The issuer is the Manager of the investment and is often referred to as the New Commercial Enterprise or (NCE). The Manager is selling the investment to EB-5 petitioners. Usually the interests being offered are membership interests in a limited liability company or limited partnership shares in a limited partnership. The NCE is the entity that investors invest into, and the petitioner's investment must remain 'at risk' until the petitioner satisfies their conditional residency status. 

The developer is in charge of the Job Creating Entity (JCE). The JCE creates the jobs and the NCE invests money from EB-5 petitioners into the JCE. The NCE could itself create the jobs, but most often they invest the money they've pooled form multiple investors into a single investment in the JCE. The JCE is managed by the Developer. The Manager of the NCE should be very careful about which developer or JCE they decide to invest into. 

The Regional Center has the right to sponsor EB-5 investments in a specific regional area and in a specific industry (or multiple areas or multiple industries). The purpose of the Regional Center is to oversee things, but many of them don't do this and they are not required to do much at all.

Of the three entities, the regional center is generally the least involved in job creation or overseeing investor's funds.

Therefore, when evaluating an EB-5 investment, consider the background of the NCE - the people who should be safeguarding your investment; consider the background of the JCE - the people responsible to create the jobs and ensure the project progresses smoothly; and check to make sure the regional center has properly filed all their paperwork with USCIS.  

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