Wednesday June 16, 2010 – FirstPathway Partners was honored to host local agent John Zheng and his associates from Shenzhen and Wuhu. It was a great pleasure to share our wonderful program and city with such thoughtful and significant guests.
FirstPathway Partners was honored to host Kevin Yuan of Nanjing, China this week. During his visit Mr. Yuan met with high level MMAC officials to discuss EB5. Yuan also toured projects and areas of development throughout the region including The Pabst City Development, The Menomonee Valley and others. FirstPathway Partners looks forward to a long and fruitful relationship with Yuan and Qiaoye Investment Consulting Co.,Ltd.
Tuesday May 11th- Alejandro Mayorkas, Director of U.S. Citizenship and Immigration Services, testified before the US Senate Judiciary Committee in a hearing examining USCIS practices in multiple categories including EB5.
During the hearing Director Mayorkas, vowed to work with Senator Leahy, longtime supporter of EB5, to improve the efficiency of EB5. One promising change discussed was the possibility of pre-approving Regional Center business plans. Mayorkas and USCIS are dedicated to an efficient process, stating, “We (USCIS) understand the benefit that a Regional Center determination can have on future EB5 applications.”
Below are excerpts from the May 11th hearing.
Senator Patrick Leahy (D-VT)
I have long supported the EB-5 immigrant investor visa, and in particular the EB-5 Regional Center program. The B-5 program brings significant amounts of capital to economically challenged regions of our country. Most importantly, this program creates jobs for Americans. Entrepreneurs in Vermont have used this program to revitalize businesses, with economic benefits and job creation across entire regions. I intend to introduce legislation soon to modernize this program. Among my priorities, I intend to make the program permanent. My bill will also ensure that as it grows, the program remains free from fraud or abuse.
Senator Patrick Leahy (D-VT)
Director, I’m drafting legislation to modernize the EB5 Regional Center program. I’m a strong believer in EB5 because I have seen how well it’s worked… in my state.
Now one of the issues I hear from stakeholders involves the economic aspects of the program. Some stakeholders have expressed frustration that when an investor petition is being adjudicated by USCIS the adjudicators look at both the petition and the business plan attached to it. That can cause a lot of delays I think we could promote efficiency and predictability if Regional Centers were able to seek agency pre-approval for a business plan in which investors could then become involved. It would allow the agency to divide adjudication tasks between economic experts who would review the business plan and immigration experts would adjudicate the investor petitions.
Do you agree that if you separate the business plan approval process from the petition adjudication process, you could have more consistent and careful review of business plans?
Alejandro Mayorkas, Director of U.S. Citizenship and Immigration Services
Senator, thank you for your question with respect to the EB5 program, that program I myself have given a great deal of attention to. I recognize its economic benefits. We would welcome the opportunity to consider the possibility of pre-approving business plans and applications to established regional centers.
We understand the benefit that a regional center determination can have on future EB5 applications. I do want to say that we have taken a number of discrete steps to improve our EB5 adjudication process most notably we have concentrated expertise in one local where all eb5 applications are submitted for our review and consideration. We have also in response to public concern about the time it takes to review and adjudicate those applications. We have cut the application processing time by approximately 50%. It use to take us approximately 8 months to adjudicate an EB5 application and our cycle time is now approximately 4 months.
Senator Patrick Leahy (D-VT)
My concern is obviously you have to look at the immigration question and you don’t want to prod in it. Although what I’ve seen of these have been very legitimate business people trying to raise capital though the regional center program and I just don’t want the whole thing being looked at as being one huge issue instead of breaking it down into its component parts and probably look at it in a more efficient way. When we set up the program congress intended it to have flexibility to accommodate the realities of business including unforeseen delays that occur through no fault of the investor, especially these days…the stock market goes up and down… the capital ebbs and flows, probably more than we would like, but if you have an investor and a domestic business person acting in good faith. I hate to see the investor suffer the denial of a green card.
So would you commit to have your department/office and mine work together to see if we can find ways to make the whole process more efficient?
Alejandro Mayorkas, Director of U.S. Citizenship and Immigration Services
Most certainly will Mr. Chairman.
A statement issued by the office of Sen. Patrick S. Leahy, D-Vt., confirms the release of a comprehensive immigration reform framework, which currently includes permanent extension for EB-5, a popular investment visa category with bipartisan support. Below is an excerpt from the Senators statement; to read the full press release visit Senator Leahy’s website at http://leahy.senate.gov/.
“Senators Reid, Schumer and Menendez have released a productive framework for the process of drafting comprehensive immigration reform legislation. I share their commitment to enacting key legislative efforts including AgJobs, the Uniting American Families Act, the DREAM Act, and a permanent extension of the EB-5 foreign investors program, as part of comprehensive reform. These are sensible, constructive and urgently needed measures that have had, and should continue to have, bipartisan support.”
FirstPathway Partners (FPP) was proud to assist Bangjie He, Ambassador of Ningbo to the US, in hosting China Council for the Promotion of International Trade Ningbo Sub-Council (CCPIT) /China Chamber of Commerce Ningbo Chamber (CCOIC) Chairman, Mr. Zheng Wei Gu and Chief of the Ningbo Dept of International Exhibition, Mr. Wei FU.
During their visit to Milwaukee guest’s toured FPP headquarters, the Harley Davidson Museum, and other points of interest around Milwaukee. FPP was honored to host such esteemed guests.
On March 7th 2010, FirstPathway Partners (FPP) Chairman and CEO, Bob Kraft traveled to Seoul to presented Brian Kim and the FPP Korea team with an award honoring their service. This award is a testament to Brian’s leadership in the Korean market. Congratulations!
Last week Bob Kraft traveled to South Korea to further solidify relationships with agents and private clients. Mr. Kraft also spoke at several seminars highlighting the value of FPP’s established trust in the marketplace and core business attributes.
FirstPathway Partners Corporate Headquarters would like to honor Brian Kim, Hyunah Cheon and Ye-Jung Hong for their unwavering commitment to client and agent satisfaction.
This month the U.S. Citizenship and Immigration Services (USCIS) issued an official notice granting FirstPathway Partners its fastest I-526 (Immigrant Petition by Alien Entrepreneur) approval.
The application, filled September 23rd of 2009, was approved 3 months and 14 days after submission, with no Request for Evidence (RFE). According to the USCIS website, the average I-526 processing time is currently 5 months.
This approval validates FirstPathway’s world-class process supported by the unparalleled experience of our preferred attorney Lincoln Stone.
FirstPathway Partners would like to congratulate our investor on reaching this coveted milestone in record time.
CEO and Chairman of FirstPathway Partners Bob Kraft was recently featured in a Washington Post article about the ways in which Wisconsin has embraced cooperation and trade with China. In the article Kraft gives a positive outlook on the mutually beneficial relationship between China and Milwaukee. Mr Kraft is also the co-chair of the MMAC China Council.
Congress has approved legislation to extend the EB5 “investor visa” program 3 years as part of the DHS FY2010 Appropriations Bill.
This will extend the EB-5 Visa Program through October 1, 2012.
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