It may be possible to formulate a business plan in which a new commercial enterprise (NCE) is created in multiple phases, but experienced EB-5 immigration counsel and business counsel should be consulted before doing so. The biggest obstacle to such a plan will likely be the time constraints of the EB-5 Program: the EB-5 petitioner must have invested or be in the process of investing all required funds into the NCE at the time of I-526 filing—and generally speaking, the employment creation requirement must be satisfied by the time the I-829 Petition is filed.