LANSING, Mich. – The International Michigan Investments Regional Center (MI Regional Center – www.invest2usa.com) had been previously designated in June 2009, as an official EB-5 Regional Center by United States Citizenship and Immigrations Services (USCIS) in Emmet County, Michigan. Therefore, originally any new business financed by foreign investors had to be located only in Emmet County to qualify under the EB-5 program. IMI Regional Center, headed by attorney Gary McRay, is now authorized to establish EB-5 Visas throughout the entire state of Michigan.
McRay, a shareholder of the law form Foster, Swift, Collins, and Smith PC, concludes that the expansions to the entire state of Michigan will provide many investment opportunities for foreign capital and will boost the economy, as well. “I am thrilled to have this ability to attract and promote foreign investment in order to create local jobs through this EB-5 Center expansion. Increased capital will benefit the economy of Michigan, as a whole,” said McRay.
EB-5 Visas were created by the United States Department of Homeland Security in 1990 to “stimulate the US economy though job creation and capital investment by foreign investors.” To be granted an EB-5 immigration Visa, a foreign individual must invest $500,000 in a commercial enterprise, located within the authorized Regional Center. The foreign investment must “create or preserve at least 10 full-time jobs within two years of the immigrant investor’s admission to the United States as a Conditional Permanent Resident.” The IMI Regional Center is allowed by the USCIS to focus on new commercial business in five targeted clusters: (1) real estate development, (2) agri-food (food processing), (3) alternative energy, (4) tourism, and (5) light manufacturing/industrial.
As Michigan economy rebounds, IMI Regional Center and Attorney McRay believe that foreign capital will play a major role in financing new businesses to create future Michigan jobs.
Foster Swift Collins & Smith PC is a full service law firm founded in 1902. The firm employs over 100 attorneys and more than 100 support staff in six locations; Lansing, Detroit, Farmington Hills, Grand Rapids, Holland and Marquette. For more information about the firm, its attorneys and to access recent publications, visit www.fosterswift.com.