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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">There are several general techniques by which Chinese companies can enter the United States market – hiring an existing United States company to serve as agent for the Chinese company, contracting with an existing United States company to be a joint venture partner for the Chinese company, forming a new United States company for the Chinese company, or combining with or acquiring an existing United States company for the Chinese company. The technique of combining with or acquiring an existing United States company for the Chinese company is generally referred to as “mergers and acquisitions” (often abbreviated as “M & A”).</p>
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<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers - General Concepts </u></p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">A merger is the combination of 2 companies into one larger company. Most commonly, a merger will result in one of the 2 companies “being merged into” the other company and then out of existence. As a result, one of the companies will no longer exist, and the other company will continue as the “surviving company” (although now larger, with the assets (as well as the liabilities, as described below) of the company that no longer exists). Mergers will result in the “surviving company” in effect owning 100% of the company that no longer exists. The owners of the company that no longer exists will be compensated with equity of the “surviving company” and/or other property or cash.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Less commonly, a merger will result in the formation of a completely new company; such merger is known as a “consolidation”. In a consolidation, the 2 companies that merge together both will no longer exist. The assets and business of the 2 former companies will transfer to and are carried on by the new company.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Mergers are often referred to as “statutory mergers” because they are a function of state statutory law. As entities in the United States are only validly formed when expressly approved by the governing authority of a particular state, any merger must be expressly approved by the governing authority of the particular state in which the entity subject to the merger was created before it will be effective. Thus, for example, if a Chinese company wants to merge with a California corporation, the merger must be expressly approved by the governing authority of the state of California before it will be effective. In referring to a “statutory merger” between 2 companies, it is often described that the assets and liabilities of the company that no longer exists transfer “by operation of law” to the “surviving company”.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">While states generally will permit the merger of entities of a similar type (for example, corporations merging into corporations, or limited liability companies merging into limited liability companies, some states will not permit the merger of entities of a different type (for example, corporations merging into limited liability companies).</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">When a Chinese company merges with a United States company to enter the United States market, the specific configuration of the merger will vary from transaction to transaction. For example, among the common alternative possibilities are:</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could be the “surviving company” and then “qualify to do business” in the United States as the operating entity in the United States;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the owners of the Chinese company will be sufficiently compensated with stock of, or other consideration from, the United States company (such that the owners of the Chinese company will be in “control” of, or otherwise receiving sufficient compensation from, the United States company), the United States company could be the “surviving company” and be the operating entity in the United States;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could be the “surviving company” in a merger with an existing United States company and then form a new United States company with the assets of the “merged out of existence” United States company as the operating entity in the United States; or</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could first form a new United States company, and then this new United States company could be the “surviving company”, and the operating entity in the United States, in a merger with an existing United States company.</p>
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<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Acquisitions – General Concepts</u></p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Acquisitions generally are of 2 distinct types – “equity acquisitions” or “asset acquisitions”.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">In an “equity acquisition”, one company will acquire some or all of the equity of the other company. The owners of the company that is being acquired are compensated with equity of the acquiring company and/or other property or cash. The amount of equity that is acquired will be based on the goals of the acquiring company. In certain “equity acquisitions”, the goal is to “control” the company that is being acquired for purposes of management and decision-making. In these “controlling equity acquisitions”, the acquiring company will want to acquire at least a majority, and potentially all 100%, of the equity of the company that is being acquired. In these “controlling equity acquisitions”, the company that is being acquired can remain as a separate entity from the acquiring company (potentially creating a “parent-subsidiary” relationship) or subsequently can be dissolved into the acquiring company (resulting in a single entity).</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Alternatively, in “non-controlling equity acquisitions”, the goal is simply to own equity in the company that is being acquired for purposes of income distributions and economic return. In these “non-controlling equity acquisitions”, the acquiring company may be satisfied to acquire even a small, minority percentage of the equity of the company that is being acquired. In these “non-controlling equity acquisitions”, the company that is being acquired generally remains as a separate entity from the acquiring company (generally creating an “affiliated entity” relationship).</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">In an “asset acquisition”, one company will acquire some or all of the assets of the other company. The acquiring company will pay purchase price or other consideration to the other company for its assets; this purchase price or other consideration will subsequently be distributed to the owners of the other company. In an “asset acquisition”, the acquiring company will not acquire any of the equity of the company that is being acquired. As a result, in an “asset acquisition”, the company that is being acquired remains as a separate entity from the acquiring company (although if a significant amount of the assets of the company that is being acquired are sold to the acquiring company, such that the company that is being acquired can no longer operate its business, the company that is being acquired subsequently may be dissolved).</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">While acquisitions are subject to certain state law requirements, acquisitions generally do not require express approval by the governing authority of the particular state in which the entity subject to the acquisition was created before it will be effective.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Acquisitions generally can be transacted between either entities of a similar type (for example, corporations acquiring the equity or assets of corporations) or entities of a different type (for example, corporations acquiring the equity or assets of limited liability companies).</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">When a Chinese company acquires a United States company to enter the United States market, the specific form of the acquisition will vary from transaction to transaction. While the number of possible acquisition transactions is literally limitless, among the common alternative possible examples are:</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could acquire some or all of the equity of the United States company in an “equity acquisition” and retain such equity;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could first acquire some or all of the equity of the existing United States company in an “equity acquisition” and then transfer such equity to a new United States company that it will form;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The owners of the Chinese company, as individuals, could acquire some or all of the equity of the United States company in an “equity acquisition”;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could form a new United States company, and then this new United States company could acquire some or all of the equity of the existing United States company in an “equity acquisition”;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could acquire some or all of the assets of the United States company in an “asset acquisition” and retain such assets;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could first acquire some or all of the assets of the existing United States company in an “asset acquisition” and then transfer such assets to a new United States company that it will form; or</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could form a new United States company, and then this new United States company could acquire some or all of the assets of the existing United States company in an “asset acquisition”.</p>
