No Two Plans
Are Alike
How Business Plans Should Differ for Direct
Investment vs. Regional Center Investment
to Ensure Matter of Ho Compliance
by Marisa Marconi
Whether an investor participates in the EB-5
program through a regional center or direct
investment, a comprehensive business plan is a
key component of the I-526 petition and provides context for job creation. The Matter of Ho
precedent decision defines what USCIS considers “comprehensive” and is the standard against
which USCIS reviews business plans. In theory,
plan development should be straightforward,
especially when such a clear list of required elements is provided. But in reality, no business fits
the Matter of Ho mold perfectly, and the differences between direct and regional center investment complicate development even further.
Understanding how these differences impact
the elements of the business plan is crucial to
developing a plan that is Ho compliant, provides
the strongest case for an investor’s petition, and
helps to mitigate an RFE at the I-526 stage.
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How the Type of Project
Dictates the Plan Outline
Though multiple investors can invest directly into the same
company, EB-5 direct investment projects typically involve
one individual investing in a new or expanding business.
Business plans for most direct projects closely resemble the
Matter of Ho outline: the business has clearly defined operations, products and/or services, and direct job creation with a
clear hiring timeline.
The Regional Center Program, in contrast, allows indirect
job creation and pooled capital. This makes the program an
excellent source of funding for large-scale development projects.
In such cases, investment is part of a larger capital stack, and
the jobs are often created from both the project’s construction
and its post-construction operations. A regional center business
plan will address both construction and operations by including
a development section that details the construction (including
a detailed budget and timeline) as well as Project Summary and
operations sections that describe how the project will operate
post-construction (including service description, marketing
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