October 1 marks the start of the annual I-956G filing season for EB-5 Regional Centers. Regional Centers are required to file Form I-956G with USCIS annually between October 1 and December 29 to maintain their designation and demonstrate compliance with program rules.
This filing is more than a box-checking exercise. It's a detailed review of a Regional Center's activity, projects, and compliance under the EB-5 Reform and Integrity Act (RIA) of 2022. Filing late, filing incomplete, or reporting disparate data can put your Regional Center designation at risk.
Below, we’ll walk you through what the I-956G entails, provide best practices to make your filing season smooth, and answer the most common questions.
What Is Form I-956G?
Form I-956G is an annual certification that each Regional Center is required to submit.
The filing provides USCIS with:
- Regional Center details: Organizational structure, governance, and designation status.
- Project activity: Quantity of sponsored projects, investor involvement, and capital invested.
- Job creation: Actual or estimated job creation backed by evidence and methodology that is transparent.
- Compliance attestations: Attestation to compliance with securities laws and RIA integrity standards, such as providing proof of Fund Administration or Audits.
USCIS relies on this filing to ensure Regional Centers remain active and in compliance with the EB-5 program.
Read: Filing definitions you need to know.
Top Tips for a Smooth Filing
- Start early: Don't wait until December—begin gathering documentation from October 1.
- Prioritize consistency: Ensure the information in Form I-956G is consistent with that in previously filed Form I-956Fs and investor petitions.
- Defend job creation: Use clear and defensible methodologies to support your claims.
- Highlight securities compliance: Illustrate how your Regional Center has fulfilled SEC and financial compliance requirements.
- Reflect organizational changes: Accurately report any new principals or governance changes.
Maintain a compliance binder: Keep investor numbers, capital flows, and job creation metrics up to date throughout the year.
- Utilize technology: Fund administration or compliance software (e.g., PRXY) can simplify reporting and reduce errors.
- Use a professional review: Legal and accounting professionals should review the document before filing.
The I-956G filing is a Regional Center's most important EB-5 obligation to USCIS. By being proactive, maintaining organized records, and utilizing the right tools, you can minimize the risk of errors, avoid RFEs, and enhance your compliance posture.
Frequently Asked Questions
Q: When is the I-956G due?
A: The filing window opens October 1 and closes December 29 each year.
Q: What if a Regional Center doesn't file on time?
A: Failure to report may result in termination of Regional Center designation and impact sponsored projects.
Q. Do we have to include terminated or withdrawn projects?
A. Yes. All of the Regional Center's projects must be reported, even if they have been terminated.
Q. What level of detail is needed regarding the creation of jobs?
A. Actual or projected jobs may be reported, but methodologies need to be clear, consistent, and defensible.
Q. How closely does USCIS examine securities compliance?
A. Under RIA, USCIS is paying much more attention to SEC and other financial compliance. Regional Centers should be prepared to demonstrate compliance.
Q. Can software help with the filing process?
A. Yes. Technology like PRXY can track investor data, job creation, and fund flows in real time, which can make compliance reporting faster and more precise.
To learn how PRXY can help prepare faster, more accurate I-956G submissions, and review a sample PRXY-generated report, reach out to us for a conversation.
Author
Sam Newbold is the Chief Strategy Officer and Co-Founder of PRXY. A lawyer of 15+ years, Sam brings extensive experience in the area of EB-5 investment. His collaborative work with corporate, securities, lending, real estate, bankruptcy and litigation attorneys helped build the foundation of PRXY’s intuitive Fund Administration platform.
Sam serves on the EB5 National Committee for the America Immigration Lawyers Association where he regularly interacts with the leading immigration lawyers in the United States on all matters impacting the EB-5 Program.
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