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<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers and Acquisitions – Advantages and Disadvantages</u></p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">The Chinese company seeking to enter the United States market may find various advantages from engaging in an M & A transaction. First, by merging with or acquiring a United States company, the Chinese company can reduce its operating costs in the United States market. Following an M & A transaction with a United States company, the Chinese company can directly “control” the supply, distribution, and marketing systems of the United States company and reduce its United States supply, distribution, and marketing expenses. Second, by merging with or acquiring a United States company, the Chinese company can directly own desired assets or resources held by the United States company. Particularly with respect to intellectual property, a “key employee”, or other unique assets or resources, what would otherwise take the Chinese company many years to develop on its own (if ever) can be obtained immediately from a United States company in an M & A transaction. Third, by merging with or acquiring a United States company, the Chinese company can directly own the goodwill, reputation, and “track record” of a longstanding United States company. Again, an M & A transaction can enable the Chinese company to immediately procure “United States goodwill/reputation/track record” and not wait for years to develop “United States goodwill/reputation/track record” on its own (if ever). Fourth, by merging with or acquiring a United States company, the Chinese company can improve its financial status. By being able to show more assets on its books (the assets of the United States company being added to the assets of the Chinese company), the Chinese company can enhance its financial statements and thereby be in a better position to procure credit, venture capital, and/or “contract partners”. Fifth, by merging with or acquiring a United States company, the Chinese company can obtain “economies of scale” in its operations. By combining the United States company with the Chinese company, the Chinese company can obtain “volume discounts” or other efficiencies (such as eliminating duplicative departments or operations). Sixth, by merging with or acquiring a United States company, the Chinese company can eliminate a potential competitor in its line of business. Subject to possible regulation by the United States government or state governments, reduced competition can enable the Chinese company to achieve greater economic success in the United States market. Seventh, by merging with or acquiring a United States company, the Chinese company can more easily market its products or services in the United States market as “American-made” or “American-produced”. Surveys have consistently shown that the American consumer generally has a preference to “buy American”. Eighth, by merging with or acquiring a United States company, the Chinese company can provide its individual owners with certain ancillary benefits in the United States. For example, certain immigration visa programs in the United States can be more easily accessed by Chinese individuals who want personally or their children to come to the United States following an M & A transaction. Ninth, by merging with or acquiring a United States company, the Chinese company can be perceived as a “global company”, active in international business. Such perception can result in the Chinese company having greater access to other “Western” markets (in Europe and, in particular, in North America and in South America, given their geographic proximity to the United States) and achieving prestige and status relative to other Chinese companies.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Notwithstanding the above-described advantages, the Chinese company seeking to enter the United States market also must consider certain disadvantages from engaging in an M & A transaction. First, by merging with or acquiring a United States company, the Chinese company may face a difficult “clash of cultures” with the United States company. Besides obvious language differences, it may be difficult to integrate Chinese business and employee practices with American business and employee practices. Second, by merging with or acquiring a United States company, the Chinese company will need to satisfy government review and scrutiny both in the United States and in China (including without limitation, as described above, in the United States with respect to express approval of a merger, and regulation of a possibly “anti-competitive” M & A transaction). While the reception in the United States is generally favorable for foreign investment, this issue of government review and scrutiny is particularly significant for M & A transactions involving “national security-related” or other “sensitive” businesses (given the current political situation between the United States and China). Third, by merging with or acquiring a United States company, the Chinese company generally will incur significant transaction costs. The complexities of any M & A transaction generally require the Chinese company to incur significant legal and accounting fees.</p>
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<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers and Acquisitions – Important Factors</u></p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">The decision to proceed with a merger, a “controlling equity acquisition”, a “non-controlling equity acquisition”, or an “asset acquisition”, as the appropriate M & A transaction for the Chinese company seeking to enter the United States market, will involve many factors.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">The first, and perhaps most important, factor for the Chinese company will be what are its specific objectives from the M & A transaction with the United States company. Specifically:</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will seek to acquire 100% of the equity of the United States company, it should merge with the United States company, with the Chinese company being the “surviving company”, or enter into a “controlling equity acquisition” with the United States company (which may be difficult if there are a significant number of equity owners in the United States company);</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will seek to acquire a majority, but not necessarily 100%, of the equity of the United States company, it should enter into a “controlling equity acquisition” with the United States company;</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will seek to acquire some, but less than a majority, of the equity of the United States company, it should enter into a “non-controlling equity acquisition” with the United States company; or</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will not seek to acquire equity of, but instead will seek to acquire some or all of the assets of, the United States company, it should enter into an “asset acquisition” with the United States company.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">A second factor for the Chinese company will be what liabilities will it assume from the M & A transaction with the United States company. The concern will be that the Chinese company does not want to be exposed to unwanted or unexpected liabilities from the United States company. As a result of a merger, and certain “controlling equity acquisitions” that are followed by the subsequent dissolution of the United States company into the Chinese company, the Chinese company will assume all of the liabilities of the United States company. Alternatively, as a result of “controlling equity acquisitions” under which the United States company remains as a separate entity from the Chinese company, “non-controlling equity acquisitions”, and “asset acquisitions”, the Chinese company has the flexibility to only assume the liabilities of the United States company that it will agree to assume by contract. The use of a separate, new United States company (as described above) in conjunction with a merger, or “controlling equity acquisition/subsequent dissolution” transaction, can mitigate the problem of exposing the Chinese company to unwanted or unexpected liabilities, as such liabilities can be segregated in such separate, new United States company and not be assumed by the Chinese company.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">A third factor for the Chinese company will be taxes accruing from the M & A transaction with the United States company. Most mergers will be “tax-free” in the United States for both the company that will no longer exist and the “surviving company”. If taxable, acquisitions will generally only be taxable in the United States for the “seller”, and not the “purchaser”, in the transaction. As a result, to the extent that a Chinese company would generally be the “purchaser” in an acquisition transaction to acquire a United States company, it may appear that the Chinese company may not be concerned with taxes accruing from the acquisition transaction. However, because the United States company will take its tax liabilities into account in negotiating the consideration that it is willing to accept from the “acquiring” Chinese company, the Chinese company in fact will need to be aware of taxes accruing from the acquisition transaction. As another tax issue, by acquiring the net operating losses of a United States company in an M & A transaction, the Chinese company can acquire a “financial asset” that it can utilize to reduce its United States tax liabilities from future United States taxable income in connection with its future United States business activities. Such “net operating loss” transactions will typically be structured as mergers or “equity acquisitions”.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Other factors for the Chinese company to consider in deciding whether to proceed with a merger, a “controlling equity acquisition”, a “non-controlling equity acquisition”, or an “asset acquisition”, to enter the United States market will include the type of its business, the type of business of the United States company, the type of entity of the United States company, the states in which it intends to conduct business in the United States, the extent of applicable government review and scrutiny, and currency exchange issues.</p>
