What an EB-5 Visa Business Plan Really Does in an Immigration Case
- ProfVal
- Jan 5
- 7 min read
Updated: Jan 7
Jaume García Olivé, MS
Zachary Johnson, PhD
Maialen Herreros, MBA
Article Summary
An EB-5 Visa Business Plan (also called an Immigration Business Plan) serves a dual purpose: demonstrating commercial viability while meeting strict EB-5 evidentiary requirements.
USCIS adjudicators evaluate whether the business is real, feasible, and capable of creating at least 10 full-time U.S. jobs per investor, based on credible, well-supported assumptions.
Compliance with Matter of Ho standards is critical; plans must be detailed, internally consistent, and grounded in objective evidence.
When properly structured, the EB-5 Visa Business Plan functions as a central piece of immigration evidence that reduces RFEs and strengthens the overall petition.
In the EB-5 Immigrant Investor Program, your Visa Business Plan (also commonly referred to as an Immigration Business Plan) is a key piece of evidence that connects an investor’s capital to U.S. immigration eligibility. Throughout this guide, we use the terms Visa Business Plan and Immigration Business Plan interchangeably, reflecting how applicants, attorneys, and stakeholders refer to this type of document.
For USCIS adjudicators, an EB-5 Visa Business Plan is assessed using two purposes, consistent with USCIS guidance on EB-5 petition review set forth in the USCIS Policy Manual, Volume 6, Part G.
As it is a Business Plan, USCIS agents may make an assessment of the viability of your business, much as an investor might. Thus, the adjudicating officer will assess whether your business is real and whether it presents realistic, supportable projections.
Second, and just as important, your Immigration Business Plan is reviewed as a compliance document; one that must not only demonstrate feasibility, structure, and job creation, but do so in alignment with EB-5 evidentiary requirements.
In practice, this means an EB-5 Visa Business Plan serves two concurrent purposes. First, it must show that the underlying business is viable, realistic, and capable of operating as described. Second, it must function as immigration evidence, explicitly addressing the statutory and regulatory standards USCIS applies during adjudication.
Missing either side of this equation can lead to an RFE or Denial.
Before seeing your petition, an experienced USCIS adjudicator will have reviewed hundreds or even thousands of immigration petitions. With that experience, adjudicators often form an initial assessment quickly, looking not only at whether the business makes sense, but whether the plan clearly satisfies EB-5-specific evidentiary expectations.
At a very basic level, experienced USCIS officers can determine within moments when an EB-5 Visa Business Plan fails to meet those evidentiary requirements, regardless of the project’s underlying merit.
As a result, some EB-5 cases encounter delays, Requests for Evidence (RFEs), or denials not because the underlying concept lacks merit, but because the business plan does not fully align with both commercial expectations and the specific evidentiary standards USCIS applies during review.
Why EB-5 Business Plans Are Different From Traditional Business Plans
A conventional business plan is designed to demonstrate the viability of a business to investors or lenders. As an example, some business plans are specifically structured to meet Small Business Administration (SBA) loan requirements (see, for example, an SBA-focused business plan).
Beyond demonstrating the merits of a business, an EB-5 Visa Business Plan must also enable USCIS adjudicators assess whether a proposed EB-5 project:
Is a real and viable commercial enterprise
Has a coherent and lawful structure
Will deploy capital in a credible, “at-risk” manner
Can reasonably create the required number of U.S. jobs (at least 10 full-time U.S. jobs per EB-5 investor, as required by statute under INA §203(b)(5)(A)(ii))
Expert Insight: What USCIS Expects to See
As summarized by an EB-5 industry expert, whose guidance was shared by Dairung Chiang (Head of Business Development and Strategy) and Irina Rostova, (Founder) of EB-5 Support, a compliant EB-5 Regional Center business plan must meet several interconnected standards:
“An EB-5 Regional Center business plan must be Matter of Ho compliant and demonstrate project feasibility, including a clear business description, business model, and executive summary. It must outline the organizational and corporate structure, including the RC, NCE and JCE, management team, and operational roles. The plan must clearly present the capital stack, the amount of EB-5 capital to be raised, and a detailed use of funds tied to a realistic construction timeline. It must include market analysis, five-year financial projections, and an economic analysis demonstrating job creation sufficient to meet EB-5 requirements. All components must support the overall feasibility and consistency of the EB-5 offering.”
Matter of Ho–compliant means that the Business Plans are comprehensive, detailed, and internally consistent across all sections, as required by binding administrative precedent established in Matter of Ho, 22 I&N Dec. 206 (AAO 1998).
Matter of Ho, decided in 1998 by the Administrative Appeals Office (AAO), established that business plans submitted in immigration cases must be credible, detailed, and supported by verifiable assumptions rather than speculation. Under Matter of Ho, USCIS evaluates whether projections, timelines, and operational claims are grounded in objective evidence and logical analysis. A plan that lacks detail or internal consistency may be deemed insufficient even if the underlying business concept appears sound. A plan that looks strong commercially but lacks immigration alignment can still fail under USCIS review.
