux right now. Until quite recently, there was no form or fee required for this adjudication. It was difficult and had no clearly established procedures for application or adjudication of the request. THEN unofficial instructions were created and circulated. Since Regional Center sponsors had better instructions, more applied and submitted better proposals. The increased volume finally justified the creation of a form and collection of a fee. The first version of the I-924 with a fee became mandatory as of Nov. 23, 2010. A HUGE backlog built up by folks trying to avoid the fee. The whole process has seen a rapid evolution. New and more clearly defined issues have sprung up and USCIS has gone into a "rethinking" mode. As of today (Dec. 11, 2011) the final word on numerous issues is still not settled. This is a good thing. USCIS is being open-minded and is making a real effort to make the program work!

The actual "process" to received Regional Center Designation is clearly delineated by USCIS throughout the regulations, the Adjudicator Field Manual, and the I-924 (Application for Regional Center Under the Immigrant Investor Pilot Program).

The entity and/or organizers of a regional center that are seeking the “Regional Center” designation from USCIS must submit a complete and thorough proposal, supported by econometric studies which are "economically or statistically valid forecasting tools," which have the purpose of purporting multiple important aspects of operation and influence, including, but not limited to: How the regional center will have a positive impact on the regional or national economy.

The final approval (designation) of a regional center means USCIS recognizes the economic entity as a designated participant in the EB-5 Pilot Program. When a regional center is approved, USCIS is essentially acknowledging that the econometric models and business plans appear to be feasible and that jobs shall be created through the investments offered as part of the Regional Center.