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<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers and Acquisitions – Other Issues</u></p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">It is important to remember that mergers and acquisitions are often steps as part of larger transactions. For example, mergers and acquisitions have often been used in various contexts as part of financing transactions for Chinese companies. One financing transaction that has been especially useful in recent years for Chinese companies is the “reverse merger”. Under a “reverse merger”, a “publicly-held shell” United States company is merged with a Chinese company, with the “publicly-held shell” United States company being the “surviving company”. Because the “publicly-held shell” United States company is already legally qualified for United States securities law purposes, the “reverse merger” can be used as part of a public offering (“IPO”), without the significant time and costs that would otherwise be generally required to legally qualify the Chinese company for United States securities law purposes.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">While the above discussion focuses on the use of mergers and acquisitions as a technique for Chinese companies to enter the United States market, mergers and acquisitions can also be used by Chinese companies for other purposes, including without limitation, by a Chinese company seeking to be acquired by a United States company.</p>
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<p align="center" style="text-indent: 0.25in; margin-bottom: 0in;"><u>Chuhak & Tecson, P.C. and Mergers and Acquisitions</u></p>
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<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">Chuhak & Tecson, P.C. has extensive experience with M & A work. Chuhak & Tecson, P.C. has represented many United States companies, Chinese companies, and companies from other countries in various merger, “equity acquisition”, and “asset acquisition” transactions.</p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">As part of its “Welcome to USA” program, Chuhak & Tecson, P.C. offers several advantages over other law firms in providing M & A services to Chinese companies interested in M & A transactions. First, while many United States law firms focus on representing United States companies in United States-China M & A transactions, we focus on representing Chinese companies in United States-China M & A transactions. Second, we offer every Chinese client a “free, no obligation” 90 minute telephone conference call or face-to-face meeting to discuss the specific M & A services to be performed by Chuhak & Tecson, P.C.; any necessary expense for a translator or interpreter in connection with this conference call or meeting would be paid by us. Third, while every M & A transaction is different, and thus it is difficult to precisely quote in advance aggregate legal fees and related costs for any M & A transaction, our charges are generally significantly lower than the charges of other law firms working on any M & A transaction. Fourth, unlike other law firms, we can provide business services (including without limitation, serving as an agent for the Chinese company to “find” an appropriate United States company to engage in the M & A transaction), as well as legal services, for the Chinese company in connection with any M & A transaction.</p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">Gary J. Stern is the principal attorney at Chuhak & Tecson, P.C. who works on its “Welcome to USA” program. Gary is a member of the China Committee and Immigration & Naturalization Committee of the International Law Section, and the Real Property, Probate and Trust Law Section, of the American Bar Association, the International & Immigration Law Section of the Illinois State Bar Association, the Immigration & Nationality Law Committee, the International & Foreign Law Committee, and the Federal Taxation Committee, of the Chicago Bar Association, the United States-China Chamber of Commerce, the Midwest US- China Association, and the US-China Peoples Friendship Association. Gary has been elected in years 2003 through 2008 to the Leading Lawyers Network of Illinois. Gary has been a practicing attorney for nearly 25 years. Gary received his B.A. degree (cum laude) from Cornell University and his J.D. degree from the University of Chicago. Gary is a member of Phi Beta Kappa.</p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">Chuhak & Tecson, P.C. can assist Chinese companies with M & A transactions as a technique to enter the United States market. If you have any questions concerning mergers and acquisitions in the United States for Chinese companies, please contact Gary J. Stern (in our Chicago, United States office), by E-Mail at gstern@chuhak.com, or by telephone at 312-855-4604, or Jason Zheng (in our Shanghai, China office), by E-Mail at jason.zheng@chuhak.cn, or by telephone at 86-21-6288 6831.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">There are several general techniques by which Chinese companies can enter the United States market – hiring an existing United States company to serve as agent for the Chinese company, contracting with an existing United States company to be a joint venture partner for the Chinese company, forming a new United States company for the Chinese company, or combining with or acquiring an existing United States company for the Chinese company. The technique of combining with or acquiring an existing United States company for the Chinese company is generally referred to as “mergers and acquisitions” (often abbreviated as “M & A”).</p>
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<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers - General Concepts </u></p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">A merger is the combination of 2 companies into one larger company. Most commonly, a merger will result in one of the 2 companies “being merged into” the other company and then out of existence. As a result, one of the companies will no longer exist, and the other company will continue as the “surviving company” (although now larger, with the assets (as well as the liabilities, as described below) of the company that no longer exists). Mergers will result in the “surviving company” in effect owning 100% of the company that no longer exists. The owners of the company that no longer exists will be compensated with equity of the “surviving company” and/or other property or cash.</p>
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<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Less commonly, a merger will result in the formation of a completely new company; such merger is known as a “consolidation”. In a consolidation, the 2 companies that merge together both will no longer exist. The assets and business of the 2 former companies will transfer to and are carried on by the new company.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Mergers are often referred to as “statutory mergers” because they are a function of state statutory law. As entities in the United States are only validly formed when expressly approved by the governing authority of a particular state, any merger must be expressly approved by the governing authority of the particular state in which the entity subject to the merger was created before it will be effective. Thus, for example, if a Chinese company wants to merge with a California corporation, the merger must be expressly approved by the governing authority of the state of California before it will be effective. In referring to a “statutory merger” between 2 companies, it is often described that the assets and liabilities of the company that no longer exists transfer “by operation of law” to the “surviving company”.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">While states generally will permit the merger of entities of a similar type (for example, corporations merging into corporations, or limited liability companies merging into limited liability companies, some states will not permit the merger of entities of a different type (for example, corporations merging into limited liability companies).</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">When a Chinese company merges with a United States company to enter the United States market, the specific configuration of the merger will vary from transaction to transaction. For example, among the common alternative possibilities are:</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could be the “surviving company” and then “qualify to do business” in the United States as the operating entity in the United States;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the owners of the Chinese company will be sufficiently compensated with stock of, or other consideration from, the United States company (such that the owners of the Chinese company will be in “control” of, or otherwise receiving sufficient compensation from, the United States company), the United States company could be the “surviving company” and be the operating entity in the United States;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could be the “surviving company” in a merger with an existing United States company and then form a new United States company with the assets of the “merged out of existence” United States company as the operating entity in the United States; or</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could first form a new United States company, and then this new United States company could be the “surviving company”, and the operating entity in the United States, in a merger with an existing United States company.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Acquisitions – General Concepts</u></p>
<p style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Acquisitions generally are of 2 distinct types – “equity acquisitions” or “asset acquisitions”.</p>
