Easy-to-Deploy EB-5 Administration Solution Delivers Efficiency Benefits to Regional Centers and Increased Security and Transparency for Investors
SAN JOSE, CA May 19, 2010 – NES Financial (NESF) has announced that American Redevelopment Solutions LLC has selected and deployed the NESF EB-5 Administration Solution to administer funds associated with the United States EB-5 visa program within its Regional Center.
EB-5 visas allow foreign nationals the opportunity to become lawful permanent residents by investing into government-approved projects that stimulate U.S. based jobs. During the initial approval process, the Regional Centers place investors’ deposits into escrow for several months pending the approval by the U.S. Citizenship and Immigration Services. Once the visa is approved, the Regional Center invests the monies into the job creation initiative as intended. However if not approved, the full value of the investment must be returned to the investor. As a result the security of funds and financial transparency are critical.
The American Redevelopment Regional Center (ARRC — www.arregionalcenter.com) is involved in commercial property development, directly investing EB-5 visa investor funds to create jobs in Southern California. ARRC’s management had investors lined up to get the project underway but had struggled for weeks with their existing banks and systems to set up all the necessary accounts. ARRC was reaching a point where time was running out.
“Working with NES Financial and their banking partners, we were able to move forward quickly. Deploying their EB-5 Administration Solution and setting up all the necessary accounts for our Regional Center allowed us to do in two days what previously would have taken us more than six weeks to set up,” said Ron Darling, president of the American Redevelopment Regional Center. “In addition to the obvious efficiency and compliance benefits for our Regional Center, the solution also provides investors with additional funds security and financial transparency.”
NES Financial’s EB-5 Administration Solution provides individual investor record-keeping and sub-accounts with full transparency to all parties. Built on NES Financial’s proven eSTAC technology platform — used to administer tens of billions of dollars annually in complex multi-party escrows – the system is proven to meet the requirements of even the most complex escrow solutions.
“Using our EB-5 Administration Solution provides Regional Centers with a proven, compliant and secure way to protect all parties involved in EB-5 visa transactions, all in a package that brings cost benefits and efficiencies to each Center.” said Michael Halloran, president and CEO of NES Financial.
With NES Financial’s EB-5 visa system, Regional Centers and investors see immediate benefits including:
- Safety of Funds – Each individual investor has the maximum amount of FDIC coverage on their accounts
- Investor Record-keeping – Information and documents for each EB-5 investor are available on-line
- Investor Reports – Customized reports are available 24×7
- Investor Accounting/Reconciliation – Accounting and reconciliation for the investor group, each individual EB-5 investor, and the Regional Center
- Rejected Investor Accounting – A full accounting is provided to the Regional Center and Investment Company for distribution back to the rejected EB-5 investors
Regional Centers can find out more information regarding EB-5 visa solutions by visiting www.nesfjtc.wpengine.com/eb-5/.