On March 20, 2017, the United States Citizenship and Immigration Services (USCIS) officially announced the launch of the EB-5 Regional Center Compliance Audit Program. According to the information published on the USCIS website regarding the EB-5 Regional Center Compliance Audit Program, this initiative aims to enhance the integrity of the EB-5 program, ensure that regional centers comply with the law, and continue to meet the objectives of the EB-5 program: to promote economic development and job creation.
The compliance audit team will review the applications, certificates, and records of regional centers; examine public records and information of regional centers; verify the information in the regional center applications, investor applications, annual qualification certifications, and project support documents; and conduct interviews with regional center officials to verify the accuracy of submitted information. The audit process includes, for example, researching information from government systems, inspecting business and public records, and reviewing evidence of the regional center's applications and qualifications. It also includes obtaining compliance audit data and information through site visits when mutually agreed upon.
The following are the details:
Tasks of the Audit Team
· Review the applications, certificates, and related records of regional centers;
· Review the public records and information of regional centers;
· Verify the information submitted during the regional center application and annual qualification certification, including supporting documents;
· Conduct site visits;
· Review and analyze documents;
· Interview regional center officials to verify the information provided during the regional center application and annual qualification certification.
Preparation Before the Compliance Audit
Before the site visit: Regional centers should be prepared to provide any information submitted during the initial application or certification, any records of changes, or any data that has not been submitted. The audit team may also request additional information from the regional center to verify the materials provided during the application or certification.
During the site visit: Regional centers should immediately provide any available documents and information requested by the audit team for verification.
After the site visit: Regional centers should provide any additional information required for USCIS's subsequent verification.
After the Compliance Audit
Upon completion of the audit, the audit team will produce an audit report, which will become part of the regional center's records. The information collected during the compliance audit will be used to assess whether the regional center complies with applicable laws and regulations. If the report indicates any signs of fraud, USCIS will evaluate whether further investigation is necessary.
Participation in the Compliance Audit
Please note that regional centers must continue to serve the purpose of promoting economic growth to maintain their qualification. If a regional center refuses to participate in the compliance audit, USCIS will follow up separately on issues of project compliance. In any case, if the regional center official expresses unwillingness to participate in the site visit, the site visit will be terminated. The audit team will complete the audit report using available data and note that the site visit was terminated at the request of the regional center.
The commencement of the EB-5 Regional Center Audit Program signifies to investors that USCIS will intensify its oversight and enforcement of the EB-5 program, ensuring compliance of regional centers operating EB-5 projects and providing multiple assurances for investors' interests.
WorldWay Immigration Experts remind: As April 28 approaches, the last chance to seize the opportunity to immigrate to the United States before price increases is nearing its end. It is crucial to choose EB-5 projects that have been approved by USCIS and are eligible for exemptions, and to complete investments as soon as possible to avoid the impacts of price increases or suspensions in the EB-5 program. WorldWay has selected three approved projects; for more details, please call: 400-138-2929.
Source: USCIS Official Website: https://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-regional-center-compliance-audits