American Companies seeking funding from EB-5 Immigrant Investment
Your company must be a commercial enterprise, a businesses that participates in for-profit activity and lawful operation. Acceptable business types include: sole proprietorships, partnerships (limited or general), joint ventures, corporations, businesses trusts or other entity which may be publicly or privately owned. Holding companies and their subsidiaries do fall under this definition, assuming that each party is operating lawfully and is for-profit. However, owning and operating a home for personal use does not fall under this definition of a commercial enterprise.
Additionally your business must be a new commercial enterprise, which is defined as being established after November 29, 1990. A business established on or before November 29,1990 may qualify as a new commercial enterprise if the business was purchased or acquired and re-formed constituting a new entity. Additionally, a company established on or before November 29,1990 may qualify if through the EB-5 investment the business experiences 40% growth in net worth or employees.
Contact ICC to learn more about having your project evaluated and determine eligibility.
Requirements for TEA Certification Letter from the State of Minnesota
Project developers may wish to have the site for their proposed project designated as lying within a TEA, thus qualifying for the lower individual investment threshold of $500,000.
The Labor Market Information Office at the Minnesota Department of Employment and Economic Development may provide certification of such customized TEAs within Minnesota, as long as they meet the criteria established by the USCIS.
Unemployment rates at the census-tract level have been calculated for the entire state and may be used by project developers to propose a TEA for certification. The statistics are updated annually in May. For the latest unemployment statistics, contact Amanda Rohrer at 651-259-7398. TEA Map Target Employment Area
Project developers seeking customized TEA designation must submit the following information:
- Name of individual investor or entity
- Name of new business or project
- Address of new business or project
- City, County and Zip Code
- Census Tract Number(s) to be included in proposed TEA
- Map of Census Tract(s) to be included in proposed TEA
- Calculations proving that the proposed TEA meets USCIS requirements
- Description of the project, including job creation if applicable (500 words or less)
- Mailing address for sending the certificate
Submit the information by email to Amanda Rohrer, Local Area Unemployment Statistics Analyst, at firstname.lastname@example.org, with the subject line “TEA Certification Application.”
Additional information available at: Invest in Minnesota: EB-5 Immigrant Investor Program
EB-5 Investor Program and the State of Minnesota: A Study by the Carlson Consulting Enterprise
Note: Kevin Hanson, President of International Creative Capital was a member the steering Committee that guided this study.
This White Paper has been divided into three parts: Basics, Details, and Recommendations. The study asks and responds to the primary question, “How can Minnesota best leverage the federal Immigrant Investor Program (EB-5) to drive employment in the state?”