5 Potential Pitfalls to Avoid When Applying For an EB 5 Visa
Every year, up to 10,000 visas are issued to immigrants under the EB 5 investor visa program. That number may seem substantial, but when compared to the approximately 1 million immigrants who receive U.S. green cards on an annual basis, it's easy to see how selective this program is. Because this program is set to expire on September 30, many entrepreneurs are feeling the pressure to get their EB5 visa process started immediately. But when you're working under a time crunch, it's easy to make mistakes. There are a lot of possible problems that can come up when applying for an EB 5 visa. Avoiding these pitfalls will prove essential for your immigration success. In today's post, we'll discuss five of the most common errors applicants make during this process so you can take care to prevent them.
Insufficient Business Plan
As your EB 5 visa attorney will inform you, you must submit a business plan with your application. This plan must be detailed and credible, allowing the United States Citizenship and Immigration Services to infer that the plan can be implemented and will be successful. Generally, your business must be for-profit and demonstrate a solid structure, marketing plan, information on permits and licenses, budget, and ample information on job creation. For example, if your business plan does not go into detail pertaining to job descriptions or include a hiring timeline, it's likely your application will be denied due to its lack of credibility.
Inadequate Documentation of Funding
Immigration attorneys will tell you that one of the most common issues they see with EB 5 visa applications is the inability to demonstrate a lawful source of funds. In order to qualify for an EB 5 visa, you'll need to prove that the capital you'll be investing was obtained legally. Your application will be subject to immense scrutiny. But because not every country requires the amount of paperwork the U.S. does, it's possible that an investor simply may not have the documentation to prove where their funds came from. However, your EB 5 visa attorney will inform you that this is non-negotiable; you must provide this documentation in order to be eligible for this program.
Poor Choice in Regional Center
Some investors assume it's best to form their own regional center to do business in the United States. While it may be the right choice for a select few, opting to form a new regional center (rather than working through an existing one) can be extremely frustrating and time-consuming. Before making this decision, it's best to talk to your EB 5 visa attorney. You should also discuss your plans with your lawyer before you get involved with an existing regional center. Although there are over 800 established regional centers throughout the U.S., some have never proven successful. To avoid getting stuck working within a regional center that can't produce results, talk to your EB 5 visa attorney.
Not Performing Due Diligence
Before filling out your visa application, you have a responsibility to determine whether this program is actually the right one for you. This program has rigid regulations that make it an appropriate choice for a select group of immigrants. It's essential to honestly assess your financial situation and understand what's required of you; the stakes are extremely high and if you fail to deliver, you could risk your ability to stay in the United States. There are several other immigration visa programs to which you can apply if EB 5 is not the correct choice for you. You'll want to discuss your options with your immigration attorney before you begin any application process.
No Help From an Attorney
Although all visa program applications are complex, the EB 5 program is notoriously difficult to get through. It can be tedious and confusing at times, and your application could easily be denied for a simple omission or typo. To improve the likelihood that you'll be granted a visa under this program, it's highly advised that you work with an EB visa attorney from the start. This can help you to avoid delays, mistakes, and general frustration.
For more on obtaining help with visa program applications, contact our firm today.