If it's a regional center plan, it needs to support the inputs to the economist’s report, the numbers that are being entered into the formulas for job creation, and carefully show that those are reasonable estimates.
If it's a direct EB5 plan, the section on job creation needs to be carefully written to show how qualifying job creation will occur.
If one is submitting an application for a new EB5 regional center based upon a hypothetical project, a lesser standard is required. Usually, the project has to be shovel-ready and the land tied up, though not in every case.
Kurt: Phil, would you mind talking a little bit about the consistency required between the business plan and the other offering documents?
They frequently point out consistency issues, both internal, and then with external evidence, and even with information that the USCIS found on its own.
Consistency also points to the issue of credibility.Martin, would you mind starting us off by talking a bit about ‘Matter of Ho’ issues?Martin: Many years ago, back when the USCIS was still called the INS, they issued four precedent decisions which essentially restricted the EB5 program.It can be quite a challenge; they may go through one reiteration of the documents after another to ensure that one particular number in one document is not inconsistent within another document.It's also very important to read all the documents with common sense. First, you want to make sure your business plan is written to be I-526 compliant and ultimately approved by USCIS.Second, your plan needs to position your EB5 offering for marketing.You don't even have that many people around." I thought there was a problem with the case because Carson City's not far from Reno, so maybe they would be commuting.Also, I see a lot of developers try to get over the 2-year development period to get the boots on the ground construction jobs.I once saw a denial that involved a casino near Carson City, Nevada.The business plan and the economic study said that this casino was going to create 3,000 jobs. USCIS denied it, saying, "Well, how are you going to create so many jobs?