On March 11, 2022, President Biden signed a bill reauthorizing the EB-5 programs for an additional 5 year period.
The EB-5 bill included on the omnibus has major implications for existing and future investors, regional centers, developers, and promoters.
For all new filings, the minimum investment is $800,000 in a Targeted Employment Area (TEA), either rural (same definition as before, but now they receive priority in USCIS processing) or high unemployment (using narrower “bullseye” definition from the 2019 regulations). High unemployment TEAs are determined only by USCIS and are valid for two years from project request filing, renewable in two-year increments. The $800,000 amount can also be used “infrastructure projects” in which a government entity contracts for EB-5 financing to develop public works (something like a private municipal bond deal) even if not located in a TEA. Otherwise, the minimum is $1,050,000 (a $250K spread). Amounts increase with inflation every 5 years.
Setting up a business in Florida or California or another State in the USA and employing American staff could be one of the ways in which a non-USA citizen could obtain a Green card through the EB5 program. Establishing a business in the USA involves looking at obtaining a good CPA (accountant to support you with filings) as well as understanding and researching the market that you are looking to enter.
Restaurant franchises are an excellent way of entering the market in the USA as there are 373 million people that live there which means that there are huge opportunities should you pick the correct franchise in the right location. The seasonally adjusted unemployment rate for the US in March 2022 runs at 3.6% currently according to www.statista.com and highest rates of unemployment are in District of Columbia with 6.15% as of February 2022 followed by New Mexico(5.6%), Alaska(5.5%), California(5.4%) and Pennsylvania(5.1%).
Find more statistics at Statista
Setting up a bank account can also be a problem but if you are looking to set up the business and immigrate to the USA then this should not be an issue and you can fix up an appointment directly with a local bank when you are out there. You will need to bring your corporate documents as well as passport and proof of address. If time is of the essence for commercial reasons and not for immigration reasons then an online USD account will be sufficient – Start An American Company.com will be able to introduce you to online banking solutions that will overcome this obstacle so that you can start your business without having to visit the USA.
There are a variety of options for doing business in the USA. If you are looking to set up the business to carry out e-commerce then this can be done remotely. If you are looking to set up a company to immigrate to the USA whether this is California, Florida or New York you will have a few more regulatory requirements to overcome but these can be helped by using support services to smooth the path.
