Prior to the EB-5 Reform and Integrity Act of 2022 (RIA), the form used to request approval for a regional center designation was Form I-924. This form was also used to amend the designation of already approved regional centers or for exemplar pre-approval of an EB-5 investment project. However, after the enactment of the RIA, Form I-924 was replaced by Form I-956.
Form I-924 required the submission of a detailed business plan that outlines the regional center's activities and how it will create a minimum of 10 jobs per EB-5 investor, as well as evidence of the regional center's legal existence, such as articles of incorporation or partnership agreement. The form also required a description of the geographic area the regional center would serve and how it would promote economic growth in the area. Additionally, a filing fee of $17,795 was required.
