BUSI NESS & INVESTMENT I M MIGR ATION LAW. Investment & Business Immigration

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1 BUSI NESS & INVESTMENT I M MIGR ATION LAW Investment & Business Immigration

2 WELCOME David Hirson & Partners, LLP has over 30 years of experience in immigration law. Our practice provides a full range of legal services and specializes in the areas of business and investment immigration. Our managing Partner, David Hirson is a nationally recognized EB-5 investment immigration attorney who has been involved with EB-5 since the programs inception in Our Practice Areas EB-5 Investment Immigration Our EB-5 practice group is headed by David Hirson, nationally recognized as an expert in the field of EB-5 investment immigration. Having been involved in the EB-5 program since its inception in 1991, David filed and received green card approval for one of the very first EB-5 investors. Business & Corporate Immigration Our attorneys have over 30 years of experience in advising individuals, small start-ups, large corporations, hospitals and Universities in navigating the complex areas of immigration and compliance. David Hirson & Partners, LLP, proudly supports a diverse client base that spans across local, regional and national levels. Our team works closely with individuals and HR departments to understand their needs and customize an immigration program that surpasses their expectations. Dedicated to Our Clients Success David Hirson & Partners, LLP is based in Newport Beach California at the steps of the tech coast. With over 30 years of experience in corporate, business and investment immigration, the foundation of our practice is the lasting relationships we have built within the community. We proudly support a diverse client base that spans across local, regional and national levels. Our business immigration practice provides a full range of services, including an EB-5 investment immigration practice that is nationally recognized for individualized attention and expertise. From all of us at Hirson & Partners, we look forward to serving your legal needs. BUSI NESS & INVESTMENT I M MIGR ATION LAW

3 EB-5 OVERVIEW EB-5 IMMIGRANT INVESTOR Visa Description The fifth employment based visa preference category, created by Congress in 1990, is available to immigrants seeking to enter the United States in order to invest in a new commercial enterprise that will benefit the U.S. economy and create at least 10 full-time jobs. There are two ways to invest which you may use within the EB-5 category and they are: creating a new commercial enterprise or investing in a troubled business. Eligibility Criteria New Business Enterprise To qualify, you must: 1. Invest or be in the process of investing at least $1,000,000. If your investment is in a designated targeted employment area (discussed further below), then the minimum investment requirement is $500, Benefit the U.S. economy by providing goods or services to U.S. markets. 3. Create full-time employment for at least 10 U.S. workers. This includes U.S. Citizens, Green Card holders (lawful permanent residents) and other individuals lawfully authorized to work in the U.S. (however it does not include you [the immigrant], your spouse, or your children). 4. Be involved in the day-to-day management of the new business or directly manage it through formulating business policy. For example, as a corporate officer or board member. Troubled Business To qualify, you must: 1. Invest in a business that has existed for at least two years. 2. Invest in a business that has incurred a net loss, based on generally accepted accounting principles, for the 12 to 24 month period before you filed the Form I-526 Immigrant Petition by an Alien Entrepreneur. 3. The loss for the 12 to 24 month period must be at least equal to 20 percent of the business s net worth before the loss. 4. Maintain the number of jobs at no less than the preinvestment level for a period of at least two years. 5. Be involved in the day-to-day management of the troubled business or directly manage it through formulating business policy. For example, as a corporate officer or board member. 6. The same investment requirements of the new commercial enterprise investment apply to a troubled business investment ($1,000,000 or $500,000 in a TEA). Regional Center Pilot Program To qualify, you must: 1. Invest at least $1,000,000 or $500,000 in a regional center affiliated new commercial enterprise or a troubled business located within the area of USCIS designated regional center. Regional centers are defined and discussed further below. 2. Create at least 10 new full-time jobs either directly through capital investment. A Regional Center is defined as any economic unit, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment. The organizers of a regional center seeking the regional center designation from USCIS must submit a proposal showing: How the regional center plans to focus on a geographical region within the U.S., and must explain how the regional center will achieve the required economic growth within this regional area That the regional center s business plan can be relied upon as a viable business model grounded in reasonable and credible estimates and assumptions for market conditions, project costs, and activity timelines How in verifiable detail (using economic models in some instances) jobs will be created directly or indirectly through capital investments made in accordance with the regional center s business plan The amount and source of funds committed to the project and the promotional efforts made and planned for the business project.

4 4 David Hirson & Partners, LLP PETITIONS BY CASE STATUS I-829 by Entrepreneurs Approved 2 Denied 3 Pending 4 1, , ,453 3,699 3,005 2,540 2, , ,375 8,302 7,363 7, Q Q Q I-526 by Alien Entrepreneurs Approved 2 Denied 3 Pending , ,787 1,637 1,508 1, Q Q Q D Data withheld to protect applicants privacy. - Represents zero. 1 The number of new petitions received and entered into a case-tracking system during the reporting period. 2 The number of petitions approved during the reporting period. 3 The number of petitions that were denied, terminated, or withdrawn during the reporting period. 4 The number of petitions awaiting a decision as of the end of the reporting period. NOTE: 1) Some petitions approved or denied may have been received in previous reporting periods. 2) The report reflects the most up-to-date estimate available at the time the report is generated. Source: Department of Homeland Security, U.S. Citizenship and Immigration Services, Performance Analysis System (PAS), June 2014