<p style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">In an “equity acquisition”, one company will acquire some or all of the equity of the other company. The owners of the company that is being acquired are compensated with equity of the acquiring company and/or other property or cash. The amount of equity that is acquired will be based on the goals of the acquiring company. In certain “equity acquisitions”, the goal is to “control” the company that is being acquired for purposes of management and decision-making. In these “controlling equity acquisitions”, the acquiring company will want to acquire at least a majority, and potentially all 100%, of the equity of the company that is being acquired. In these “controlling equity acquisitions”, the company that is being acquired can remain as a separate entity from the acquiring company (potentially creating a “parent-subsidiary” relationship) or subsequently can be dissolved into the acquiring company (resulting in a single entity).</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Alternatively, in “non-controlling equity acquisitions”, the goal is simply to own equity in the company that is being acquired for purposes of income distributions and economic return. In these “non-controlling equity acquisitions”, the acquiring company may be satisfied to acquire even a small, minority percentage of the equity of the company that is being acquired. In these “non-controlling equity acquisitions”, the company that is being acquired generally remains as a separate entity from the acquiring company (generally creating an “affiliated entity” relationship).</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">In an “asset acquisition”, one company will acquire some or all of the assets of the other company. The acquiring company will pay purchase price or other consideration to the other company for its assets; this purchase price or other consideration will subsequently be distributed to the owners of the other company. In an “asset acquisition”, the acquiring company will not acquire any of the equity of the company that is being acquired. As a result, in an “asset acquisition”, the company that is being acquired remains as a separate entity from the acquiring company (although if a significant amount of the assets of the company that is being acquired are sold to the acquiring company, such that the company that is being acquired can no longer operate its business, the company that is being acquired subsequently may be dissolved).</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">While acquisitions are subject to certain state law requirements, acquisitions generally do not require express approval by the governing authority of the particular state in which the entity subject to the acquisition was created before it will be effective.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Acquisitions generally can be transacted between either entities of a similar type (for example, corporations acquiring the equity or assets of corporations) or entities of a different type (for example, corporations acquiring the equity or assets of limited liability companies).</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">When a Chinese company acquires a United States company to enter the United States market, the specific form of the acquisition will vary from transaction to transaction. While the number of possible acquisition transactions is literally limitless, among the common alternative possible examples are:</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could acquire some or all of the equity of the United States company in an “equity acquisition” and retain such equity;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could first acquire some or all of the equity of the existing United States company in an “equity acquisition” and then transfer such equity to a new United States company that it will form;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The owners of the Chinese company, as individuals, could acquire some or all of the equity of the United States company in an “equity acquisition”;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could form a new United States company, and then this new United States company could acquire some or all of the equity of the existing United States company in an “equity acquisition”;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could acquire some or all of the assets of the United States company in an “asset acquisition” and retain such assets;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could first acquire some or all of the assets of the existing United States company in an “asset acquisition” and then transfer such assets to a new United States company that it will form; or</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- The Chinese company could form a new United States company, and then this new United States company could acquire some or all of the assets of the existing United States company in an “asset acquisition”.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers and Acquisitions – Advantages and Disadvantages</u></p>
<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">The Chinese company seeking to enter the United States market may find various advantages from engaging in an M & A transaction. First, by merging with or acquiring a United States company, the Chinese company can reduce its operating costs in the United States market. Following an M & A transaction with a United States company, the Chinese company can directly “control” the supply, distribution, and marketing systems of the United States company and reduce its United States supply, distribution, and marketing expenses. Second, by merging with or acquiring a United States company, the Chinese company can directly own desired assets or resources held by the United States company. Particularly with respect to intellectual property, a “key employee”, or other unique assets or resources, what would otherwise take the Chinese company many years to develop on its own (if ever) can be obtained immediately from a United States company in an M & A transaction. Third, by merging with or acquiring a United States company, the Chinese company can directly own the goodwill, reputation, and “track record” of a longstanding United States company. Again, an M & A transaction can enable the Chinese company to immediately procure “United States goodwill/reputation/track record” and not wait for years to develop “United States goodwill/reputation/track record” on its own (if ever). Fourth, by merging with or acquiring a United States company, the Chinese company can improve its financial status. By being able to show more assets on its books (the assets of the United States company being added to the assets of the Chinese company), the Chinese company can enhance its financial statements and thereby be in a better position to procure credit, venture capital, and/or “contract partners”. Fifth, by merging with or acquiring a United States company, the Chinese company can obtain “economies of scale” in its operations. By combining the United States company with the Chinese company, the Chinese company can obtain “volume discounts” or other efficiencies (such as eliminating duplicative departments or operations). Sixth, by merging with or acquiring a United States company, the Chinese company can eliminate a potential competitor in its line of business. Subject to possible regulation by the United States government or state governments, reduced competition can enable the Chinese company to achieve greater economic success in the United States market. Seventh, by merging with or acquiring a United States company, the Chinese company can more easily market its products or services in the United States market as “American-made” or “American-produced”. Surveys have consistently shown that the American consumer generally has a preference to “buy American”. Eighth, by merging with or acquiring a United States company, the Chinese company can provide its individual owners with certain ancillary benefits in the United States. For example, certain immigration visa programs in the United States can be more easily accessed by Chinese individuals who want personally or their children to come to the United States following an M & A transaction. Ninth, by merging with or acquiring a United States company, the Chinese company can be perceived as a “global company”, active in international business. Such perception can result in the Chinese company having greater access to other “Western” markets (in Europe and, in particular, in North America and in South America, given their geographic proximity to the United States) and achieving prestige and status relative to other Chinese companies.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Notwithstanding the above-described advantages, the Chinese company seeking to enter the United States market also must consider certain disadvantages from engaging in an M & A transaction. First, by merging with or acquiring a United States company, the Chinese company may face a difficult “clash of cultures” with the United States company. Besides obvious language differences, it may be difficult to integrate Chinese business and employee practices with American business and employee practices. Second, by merging with or acquiring a United States company, the Chinese company will need to satisfy government review and scrutiny both in the United States and in China (including without limitation, as described above, in the United States with respect to express approval of a merger, and regulation of a possibly “anti-competitive” M & A transaction). While the reception in the United States is generally favorable for foreign investment, this issue of government review and scrutiny is particularly significant for M & A transactions involving “national security-related” or other “sensitive” businesses (given the current political situation between the United States and China). Third, by merging with or acquiring a United States company, the Chinese company generally will incur significant transaction costs. The complexities of any M & A transaction generally require the Chinese company to incur significant legal and accounting fees.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers and Acquisitions – Important Factors</u></p>
<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">The decision to proceed with a merger, a “controlling equity acquisition”, a “non-controlling equity acquisition”, or an “asset acquisition”, as the appropriate M & A transaction for the Chinese company seeking to enter the United States market, will involve many factors.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">The first, and perhaps most important, factor for the Chinese company will be what are its specific objectives from the M & A transaction with the United States company. Specifically:</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will seek to acquire 100% of the equity of the United States company, it should merge with the United States company, with the Chinese company being the “surviving company”, or enter into a “controlling equity acquisition” with the United States company (which may be difficult if there are a significant number of equity owners in the United States company);</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will seek to acquire a majority, but not necessarily 100%, of the equity of the United States company, it should enter into a “controlling equity acquisition” with the United States company;</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will seek to acquire some, but less than a majority, of the equity of the United States company, it should enter into a “non-controlling equity acquisition” with the United States company; or</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">- If the Chinese company will not seek to acquire equity of, but instead will seek to acquire some or all of the assets of, the United States company, it should enter into an “asset acquisition” with the United States company.