Posted on September 04, 2007 by Warren Wen | Category: Immigration
EB-1(c), the Best Choice for Extraordinary Person in Business Area 5/5
In the previous article we explained the similarities and differences between EB-1-C and EB-1-A and gave some suggestions on how to make immigration choices for Korean businessmen. In this article, we will compare EB-1-C and EB-5 to help those businessmen make a better decision on how to immigrate to the US.
Generally speaking, there are some similarities between EB-1-C and EB-5. For example, both of them are suitable for businessmen; that is to say, businessmen who have some funds and want to immigrate to the US may qualify for both EB-1-C and EB-5. Also, it takes less time to get a greencard through EB-1-C and EB-5 for qualified applicants. Both of these categories are exempt from the labor certification process, which saves a lot of time for the applicant and eliminates a lot of risk.
Though both of them have these similarities, they still have great differences which may be important factors influencing the immigration choices of Korean businessmen.
First, they have different requirements on minimum investment amount. EB-5 requires at least 1 million dollars in investment (0.5 million for economically depressed areas). However, EB-1-C doesn’t have such requirement on investment amount. It only requires that company is multinational and that it have been in operation in the US for at least 1 year to qualify for the application. Thus, in this point, EB-5 has higher requirements than EB-1-C, implying more risks.
Second, they have great differences on their requirements for applicants. EB-5 is targeted for individual investors, so immigration law requires the applicant to prove the investment is offered by himself and that it has a legal source. For Korean entrepreneurs, this is a little hard to satisfy because of the national policy and economic problems in the development of the enterprise. By contrast, EB-1-C is not as strict as EB-5. The applicant only needs to prove that he is qualified for the position in the US company and has worked for at least one year in last three years in the foreign multinational. Though it still has certain requirements for the company, these are much easier to satisfy than for the EB-5. Once the US company works well and can provide tax returns, etc., it may be qualified.
In the past decades, there have been a lot of frauds in EB-5 applications, so the USCIS audits the EB-5 applications very strictly. EB-1-C is in a different situation because many of the materials provided are about the operational situation of the US company, which are relatively more persuasive than the EB-5 materials, which may it easier to pass the audit of the USCIS.
Finally, persons with approved EB-5 applications are only issued temporary greencards, and have some risk when applying for the removal of the condition two years later. On the other hand, EB-1-C applicants will be issued permanent resident card and be exempt from the risk.
In summary, EB-1-C is a better choice than EB-5 for Korean entrepreneurs.
This article is only for your reference. Please do not apply mechanically to any exact cases. You are welcome to consult our attorneys at Liu & Associates, P.C. For contact information, please click here.