Do all EB-5 integrity requirements apply to direct EB-5? Do direct EB-5 enterprises need to file Form I-956H or I-956K?

Integrity requirements that involve the various I-956 forms are specific to regional centers and do not apply to direct EB-5. Direct EB-5 does not limit who can be involved in enterprise ownership and management, and I-956H need not be filed to demonstrate the bona fides of persons involved. Direct EB-5 does not limit who can be involved in investor promotion, and Form I-956K need not be filed for any promoters involved in direct EB-5 deals. There is no annual reporting requirement for direct EB-5, so direct enterprises need not file I-956G.

Fund administration requirements that apply to transactions between a regional center New Commercial Enterprise and Job-Creating Entity do not logically apply to direct EB-5, where the NCE and JCE are the same entity. However, USCIS has said that it may consider rule-making regarding fund administration in the standalone context.

Reference: USCIS response to regulations comments, Question 28 (p. 19):

USCIS has determined that INA 203(b)(5)(H) does not apply to standalone investors as the section clearly specifies that the provisions included are for “persons involved with [the] regional center program”. The provisions at INA 203(b)(5)(K) do not apply to standalone investors. USCIS may consider rulemaking to address the comment regarding the application of INA 203(b)(5)(Q) to standalone investors.