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">A second factor for the Chinese company will be what liabilities will it assume from the M & A transaction with the United States company. The concern will be that the Chinese company does not want to be exposed to unwanted or unexpected liabilities from the United States company. As a result of a merger, and certain “controlling equity acquisitions” that are followed by the subsequent dissolution of the United States company into the Chinese company, the Chinese company will assume all of the liabilities of the United States company. Alternatively, as a result of “controlling equity acquisitions” under which the United States company remains as a separate entity from the Chinese company, “non-controlling equity acquisitions”, and “asset acquisitions”, the Chinese company has the flexibility to only assume the liabilities of the United States company that it will agree to assume by contract. The use of a separate, new United States company (as described above) in conjunction with a merger, or “controlling equity acquisition/subsequent dissolution” transaction, can mitigate the problem of exposing the Chinese company to unwanted or unexpected liabilities, as such liabilities can be segregated in such separate, new United States company and not be assumed by the Chinese company.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">A third factor for the Chinese company will be taxes accruing from the M & A transaction with the United States company. Most mergers will be “tax-free” in the United States for both the company that will no longer exist and the “surviving company”. If taxable, acquisitions will generally only be taxable in the United States for the “seller”, and not the “purchaser”, in the transaction. As a result, to the extent that a Chinese company would generally be the “purchaser” in an acquisition transaction to acquire a United States company, it may appear that the Chinese company may not be concerned with taxes accruing from the acquisition transaction. However, because the United States company will take its tax liabilities into account in negotiating the consideration that it is willing to accept from the “acquiring” Chinese company, the Chinese company in fact will need to be aware of taxes accruing from the acquisition transaction. As another tax issue, by acquiring the net operating losses of a United States company in an M & A transaction, the Chinese company can acquire a “financial asset” that it can utilize to reduce its United States tax liabilities from future United States taxable income in connection with its future United States business activities. Such “net operating loss” transactions will typically be structured as mergers or “equity acquisitions”.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">Other factors for the Chinese company to consider in deciding whether to proceed with a merger, a “controlling equity acquisition”, a “non-controlling equity acquisition”, or an “asset acquisition”, to enter the United States market will include the type of its business, the type of business of the United States company, the type of entity of the United States company, the states in which it intends to conduct business in the United States, the extent of applicable government review and scrutiny, and currency exchange issues.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="center" style="margin-left: 0.25in; margin-bottom: 0in;"><u>Mergers and Acquisitions – Other Issues</u></p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">It is important to remember that mergers and acquisitions are often steps as part of larger transactions. For example, mergers and acquisitions have often been used in various contexts as part of financing transactions for Chinese companies. One financing transaction that has been especially useful in recent years for Chinese companies is the “reverse merger”. Under a “reverse merger”, a “publicly-held shell” United States company is merged with a Chinese company, with the “publicly-held shell” United States company being the “surviving company”. Because the “publicly-held shell” United States company is already legally qualified for United States securities law purposes, the “reverse merger” can be used as part of a public offering (“IPO”), without the significant time and costs that would otherwise be generally required to legally qualify the Chinese company for United States securities law purposes.</p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; margin-bottom: 0in;">While the above discussion focuses on the use of mergers and acquisitions as a technique for Chinese companies to enter the United States market, mergers and acquisitions can also be used by Chinese companies for other purposes, including without limitation, by a Chinese company seeking to be acquired by a United States company.</p>
<p align="justify" style="text-indent: 0.25in; margin-bottom: 0in;"> </p>
<p align="center" style="text-indent: 0.25in; margin-bottom: 0in;"><u>Chuhak & Tecson, P.C. and Mergers and Acquisitions</u></p>
<p align="center" style="text-indent: 0.25in; margin-bottom: 0in;"> </p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">Chuhak & Tecson, P.C. has extensive experience with M & A work. Chuhak & Tecson, P.C. has represented many United States companies, Chinese companies, and companies from other countries in various merger, “equity acquisition”, and “asset acquisition” transactions.</p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">As part of its “Welcome to USA” program, Chuhak & Tecson, P.C. offers several advantages over other law firms in providing M & A services to Chinese companies interested in M & A transactions. First, while many United States law firms focus on representing United States companies in United States-China M & A transactions, we focus on representing Chinese companies in United States-China M & A transactions. Second, we offer every Chinese client a “free, no obligation” 90 minute telephone conference call or face-to-face meeting to discuss the specific M & A services to be performed by Chuhak & Tecson, P.C.; any necessary expense for a translator or interpreter in connection with this conference call or meeting would be paid by us. Third, while every M & A transaction is different, and thus it is difficult to precisely quote in advance aggregate legal fees and related costs for any M & A transaction, our charges are generally significantly lower than the charges of other law firms working on any M & A transaction. Fourth, unlike other law firms, we can provide business services (including without limitation, serving as an agent for the Chinese company to “find” an appropriate United States company to engage in the M & A transaction), as well as legal services, for the Chinese company in connection with any M & A transaction.</p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">Gary J. Stern is the principal attorney at Chuhak & Tecson, P.C. who works on its “Welcome to USA” program. Gary is a member of the China Committee and Immigration & Naturalization Committee of the International Law Section, and the Real Property, Probate and Trust Law Section, of the American Bar Association, the International & Immigration Law Section of the Illinois State Bar Association, the Immigration & Nationality Law Committee, the International & Foreign Law Committee, and the Federal Taxation Committee, of the Chicago Bar Association, the United States-China Chamber of Commerce, the Midwest US- China Association, and the US-China Peoples Friendship Association. Gary has been elected in years 2003 through 2008 to the Leading Lawyers Network of Illinois. Gary has been a practicing attorney for nearly 25 years. Gary received his B.A. degree (cum laude) from Cornell University and his J.D. degree from the University of Chicago. Gary is a member of Phi Beta Kappa.</p>
<p align="justify" style="margin-left: 0.25in; text-indent: 0.25in; margin-bottom: 0.17in;">Chuhak & Tecson, P.C. can assist Chinese companies with M & A transactions as a technique to enter the United States market. If you have any questions concerning mergers and acquisitions in the United States for Chinese companies, please contact Gary J. Stern (in our Chicago, United States office), by E-Mail at gstern@chuhak.com, or by telephone at 312-855-4604, or Jason Zheng (in our Shanghai, China office), by E-Mail at jason.zheng@chuhak.cn, or by telephone at 86-21-6288 6831.</p>
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Mergers and Acquisitions (“M & A”) in The United States as a Technique to Enter The United States Market
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<p style="margin-bottom: 0in;">For many Chinese persons, immigration to the United States is viewed as an impossible dream. In fact, there are many opportunities for qualified Chinese persons to immigrate to the United States. One program available for Chinese persons to immigrate to the United States is the United States EB-5 immigrant investor visa program (the “EB-5 Program”).</p>
<h2>Concept; Basic Requirements</h2>
<p style="margin-bottom: 0in;">The concept of the EB-5 Program is that certain qualified investments will entitle the investor to receive a visa for “permanent resident” status (“green card”) in the United States. Thus, while other visa programs are based on such factors as a person’s family relationship, special ability, or employment status, the EB-5 Program specifically requires that a person make an investment in the United States.</p>
<p style="margin-bottom: 0in;">The EB-5 Program has 3 basic requirements. First, the investment must be made in connection with establishing a “new commercial enterprise”. For purposes of the EB-5 Program, a “new commercial enterprise” can be established by (i) creating an original business, (ii) purchasing an existing business and simultaneously or subsequently restructuring or reorganizing the business such that a “new commercial enterprise” results, or (iii) expanding an existing business by 140 percent of the pre-investment number of jobs or net worth, or retaining all existing jobs in a “troubled business” (a business that has lost 20 percent of its net worth over the past 12 to 24 months). Second, the “new commercial enterprise” must “benefit the United States economy” and fulfill an “employment” requirement – (i) create full-time employment for not fewer than 10 qualified individuals, or (ii) with respect to a “troubled business” (as described above), maintain the number of existing employees at no less than the pre-investment level for a period of at least two years. Third, the investment must meet certain dollar amount and possibly “location” standards. These dollar amount and “location” standards in effect create 3 different ways for persons to qualify for a visa under the EB-5 Program – the “$500,000 Regional Center EB-5 Program” (described below), the “$500,000 Targeted Employment Area EB-5 Program” (described below), and the “$1,000,000 EB-5 Program” (described below).</p>
