Last week, United States Senator Tom A. Coburn sent a letter to EB-5 Regional Centers requesting information about their participation in the EB-5 program.

Among other things, the information requested includes:

  • Evidence of USCIS approval or recertification
  • Total amount of funds invested and number of investors by country of origin
  • The amount and description of any fees charged to applicants or received by the Regional Center
  • The number of jobs created by each investment
  • Name and address of any individual or entity that the Regional Center has an agreement with to provide services to it
  • A list of any current or former corporate officers

Senator Coburn’s letter is an indication of the increasing government attention and oversight occurring in the EB-5 sector. The Senator requested written responses by March 7, 2014 – only 8 days away! While Regional Centers are required to produce much of this information annually as part of the I-924A submission, it is wise for them to be prepared to provide such information at any time, as proven by this new request. In order to respond to this request timely, EB-5 Regional Centers, as would any successful business, will need to have comprehensive operational systems and business processes already in place. In the absence of efficient automated information tracking and reporting, the increasing oversight will lead to a strain on resources and potential non-compliance.

NES Financial’s goal has always been to provide technology-based services that make specialized financial transactions like EB-5 more secure, transparent, and compliant. We recently developed two brand new solutions to help Regional Centers navigate the EB-5 process.

The implementation of the complete NES Financial solution suite, including EB-5 Fund Administration and the recently announced EB-5 Immigration Workflow, enable Regional Centers to efficiently manage back office processes, freeing up time to focus on achieving project success. Regional Centers that have the right administrative systems in place will have a much easier time meeting the annual compliance requirements, in addition to surprise requests like Senator Coburn’s letter.

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