[HOT] [Q] Can an EB-5 investor purchase an existing business created AFTER November 29, 1990 and do EB-5 case?
[Q] Can an EB-5 investor purchase an existing business created AFTER November 29, 1990, and not have to expand or restructure this business and still qualify it as a "new" commercial enterprise?
Yes, because of the Section 11036 of the 21st Century Department of Justice Appropriations Authorization Act, Public Law No. 107-273, the alien investor does not have to have been involved in the creation of the existing commercial enterprise as noted above. Moreover, the alien’s investment would qualify without the need to show that the “new” commercial enterprise was “expanded” or “restructured/reorganized” under 8 CFR 204.6(h)(2) and (3).
However, the alien EB-5 investor still has to create the requisite 10 full-time employment.
Therefore, an EB-5 investor can purchase an existing business, as long as the business was established AFTER November 29, 1990, and meet the "new" commercial enterprise requirement; but the investor still has to create ten, new jobs, and cannot rely on the existing jobs.
By the way, CSC will not like the buyer-investor purchasing just assets (excluding existing employees) and then rehiring the same laid off employees.