USCIS Releases Draft of New Form I-956K for Direct and Third-Party Promoters of EB-5 Projects

On September 2, 2022, U.S. Citizenship and Immigration Services (“USCIS”) published on the federal registry the first draft of Form I-956KRegistration for Direct and Third-Party Promoters for Approval of an Investment in a Commercial Enterprise, and its accompanying Form I-956K instruction manual. This is the much-awaited “agent registration” form.

Form I-956K Required for Direct and Third-Party Promoters of EB-5 Projects

Pursuant to the EB-5 Reform and Integrity Act of 2022 (the “Reform Act”), and as listed in Form I-956K, each direct or third-party promote (including migration agents) of a regional center, any new commercial enterprise, an affiliated job-creating enterprise, or an issuer of securities to be offered to immigrant investors in connection with a particular capital investment project must register with USCIS. Form I-956K does not have to be approved, only submitted, before a promoter can begin promotional activities.

There is no fee associated with the submission of Form I-956K.

Form I-956K includes all the same “bad actor” disclosures present in Form I-956H and requires that any existing written agreements be identified with the title, date, parties, entity type, and RC and NCE ID number as applicable. Actual copies of the referenced written agreements are not required to be attached with the submission of Form I-956K, but certainly could be requested by USCIS later.

Changes to any written agreements must be disclosed with additional Form I-956K filings with the appropriate boxes checked reflecting any amendments.