5 David Hirson & Partners, LLP 5 EB-5 IMMIGRATION PROCESS TIMELINE Investor Reviews EB-5 Projects Confirmation of U.S. Project Preliminary Preparation for U.S. Project Investor Reviews EB5 Projects DHP files I-526 with USCIS USCIS Decision / Submission of Application AOS EAD/AP NVC transfers case to Consulate or USCIS may issue AOS RFE Approval of Immigration Status or Entrance to the United States Preparation for Removal of Conditions (I-829) I-829 Approved USCIS Receipt 0 4Mo 1Yr 9Mo 4Yr 5Mo 5Yr Preliminary Stage Stage 1 Stage 2 Stage 3 Optional: 1. David Hirson and Partners, LLP can prepare a Reentry Document, which will enable Investors and their families to remain outside of the United States for up to two years 2. Five years after the date of initial conditional residence status, Investors and family members can apply for U.S. Citizenship (N-400), which follows with a U.S. passport. DIRECT INVESTMENT VS. REGIONAL CENTER Direct Investment Regional Center Active Business Operation Management Day-to-day or through policy Day-to-day or through policy Applicable Business Sectors All businesses that create required jobs All USCIS-approved business that create required jobs Business Plan Required 4 Required,32 EB5 Investor Eligibility Must be accredited Must be accredited EB5 Investor Participation Directly invested with US entity Capital investment through a Regional Center sponsor EB5 Investor Relationship with US Entity/Project Direct Indirect Escrow of Funds (Not required by law) May be utilized May be utilized Job Creation Requirement 10 full-time job for qualified US workers 10 full-time job for qualified US workers Job Counts Direct employment Direct/Indirect /Induced Job Creation Verification Job projection / payroll tax returns / I-9 forms / W-2 (EVerify strongly advised) Project - specific economist report/subject to the final approval of USCIS subject to proof of achieving assumptions utilized by economist

6 6 David Hirson & Partners, LLP MEET OUR PARTNERS David Hirson & Partners, LLP Managing Partner David has more than 30 years of experience in the practice of immigration law. His focus is on EB-5 investment immigration law. He has been certified as a Specialist in Immigration and Nationality Law by the State Bar of California, Board of Legal Specialization continuously since Representative Experience: In 1991, personally prepared and filed one of the very first EB-5 cases with the INS (now USCIS). The case was approved and the investor and family returned to the U.S. to be admitted as a conditional permanent resident in less than 5 months. The same case was the first case to be consular processed and approved at the AIT (American Institute of Travel) in Taiwan. Manages immigration accounts for multiple companies and individual investors. Assists companies with start-up expansion, merger and acquisition relating to immigration law, compliance and case processing. Retained by many high net worth individuals in the immigration related aspects of their investments. Advises on the start-up of and files Regional Center applications and individual Green Card applications for investors under the EB- 5 Investor Visa category. This includes EB-5 investors of all categories: Regional Center investors, single investors in direct hire programs, and multiple investors in small and large direct hire programs. David is considered a senior and highly experienced EB-5 attorney. In particular, the following are some of his experience in this specific field: Has been actively involved with EB-5 cases since passage of the law in Was present in the Senate in Washington, D.C. in 1990 when the EB-5 bill was marked up and Senator Biden, now Vice President Biden, was debating the proposed new law. Successfully filed and received approvals of many cases in the first 10 years of the program. Only about 300 cases were approved annually by the INS/USCIS in the early years of the program. After year 2000, the program began to pick up and the approved EB-5 cases broke through the 1000 barrier. In fiscal year 2013, almost the full quota of 10,000 EB-5 visas were issued. Personally argued appeals at the Administrative Appeals Office (AAO) and had 4 cases approved after they were denied by the INS/USCIS and certified to the appeal unit. Has applied for multiple regional centers to be designated and approved by USCIS. Was the partner leading the sizeable EB-5 team at the Fragomen Irvine office, which comprised of attorneys, supervising paralegals, paralegals, legal assistants, and administrative staff. Referred many of the EB-5 cases within the U.S. Fragomen offices including San Diego, Los Angeles, Dallas, Boston, and Washington, D.C.

7 David Hirson & Partners, LLP 7 Nima Korpivaara, Esq. Partner nimak@hirsonimmigration.com Nima joined David Hirson & Partners, LLP in Nima handles all types of U.S. immigration, including complex matters associated with corporate business structure and EB-5 investor applications. Nima practices in the fields of corporate, investor (E-2 and EB-5) and family immigration law, representing large and small clients within a variety of industries. This includes temporary and short-term work visas, business visas, permanent residence (employmentbased and family-based) and naturalization. Nima is primarily an attorney for a dedicated EB-5 practice within the firm, which involves advising individual investors and corporate clients on the requirements and ramifications of the USCIS EB-5 program. Nima is a nationally recognized expert in the field of EB-5 law, advising numerous regional centers, developers, and project principles on program compliance. Representative Experience: Developed Corporate Immigration Global Mobility Policy on behalf of a large Information Technology Company. Counseled numerous expatriate executives and their families regarding maintenance of Lawful Permanent Resident Status issues and filing of Naturalization petitions. Files Regional Center applications and individual Green Card applications for investors under the EB-5 Investor Visa category. EB-5 Verified by EB5Investors.com Prior to joining David Hirson & Partners, LLP,Nima worked with David Hirson at a previous Firm, where he worked in the Firms EB-5 practice. Additionally, Nima worked in-house for a large information Technology Company, advising and processing immigrant and nonimmigrant visas, including extraordinary ability and labor certification cases BUSINESS & INVESTMENT IMMIGRATION LAW

8 BUSI NESS & INVESTMENT I M MIGR ATION LAW David Hirson & Partners, LLP Newport Beach, California, USA Phone: Fax: info@hirsonimmigration.com