<h2>$500,000 Regional Center EB-5 Program</h2>
<p style="margin-bottom: 0in;">The “$500,000 Regional Center EB-5 Program” has both a dollar amount standard and a “location” standard – (i) the investment must be in the amount of at least $500,000 (U.S.), and (ii) it must be invested in a designated “regional center”. The United States Citizenship and Immigration Services (“USCIS”) has designated certain areas throughout the United States as permitted “regional centers” for purposes of the $500,000 Regional Center EB-5 Program. State or local government agencies and private business then create specific investments within these “regional centers” for purposes of the $500,000 Regional Center EB-5 Program.</p>
<p style="margin-bottom: 0in;">At present, the following are permitted “regional centers”, and their possible investments, for purposes of the $500,000 Regional Center EB-5 Program:</p>
<ol>
<li>California Consortium for Agricultural Export, located in 9 counties in the “San Joaquin Valley” in central California. Possible investments – Miscellaneous agricultural and manufacturing projects;</li>
<li>Philadelphia Industrial Development Corporation, located in Philadelphia County, Pennsylvania. Possible investments – Miscellaneous projects;</li>
<li>South Dakota International Business Institute Dairy Economic Development Region, located in 44 rural counties in eastern South Dakota. Possible investments – Dairy farms and beef processing plants;</li>
<li>Gateway Freedom Fund/Golden Rainbow Freedom Fund, located in Jackson County, Oregon and Seattle, Washington. Possible investments – Air and ocean cargo facilities, warehouses, and miscellaneous manufacturing projects;</li>
<li>Iowa Department of Economic Development, located in 77 rural and small urban counties in Iowa. Possible investments – Dairy farming;</li>
<li>Capital Area Regional Center, located in Washington, D.C., part of Maryland, and part of Virginia. Possible investments – Real estate projects;</li>
<li>Mayor’s Office of Economic Development, located in New Orleans, Louisiana. Possible investments – Miscellaneous projects;</li>
<li>Whatcom Opportunities Regional Center, Inc., located in Whatcom County, Washington. Possible investments – Assisted living facilities for the elderly;</li>
<li>Vermont Agency of Commerce and Community Development, located in Vermont. Possible investments – Export-related companies, and tourism, hospitality and commercial resorts development;</li>
<li>Pennsylvania Department of Community & Economic Development, located in 23 counties and other areas in western Pennsylvania. Possible investments – Miscellaneous projects;</li>
<li>CMB Export LLC, located in the counties of Sacramento, San Bernadino, and Riverside, California. Possible investments – Development of former military base areas, and export activities;</li>
<li>Global Century Development Group I, LP, located in Houston, Texas (“Chinatown” area). Possible investments – Financing and developing commercial and mixed-use real estate;</li>
<li>Metropolitan Milwaukee Association of Commerce, located in 7 counties in southeastern Wisconsin. Possible investments – Miscellaneous projects;</li>
<li>Alabama Center for Foreign Investment Regional Center, located in Alabama. Possible investments – Miscellaneous projects;</li>
<li>Kansas Biofuel Regional Center, LLC, located in 21 counties in southwestern Kansas. Possible investments – Fuel grade ethanol production facilities;</li>
<li>Southwest Biofuels Regional Center, LLC, located in 40 counties in northwestern Texas, and 9 counties in western Oklahoma. Possible investments - Fuel grade ethanol production facilities;</li>
<li>Unibex Global Corporation, located in North Las Vegas, Nevada. Possible investments – Miscellaneous projects; and</li>
<li>Aero-Space Port International Group, located at Grand County International Airport, in Moses Lake, Washington. Possible investments – International air cargo facilities.</li>
</ol>
<p>The USCIS will update the list of permitted “regional centers” for purposes of the $500,000 Regional Center EB-5 Program from time to time.</p>
<p style="margin-bottom: 0in;">The $500,000 Regional Center EB-5 Program has the advantage of simplicity. The State or local government agencies and private business that create specific investments within the permitted “regional centers” for purposes of the $500,000 Regional Center EB-5 Program generally specifically structure these investments to satisfy both the “new commercial enterprise” requirement (described above) and the “employment” requirement (described above) of the EB-5 Program. Thus, immigrants in the $500,000 Regional Center EB-5 Program generally do not have to be concerned with these 2 requirements. On the other hand, the investments in the $500,000 Regional Center EB-5 Program are generally “passive” investments, managed by other persons. Thus, the $500,000 Regional Center EB-5 Program may not be appropriate for immigrants looking to “actively manage” on their own their investments.</p>
<h2>$500,000 Targeted Employment Area EB-5 Program</h2>
<p style="margin-bottom: 0in;">The “$500,000 Targeted Employment Area EB-5 Program” is similar to the $500,000 Regional Center EB-5 Program in that the immigrant also must invest at least $500,000 (U.S.). However, instead of investing in a designated “regional center”, under the $500,000 Targeted Employment Area EB-5 Program, the investment must be made in a “targeted employment area”. The term, “targeted employment area”, refers to an area that has experienced unemployment of at least 150 percent of the national average rate or a rural area as designated by the United States Office of Management and Budget.</p>
<p style="margin-bottom: 0in;">The $500,000 Targeted Employment Area EB-5 Program does offer immigrants the opportunity to “actively manage” on their own their investments. However, because it requires that immigrants independently satisfy on their own both the “new commercial enterprise” requirement (described above) and the “employment” requirement (described above) of the EB-5 Program, and because “targeted employment areas” are generally areas of poor economic growth and development, the $500,000 Targeted Employment Area EB-5 Program has been infrequently utilized.</p>
<h2>$1,000,000 EB-5 Program</h2>
<p style="margin-bottom: 0in;">The “$1,000,000 EB-5 Program” requires a greater dollar amount of investment than either the $500,000 Regional Center EB-5 Program or the $500,000 Targeted Employment Area EB-5 Program – a minimum investment of $1,000,000 (U.S.). The $1,000,000 EB-5 Program also offers greater “flexibility” than either the $500,000 Regional Center EB-5 Program or the $500,000 Targeted Employment Area EB-5 Program because there is no “location” requirement for the investment; thus, the investment need not be made in either a permitted “regional center” or a “targeted employment area”.</p>
<p style="margin-bottom: 0in;">Because the investment in the $1,000,000 EB-5 Program can be made at any location in the United States, investments in the $1,000,000 EB-5 Program are potentially subject to better economic returns than are investments in the $500,000 Regional Center EB-5 Program or the $500,000 Targeted Employment Area EB-5 Program. This advantage must be weighed against the 2 main disadvantages of the $1,000,000 EB-5 Program – (i) higher minimum investment, and (ii) immigrants must independently satisfy on their own both the “new commercial enterprise” requirement (described above) and the “employment” requirement (described above) of the EB-5 Program - in comparing it with the $500,000 Regional Center EB-5 Program and the $500,000 Targeted Employment Area EB-5 Program.</p>
<h2>Other Considerations</h2>
<p style="margin-bottom: 0in;"> </p>
<p>In contemplating any EB-5 Program investment, immigrants should also consider the following:</p>
<ol>
<li>Under the EB-5 Program, 10,000 visas per year are available to qualified individuals (of these 10,000 visas available annually, 5,000 visas per year are specifically available under the $500,000 Regional Center EB-5 Program). Fortunately, at present, unlike for other United States visa categories, there are no quota backlogs under the EB-5 Program.</li>
<li>Unlike for other United States visa categories, no sponsorship of the immigrant is required under the EB-5 Program.</li>
<li>With respect to the USCIS, the EB-5 Program process consists of 2 steps. First, Form I-526 is filed to establish “conditional resident” status. Second, Form I-829 is filed within 90 days before the second anniversary of the “conditional resident” status to establish “permanent resident” status.</li>
<li>As it must be established that the funds being invested under the EB-5 Program were legally acquired, the immigrant must provide information concerning the source of the investment.</li>
<li>Once the immigrant has qualified for a visa under the EB-5 Program, the immigrant’s spouse and unmarried children under age 21 can also file for visas.</li>
<li>Investment returns, and terms of investment, will vary from investment to investment under the EB-5 Program.</li>
<li>One consequence of “permanent resident” status is that the immigrant will then become subject to United States taxation on worldwide income.</li>
<li>The $500,000 Regional Center EB-5 Program is a “pilot program” which will expire in September, 2008, unless if reinstated (which is possible). Thus, immigrants interested in the $500,000 Regional Center EB-5 Program are advised to proceed with their investment today before any such expiration of the $500,000 Regional Center EB-5 Program.</li>
</ol>
<p style="margin-bottom: 0in;"> </p>
<h2>Chuhak & Tecson, P.C. and the EB-5 Program</h2>
