Do They Need to See My Business Plan for an EB-5 Visa?
If you’re interested in applying for an EB-5 visa, with the aim of eventually become a permanent resident of the United States, it’s important that you understand all the requirements that are needed to successfully submit your application. One of these is a detailed business plan, and we’re going to explain exactly why below.
Let’s start with the basics:
There are three main requirements that are needed for EB-5 visa applicants.
- You must establish a business or invest in an existing business that was either created or restructured after November 19,1990.
- You must invest $1 million (or $500,000 in some cases) in the aforementioned business.
- The business must then create full-time employment for a minimum of 10 US workers.
We’ve explained some of the above points in a little bit more detail right here: “Multiple investors may establish a new commercial enterprise which can be the basis for the EB-5 classification. However, each investor must meet the requirements for the EB-5 classification separately; that is, each investor must create 10 jobs for U.S. workers.”
List of Required Documents for an EB-5 Visa
It’s important you can prove that the business you are creating or investing in is completely legitimate by providing the following list of documentation:
- Partnership agreements, documents of incorporation, and organizational documents
- A business plan
- Evidence of lease agreements for the qualifying business
- State business licenses (when applicable)
- Evidence (such as bank statements) that the necessary required amount of capital has been transferred
- Evidence that investment has resulted in the substantial increase of net worth (again, only if this applies)
- Documentation that proves the source of the investment is legal and credible
- Documentation of assets that have been purchased or transferred from abroad for the enterprise in question.
- A statement of your position or job title, along with a description of duties for your active role in developing the enterprise
- Evidence you are a corporate officer or a member of the board of corporate officers (if applicable)
Why Do You Need a Business Plan?
The main reason you need a business plan is to convince USCIS that your investment is going to be a) successful and b) beneficial for the US economy, so the more detail you provide, the better your chance of having your business plan and EB-5 visa approved.
According to eB5Investors.com: “Business plans submitted with EB-5 visa petitions must provide a basis for USCIS to draw “reasonable inferences” about the business’s potential viability and success. The more detailed the plan, the better the opportunity for the reviewer to assess the potential success of the business, which will translate to a higher likelihood of approval.
A truly credible business plan contains detailed and verifiable information about the new enterprise that will be supported by the EB-5 investment.”
Your business plan should contain but should not be limited to: a detailed business description, your business structure, a marketing plan, personnel experience, competitive analysis, budget and financial projections, required licenses and permits, and job descriptions.
Are You Interested in Applying for an EB-5 Visa?
If you’re interested in applying for an EB-5 visa, we at visaplace can help you with the paperwork. We specialize in helping individuals reach their goals by applying our expertise to each immigration case.
The first step towards a successful E-B5 application is getting an assessment of your case. Fill out our free immigration assessment form and we will get back to you within 24 hours to discuss your eligibility and options.
About Michael Niren
Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the Associate Member of the American Bar Association. Read more
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