Form I-924A Basics
To become a regional center, an entity must submit Form I-924 to United States Citizenship and Immigration Services (USCIS). Once approved, a regional center must file Form I-924A on or before December 29 each year. Form I-924A is a supplement to the I-924 application and is used to demonstrate to USCIS that the regional center remains eligible under the EB-5 Immigrant Investor Visa Program.
Failure of a regional center to submit Form I-924A will result in a notice of intent to terminate the regional center’s status by USCIS. Therefore, the timely submission of this form is important for regional centers. But as the regional center program continues to grow, Form I-924A has taken on added importance for USCIS as well.
Specifically, Form I-924A is a tool that USCIS uses to determine whether a regional center remains qualified under the EB-5 regional center program. Inactive or unqualified regional centers are then terminated, which improves EB-5 for all stakeholdersThe form also helps USCIS measure the effectiveness of a regional center in accomplishing the goals of the program—particularly whether the regional center has been actively promoting economic development and job creation in rural and high-unemployment areas.
Common Confusion Surrounding Form I-924A
Several aspects of filling out Form I-924A can be confusing since every regional center’s situation is unique—no one-size-fits all form can account for the variety within the EB-5 regional center program. Also, many find the form’s instructions ambiguous.
Following are some of the most common areas of confusion related to Form I-924A.
Depending on its formation date or the nature of its operations in a given year, a regional center may not have filed any I-526 or I-829 petitions or released any funds into a new commercial enterprise (NCE) or job creating entity (JCE). Even so, Form I-924A is required. And since USCIS is looking for evidence of EB-5 Program participation, a regional center should include any documentation that serves to demonstrate such activity—new permits, licenses, etc.
When appropriate, use footnotes to offer clarification, adding separate addendums as necessary.
Aggregate EB-5 Capital Investment
Recording the amount of capital investment on Form I-924A can be confusing, particularly for regional centers that hold EB-5 funds in escrow. In such cases, a regional center’s aggregate EB-5 capital investment can be less than the sum of investor funds—or even zero. Capital investment occurs only when funds are released to the NCE, which may not happen in a given fiscal year even though funds have been raised.
In the same way, the amount of EB-5 funds released from escrow by the regional center into the NCE may not match what is released from the NCE into the JCE in the same fiscal year.
Any such discrepancy should be clarified through a footnote.
Aggregate Direct and Indirect Job Creation
While regional centers are permitted to use different methodologies in determining job creation, USCIS prefers accepted economic impact models. A detailed explanation of what direct and indirect jobs were created and how job creation was calculated should be included with the form.
Filing Form I-924A
Form I-924A must be signed and filed by a regional center’s principal. When an attorney or other representative of the regional center helps complete the form, he or she must also sign the form and include a completed Form G-28 with the submission. The submitted version of the I-924A must contain original signatures.
Additionally, the regional center’s most recent approval notice and any amendments must be attached to the submitted Form I-924A.
As of December 23, 2016, a filing fee of $3,035 must also be enclosed. The form should be sent to the USCIS California Service Center for processing.