<p style="margin-bottom: 0in;">As part of its “Welcome to USA” program, and other immigration law related services, Chuhak & Tecson, P.C. has assisted many immigrants from China and other countries with the EB-5 Program. In particular, Chuhak & Tecson, P.C. has represented many immigrants from China and other countries in obtaining visas under the $500,000 Regional Center EB-5 Program, working with investments in many of the above-described permitted “regional centers” (including without limitation, the California Consortium for Agricultural Export, Philadelphia Industrial Development Corporation, South Dakota International Business Institute Dairy Economic Development Region, Gateway Freedom Fund/Golden Rainbow Freedom Fund, Capital Area Regional Center, Mayor’s Office of Economic Development (New Orleans, Louisiana), Whatcom Opportunities Regional Center, Inc., Vermont Agency of Commerce and Community Development, Pennsylvania Department of Community & Economic Development, CMB Export, LLC, Metropolitan Milwaukee Association of Commerce, and Alabama Center for Foreign Investment Regional Center permitted “regional centers”).</p>
<p style="margin-bottom: 0in;">Gary J. Stern is the principal attorney at Chuhak & Tecson, P.C. who works on the EB-5 Program. Gary is a member of the American Immigration Lawyers Association, the China Committee and Immigration & Naturalization Committee of the International Law Section of the American Bar Association, the International & Immigration Law Section of the Illinois State Bar Association, and the Immigration & Nationality Law Committee and International & Foreign Law Committee of the Chicago Bar Association. Gary has been a practicing attorney for nearly 25 years. Gary received his B.A. degree (cum laude) from Cornell University and his J.D. degree from the University of Chicago. Gary is a member of Phi Beta Kappa.</p>
<p style="margin-bottom: 0in;">Chuhak & Tecson, P.C. charges a flat fee of $30,000.00 (U.S.) per client for representation in connection with the $500,000 Regional Center EB-5 Program. This flat fee is separate from and in addition to the “investment/syndication” fees charged by each permitted “regional center” in connection with the $500,000 Regional Center EB-5 Program (these “investment/syndication” fees vary from investment to investment, but generally are approximately between $30,000.00 (U.S.) and $60,000.00 (U.S.) per client). Chuhak & Tecson, P.C. charges a flat fee of $50,000.00 (U.S.) per client for representation in connection with the $500,000 Targeted Employment Area EB-5 Program or the $1,000,000 EB-5 Program. This flat fee is separate from and in addition to any fees charged for services rendered in connection with finding a suitable investment for the client in the $500,000 Targeted Employment Area EB-5 Program or the $1,000,000 EB-5 Program (if the client requests performance of this service). In each case, additional fees will be charged for services rendered in connection with monitoring any investment for the client after the visa is issued (if the client requests performance of this service).</p>
<p style="margin-bottom: 0in;">Chuhak & Tecson, P.C. can assist Chinese persons to receive a visa for “permanent resident” status (“green card”) in the United States under the EB-5 Program. If you have any questions concerning the EB-5 Program, or want to make any investment under the EB-5 Program, please contact Gary J. Stern (in our Chicago, United States office), by E-Mail at <a href="mailto:gstern@chuhak.com">gstern@chuhak.com</a>, or by telephone at 312-855-4604, or Jason Zheng (in our Shanghai, China office), by telephone at 86-21-6288 6831.</p>
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<p style="margin-bottom: 0in;">For many Chinese persons, immigration to the United States is viewed as an impossible dream. In fact, there are many opportunities for qualified Chinese persons to immigrate to the United States. One program available for Chinese persons to immigrate to the United States is the United States EB-5 immigrant investor visa program (the “EB-5 Program”).</p>
<h2>Concept; Basic Requirements</h2>
<p style="margin-bottom: 0in;">The concept of the EB-5 Program is that certain qualified investments will entitle the investor to receive a visa for “permanent resident” status (“green card”) in the United States. Thus, while other visa programs are based on such factors as a person’s family relationship, special ability, or employment status, the EB-5 Program specifically requires that a person make an investment in the United States.</p>
<p style="margin-bottom: 0in;">The EB-5 Program has 3 basic requirements. First, the investment must be made in connection with establishing a “new commercial enterprise”. For purposes of the EB-5 Program, a “new commercial enterprise” can be established by (i) creating an original business, (ii) purchasing an existing business and simultaneously or subsequently restructuring or reorganizing the business such that a “new commercial enterprise” results, or (iii) expanding an existing business by 140 percent of the pre-investment number of jobs or net worth, or retaining all existing jobs in a “troubled business” (a business that has lost 20 percent of its net worth over the past 12 to 24 months). Second, the “new commercial enterprise” must “benefit the United States economy” and fulfill an “employment” requirement – (i) create full-time employment for not fewer than 10 qualified individuals, or (ii) with respect to a “troubled business” (as described above), maintain the number of existing employees at no less than the pre-investment level for a period of at least two years. Third, the investment must meet certain dollar amount and possibly “location” standards. These dollar amount and “location” standards in effect create 3 different ways for persons to qualify for a visa under the EB-5 Program – the “$500,000 Regional Center EB-5 Program” (described below), the “$500,000 Targeted Employment Area EB-5 Program” (described below), and the “$1,000,000 EB-5 Program” (described below).</p>
<h2>$500,000 Regional Center EB-5 Program</h2>
<p style="margin-bottom: 0in;">The “$500,000 Regional Center EB-5 Program” has both a dollar amount standard and a “location” standard – (i) the investment must be in the amount of at least $500,000 (U.S.), and (ii) it must be invested in a designated “regional center”. The United States Citizenship and Immigration Services (“USCIS”) has designated certain areas throughout the United States as permitted “regional centers” for purposes of the $500,000 Regional Center EB-5 Program. State or local government agencies and private business then create specific investments within these “regional centers” for purposes of the $500,000 Regional Center EB-5 Program.</p>
<p style="margin-bottom: 0in;">At present, the following are permitted “regional centers”, and their possible investments, for purposes of the $500,000 Regional Center EB-5 Program:</p>
<ol>
<li>California Consortium for Agricultural Export, located in 9 counties in the “San Joaquin Valley” in central California. Possible investments – Miscellaneous agricultural and manufacturing projects;</li>
<li>Philadelphia Industrial Development Corporation, located in Philadelphia County, Pennsylvania. Possible investments – Miscellaneous projects;</li>
<li>South Dakota International Business Institute Dairy Economic Development Region, located in 44 rural counties in eastern South Dakota. Possible investments – Dairy farms and beef processing plants;</li>
<li>Gateway Freedom Fund/Golden Rainbow Freedom Fund, located in Jackson County, Oregon and Seattle, Washington. Possible investments – Air and ocean cargo facilities, warehouses, and miscellaneous manufacturing projects;</li>
<li>Iowa Department of Economic Development, located in 77 rural and small urban counties in Iowa. Possible investments – Dairy farming;</li>
<li>Capital Area Regional Center, located in Washington, D.C., part of Maryland, and part of Virginia. Possible investments – Real estate projects;</li>
<li>Mayor’s Office of Economic Development, located in New Orleans, Louisiana. Possible investments – Miscellaneous projects;</li>
<li>Whatcom Opportunities Regional Center, Inc., located in Whatcom County, Washington. Possible investments – Assisted living facilities for the elderly;</li>
<li>Vermont Agency of Commerce and Community Development, located in Vermont. Possible investments – Export-related companies, and tourism, hospitality and commercial resorts development;</li>
<li>Pennsylvania Department of Community & Economic Development, located in 23 counties and other areas in western Pennsylvania. Possible investments – Miscellaneous projects;</li>
<li>CMB Export LLC, located in the counties of Sacramento, San Bernadino, and Riverside, California. Possible investments – Development of former military base areas, and export activities;</li>
<li>Global Century Development Group I, LP, located in Houston, Texas (“Chinatown” area). Possible investments – Financing and developing commercial and mixed-use real estate;</li>
<li>Metropolitan Milwaukee Association of Commerce, located in 7 counties in southeastern Wisconsin. Possible investments – Miscellaneous projects;</li>
<li>Alabama Center for Foreign Investment Regional Center, located in Alabama. Possible investments – Miscellaneous projects;</li>
<li>Kansas Biofuel Regional Center, LLC, located in 21 counties in southwestern Kansas. Possible investments – Fuel grade ethanol production facilities;</li>
<li>Southwest Biofuels Regional Center, LLC, located in 40 counties in northwestern Texas, and 9 counties in western Oklahoma. Possible investments - Fuel grade ethanol production facilities;</li>
<li>Unibex Global Corporation, located in North Las Vegas, Nevada. Possible investments – Miscellaneous projects; and</li>
<li>Aero-Space Port International Group, located at Grand County International Airport, in Moses Lake, Washington. Possible investments – International air cargo facilities.</li>
</ol>
<p>The USCIS will update the list of permitted “regional centers” for purposes of the $500,000 Regional Center EB-5 Program from time to time.</p>
<p style="margin-bottom: 0in;">The $500,000 Regional Center EB-5 Program has the advantage of simplicity. The State or local government agencies and private business that create specific investments within the permitted “regional centers” for purposes of the $500,000 Regional Center EB-5 Program generally specifically structure these investments to satisfy both the “new commercial enterprise” requirement (described above) and the “employment” requirement (described above) of the EB-5 Program. Thus, immigrants in the $500,000 Regional Center EB-5 Program generally do not have to be concerned with these 2 requirements. On the other hand, the investments in the $500,000 Regional Center EB-5 Program are generally “passive” investments, managed by other persons. Thus, the $500,000 Regional Center EB-5 Program may not be appropriate for immigrants looking to “actively manage” on their own their investments.</p>
