On April 21, 2017, the U.S. Citizenship and Immigration Services (USCIS) published the latest version of Form I-829 on its website and announced that, starting July 24, 2017, only the new version of the form will be accepted. The new form remains 11 pages long, but there are some changes regarding the combination and content of the information collected. The most significant change is that the new form requires more extensive and detailed information regarding the New Commercial Enterprise (NCE) and the Job Creating Entity (JCE). Some of the key contents include:
1. It is no longer required to disclose the net income of the NCE.
2. It asks whether there have been any changes to the NCE since the date of investment, including the sale of assets or interests.
3. It asks whether the Regional Center has ever been shut down.
4. New additions to the JCE information collection include:
a. The name and physical address of the JCE.
b. The number of full-time direct jobs at the time the initial EB-5 investment was made, and at the time of filing the I-829.
c. If investing in a troubled business, how many jobs were maintained or created?
d. How much EB-5 capital the NCE transferred to the JCE.
e. Whether jobs were created in accordance with the business plan submitted at the time of the I-526 filing.
Another interesting new question regarding the JCE is Question 7 in Part 7:
Since the initial investment, has the JCE filed for bankruptcy, ceased operations, undergone a material change in the nature of the business, or experienced a change in organization or ownership? Have the JCE or its owners, officers, directors, general partners, or managers been involved in any criminal or civil litigation? Or have others in similar positions or with similar interests in the JCE been involved in fraud or other illegal activities?
If the answer to any of the above questions is yes, a document must be attached to provide a more detailed explanation.
The update to the I-829 application form reflects the goal of USCIS to strengthen the oversight of the EB-5 program. The more detailed information collection appears intended to assist USCIS in conducting site visits or I-829 interviews. Finally, we would like to remind everyone again that starting July 24, 2017, please submit the latest version of the I-829 application form.