This perspective reflects how USCIS actually evaluates EB-5 documentation: as a unified system of evidence, not a collection of disconnected sections.
Core Components of an Immigration-Focused EB-5 Business Plan
A strong EB-5 Visa Business Plan is structured to proactively answer USCIS adjudicator questions, not to follow a generic business template. Each section plays a specific evidentiary role, and together they must demonstrate feasibility, compliance, and job creation in a way that is internally consistent and immigration-focused.
In practice, EB-5 Visa Business Plans prepared for immigration purposes typically follow a structure similar to the one outlined below. You can also, if you would like, see examples of ProfVal’s Immigration Business Plans here.
1.Executive Summary
The executive summary provides USCIS with a concise, high-level understanding of the entire EB-5 project. It introduces the business, the investment structure, and the immigration-relevant objectives of the project. This section sets expectations and frames how the rest of the plan should be read clearly, logically, and without assumptions.
2. Business Overview and Investment Context
This section explains what the business is, how it operates, and why it qualifies as a viable EB-5 investment. It places the enterprise within its broader economic and operational context, clarifying the nature of the commercial activity and the role EB-5 capital plays in launching or expanding the project.
For USCIS, this is where economic viability and immigration purposes begin to intersect.
3. Investment and Operations Overview
Here, the plan explains how the business will function operationally once capital is deployed. This includes operational phases, timelines, and the connection between investment deployment and business activity. USCIS uses this section to assess whether the project’s operational plan is realistic and logically connected to its stated outcomes.
4. Capitalization and Use of Funds
This is one of the most closely scrutinized sections in any EB-5 adjudication.
The plan must clearly and transparently outline:
Total project cost
Amount of EB-5 capital to be raised
Other funding sources, if applicable
A detailed, traceable use of funds, aligned with construction or operational milestones
This section directly supports the legal requirement that EB-5 capital is lawfully invested and genuinely “at risk,” and that it will be deployed in a manner consistent with the project’s timelines and job creation assumptions.
5. Economic Impact and TEA (Targeted Employment Area) Relevance
Job creation is the core statutory requirement of the EB-5 program, and this section explains how the project satisfies that requirement.
The business plan must clearly articulate:
How and when jobs will be created
Whether jobs are direct, indirect, or induced (for Regional Center projects)
How job creation aligns with construction phases or operational growth
How employment levels correspond to the economic model used
When the project is located in a Targeted Employment Area (TEA), this section also explains why the location qualifies and how that designation supports the reduced investment threshold. USCIS evaluates whether the job creation assumptions are consistent with both the economic analysis and the operational realities described elsewhere in the plan.
6. Management Profile
USCIS does not assume execution capability, it must be demonstrated. This section highlights the qualifications, experience, and roles of key management personnel, showing that the individuals responsible for the project have the capacity to execute it successfully.
This reinforces overall feasibility and credibility.
7. Organizational Structure and Staffing Plan
This section explains how the business is structured internally and how staffing will scale over time. It often includes:
Organizational charts
Reporting lines
Staffing timelines
For EB-5 purposes, this section supports both operational feasibility and job creation logic, helping USCIS understand how employment will materialize in practice.
8. Market Analysis and Marketing Summary
Rather than generic industry commentary, this section demonstrates real market demand and competitive positioning. It explains:
Target customers
Market drivers
Competitive landscape
Go-to-market and marketing approach
USCIS uses this information to assess whether revenue projections and job creation assumptions are grounded in economic reality.
9. Appendix and Supporting Documentation
The appendix contains supporting evidence that substantiates the claims made throughout the plan. This may include:
Lease agreements
Financial projections
Contracts
Permits or licenses
These materials reinforce credibility and reduce ambiguity during adjudication.
Why This Structure Matters
An EB-5 Visa Business Plan is not evaluated section by section in isolation. USCIS looks for consistency across the entire document, between the business model, capital deployment, economic analysis, job creation assumptions, and timelines.
When each section is written with immigration logic in mind, the business plan becomes more than a requirement, it becomes a cohesive piece of immigration evidence that supports the entire EB-5 petition.
Consistency: The Standard USCIS Applies Most Rigorously
One of the most common causes of RFEs in EB-5 cases is internal inconsistency, a concern repeatedly identified in USCIS adjudications and AAO decisions addressing deficient EB-5 filings (see, for example, USCIS analysis in AAO non-precedent EB-5 decisions).
Financial projections that don’t match timelines
Job creation numbers that exceed operational capacity
Use-of-funds schedules that conflict with construction phases
A well-prepared EB-5 Visa Business Plan ensures that every section reinforces the same, coherent narrative of feasibility and compliance.
More Than a Requirement: The Strategic Role of the EB-5 Business Plan
When written correctly, an EB-5 Visa Business Plan does more than satisfy a regulatory checkbox. It:
Reduces adjudication risk
Anticipates USCIS questions before they are asked
Aligns the business plan, economic report, and petition strategy
Strengthens confidence among investors and stakeholders
In this sense, the EB-5 Visa Business Plan becomes the structural backbone of the immigration case.