<h2>$500,000 Targeted Employment Area EB-5 Program</h2>
<p style="margin-bottom: 0in;">The “$500,000 Targeted Employment Area EB-5 Program” is similar to the $500,000 Regional Center EB-5 Program in that the immigrant also must invest at least $500,000 (U.S.). However, instead of investing in a designated “regional center”, under the $500,000 Targeted Employment Area EB-5 Program, the investment must be made in a “targeted employment area”. The term, “targeted employment area”, refers to an area that has experienced unemployment of at least 150 percent of the national average rate or a rural area as designated by the United States Office of Management and Budget.</p>
<p style="margin-bottom: 0in;">The $500,000 Targeted Employment Area EB-5 Program does offer immigrants the opportunity to “actively manage” on their own their investments. However, because it requires that immigrants independently satisfy on their own both the “new commercial enterprise” requirement (described above) and the “employment” requirement (described above) of the EB-5 Program, and because “targeted employment areas” are generally areas of poor economic growth and development, the $500,000 Targeted Employment Area EB-5 Program has been infrequently utilized.</p>
<h2>$1,000,000 EB-5 Program</h2>
<p style="margin-bottom: 0in;">The “$1,000,000 EB-5 Program” requires a greater dollar amount of investment than either the $500,000 Regional Center EB-5 Program or the $500,000 Targeted Employment Area EB-5 Program – a minimum investment of $1,000,000 (U.S.). The $1,000,000 EB-5 Program also offers greater “flexibility” than either the $500,000 Regional Center EB-5 Program or the $500,000 Targeted Employment Area EB-5 Program because there is no “location” requirement for the investment; thus, the investment need not be made in either a permitted “regional center” or a “targeted employment area”.</p>
<p style="margin-bottom: 0in;">Because the investment in the $1,000,000 EB-5 Program can be made at any location in the United States, investments in the $1,000,000 EB-5 Program are potentially subject to better economic returns than are investments in the $500,000 Regional Center EB-5 Program or the $500,000 Targeted Employment Area EB-5 Program. This advantage must be weighed against the 2 main disadvantages of the $1,000,000 EB-5 Program – (i) higher minimum investment, and (ii) immigrants must independently satisfy on their own both the “new commercial enterprise” requirement (described above) and the “employment” requirement (described above) of the EB-5 Program - in comparing it with the $500,000 Regional Center EB-5 Program and the $500,000 Targeted Employment Area EB-5 Program.</p>
<h2>Other Considerations</h2>
<p style="margin-bottom: 0in;"> </p>
<p>In contemplating any EB-5 Program investment, immigrants should also consider the following:</p>
<ol>
<li>Under the EB-5 Program, 10,000 visas per year are available to qualified individuals (of these 10,000 visas available annually, 5,000 visas per year are specifically available under the $500,000 Regional Center EB-5 Program). Fortunately, at present, unlike for other United States visa categories, there are no quota backlogs under the EB-5 Program.</li>
<li>Unlike for other United States visa categories, no sponsorship of the immigrant is required under the EB-5 Program.</li>
<li>With respect to the USCIS, the EB-5 Program process consists of 2 steps. First, Form I-526 is filed to establish “conditional resident” status. Second, Form I-829 is filed within 90 days before the second anniversary of the “conditional resident” status to establish “permanent resident” status.</li>
<li>As it must be established that the funds being invested under the EB-5 Program were legally acquired, the immigrant must provide information concerning the source of the investment.</li>
<li>Once the immigrant has qualified for a visa under the EB-5 Program, the immigrant’s spouse and unmarried children under age 21 can also file for visas.</li>
<li>Investment returns, and terms of investment, will vary from investment to investment under the EB-5 Program.</li>
<li>One consequence of “permanent resident” status is that the immigrant will then become subject to United States taxation on worldwide income.</li>
<li>The $500,000 Regional Center EB-5 Program is a “pilot program” which will expire in September, 2008, unless if reinstated (which is possible). Thus, immigrants interested in the $500,000 Regional Center EB-5 Program are advised to proceed with their investment today before any such expiration of the $500,000 Regional Center EB-5 Program.</li>
</ol>
<p style="margin-bottom: 0in;"> </p>
<h2>Chuhak & Tecson, P.C. and the EB-5 Program</h2>
<p style="margin-bottom: 0in;">As part of its “Welcome to USA” program, and other immigration law related services, Chuhak & Tecson, P.C. has assisted many immigrants from China and other countries with the EB-5 Program. In particular, Chuhak & Tecson, P.C. has represented many immigrants from China and other countries in obtaining visas under the $500,000 Regional Center EB-5 Program, working with investments in many of the above-described permitted “regional centers” (including without limitation, the California Consortium for Agricultural Export, Philadelphia Industrial Development Corporation, South Dakota International Business Institute Dairy Economic Development Region, Gateway Freedom Fund/Golden Rainbow Freedom Fund, Capital Area Regional Center, Mayor’s Office of Economic Development (New Orleans, Louisiana), Whatcom Opportunities Regional Center, Inc., Vermont Agency of Commerce and Community Development, Pennsylvania Department of Community & Economic Development, CMB Export, LLC, Metropolitan Milwaukee Association of Commerce, and Alabama Center for Foreign Investment Regional Center permitted “regional centers”).</p>
<p style="margin-bottom: 0in;">Gary J. Stern is the principal attorney at Chuhak & Tecson, P.C. who works on the EB-5 Program. Gary is a member of the American Immigration Lawyers Association, the China Committee and Immigration & Naturalization Committee of the International Law Section of the American Bar Association, the International & Immigration Law Section of the Illinois State Bar Association, and the Immigration & Nationality Law Committee and International & Foreign Law Committee of the Chicago Bar Association. Gary has been a practicing attorney for nearly 25 years. Gary received his B.A. degree (cum laude) from Cornell University and his J.D. degree from the University of Chicago. Gary is a member of Phi Beta Kappa.</p>
<p style="margin-bottom: 0in;">Chuhak & Tecson, P.C. charges a flat fee of $30,000.00 (U.S.) per client for representation in connection with the $500,000 Regional Center EB-5 Program. This flat fee is separate from and in addition to the “investment/syndication” fees charged by each permitted “regional center” in connection with the $500,000 Regional Center EB-5 Program (these “investment/syndication” fees vary from investment to investment, but generally are approximately between $30,000.00 (U.S.) and $60,000.00 (U.S.) per client). Chuhak & Tecson, P.C. charges a flat fee of $50,000.00 (U.S.) per client for representation in connection with the $500,000 Targeted Employment Area EB-5 Program or the $1,000,000 EB-5 Program. This flat fee is separate from and in addition to any fees charged for services rendered in connection with finding a suitable investment for the client in the $500,000 Targeted Employment Area EB-5 Program or the $1,000,000 EB-5 Program (if the client requests performance of this service). In each case, additional fees will be charged for services rendered in connection with monitoring any investment for the client after the visa is issued (if the client requests performance of this service).</p>
<p style="margin-bottom: 0in;">Chuhak & Tecson, P.C. can assist Chinese persons to receive a visa for “permanent resident” status (“green card”) in the United States under the EB-5 Program. If you have any questions concerning the EB-5 Program, or want to make any investment under the EB-5 Program, please contact Gary J. Stern (in our Chicago, United States office), by E-Mail at <a href="mailto:gstern@chuhak.com">gstern@chuhak.com</a>, or by telephone at 312-855-4604, or Jason Zheng (in our Shanghai, China office), by telephone at 86-21-6288 6831.</p>
<p>对很多中国人而言，移民美国是个不可实现的梦想。事实上，对于具备条件的中国人来说将会有许多机会。其中就提供了一个为中国移民到美国的项目，被称为美国EB-5移民投资签证项目（“EB-5项目”）。</p>
<h2>概念和基本要求</h2>
<p>EB-5项目是指某些有资质的投资将有权使投资者在美国获得“永居”身份（“绿卡”）。当其他签证项目需要考察个人家庭关系、特殊才能、或雇佣情况时，EB-5项目明确的要求个人只需在美国投资。</p>
<p>EB-5项目有三个基本要求。第一，投资必须和建立一个“新商业企业”联系起来。EB-5项目旨在一个“新商业企业”能够通过以下几种方式建立起 来：（1）创建一个新的企业；（2）购买一个既存企业，进行重组致使形成一个新的企业；（3）通过扩充投资前就业数或净值的140%来扩大企业，或者维系 一个“面临困境”企业的就业量（企业在过去的12到24个月中丢失了20%的净值）。第二，“新商业企业”必须使美国经济受益以及实现“就业”要求。 —（1）创造不少于10个独立的全职工作岗位，或（2）对于“困境企业”（上面提及），在2年期限内保持既存员工的数量不低于投资前的水平。第三，投资必 须满足定量的美元数额和“地点”要求。这些美元数额和“地点”要求对于客户通过EB-5项目获得签证实际上产生了3种不同的方法：（1）50万美元区域中 心EB-5项目（如下所述）；（2）50万美元针对性就业领域EB-5项目（如下所述）；（3）100万美元EB-5项目（如下所述）。</p>
<h2>50万美元区域中心EB-5项目</h2>
<p>“50万美元区域中心EB-5项目”既有美元数额要求又有“地点”要求。（1）投资数额最低为50万美元；（2）必须投资在一个被指定的“区域中心”。美国公民及移民服务（“USICS”）已经指定美国的某些区域作为50万美元区域中心EB-5项目的区域中心。</p>
<p>国家或当地政府机关以及私人企业为50万美元区域中心EB-5项目在这些“区域中心”设置了明确的投资。</p>
<p>目前，根据50万美元区域中心EB-5项目，有以下一些被批准的“区域中心”和相应的可行性投资：</p>
<ol>
<li>加利福尼亚农业出口财团，位于加利福尼亚州中部“圣乔奎因谷”的9个郡。可能的投资项目：各类农业和制造业项目；</li>
<li>费城工业发展公司。位于宾夕法尼亚州的费城郡。可能的投资项目：各类投资项目；</li>
<li>南达科他国际商业机构农场经济发展地区，位于南达科他州东部44个农村。可能的投资项目：农场和牛肉加工厂；</li>
<li>进口自由基金/金彩虹自由基金，位于俄勒冈州的杰克逊郡和华盛顿的西雅图。可能的投资项目：空运和海运货物装卸设施，仓库，及各类制造业项目；</li>
<li>爱荷华经济发展处，位于爱荷华州的77个农村和城镇;</li>
<li>首都地区中心，位于首府华盛顿和马里兰州的部分地区。可能的投资项目：房地产项目;</li>
<li>新奥尔良市经济发展办公室，位于路易斯安那州的新奥尔良市。可能的投资项目：各类投资项目;</li>
<li>华特康姆投资机会区域中心，位于华盛顿州的华特康姆郡。可能的投资项目：老人的辅助生活设施;</li>
<li>佛蒙特州商业和社区发展局，位于佛蒙特州。可能的投资项目：与出口有关的公司，旅游，接待和商业胜地的发展;</li>
<li>宾夕法尼亚社区和经济发展部，位于宾夕法尼亚州西部的23个郡和其他地区；</li>
<li>CMB出口有限责任公司，位于加利福尼亚州的萨克雷门托郡，圣博纳蒂诺郡，河岸郡。可能的投资项目：前美国军用基地地区的开发和出口活动；</li>
<li>全球世纪发展集团，位于德克萨斯州的休斯顿（“中国”区域）。可能的投资项目：融资以及开发商业和混合用途的房地产；</li>
<li>密尔沃基都市商业协会，位于威斯康星州东南地区的7个郡，可能的投资项目：各类项目；</li>
<li>阿拉巴马海外投资中心，位于阿拉巴马州。可能的投资项目：各类投资项目；</li>
<li>堪萨斯州生物燃料区域中心有限责任公司，位于堪萨斯州的西南部。可能的投资项目：燃料级乙醇生产设施；</li>
<li>西南生物燃料区域中心有限责任公司，位于德克萨斯州西北部的40多个郡和俄克拉何马州西部的9个郡。可能的投资项目：燃料级乙醇生产设施；</li>
<li>Unibex全球公司，位于内华达州拉斯维加斯北部。可能的投资项目：各类投资项目；以及</li>
<li>航空航天港口国际集团，位于华盛顿州摩西湖的盛大县国际机场。可能的投资项目：国际航空货运设施。</li>
</ol>
<p>美国公民及移民服务（“USICS”）会根据50万美元区域中心EB-5项目经常更新指定“区域中心”名单。</p>
<p>50万美元区域中心EB-5项目有着便捷途径的独特优势。根据50万美元区域中心EB-5项目，在指定区域内创建具体投资的中央或当地政府机构以及 私人企业总体上明确的构建了如何使这些投资既满足EB-5的“新商业企业”要求（如上所述）又能达到“就业”要求（如上所述）。因此，50万美元区域中心 EB-5项目的移民基本上无需考虑这两个问题。另一方面，50万美元区域中心EB-5项目的投资是“被动”的投资，是由其他专人负责管理。所以，50万美 元区域中心EB-5项目也许不适合那些要求亲自“主动管理”投资的移民。</p>
<h2>50万美元针对性的就业领域EB-5项目</h2>
<p>“50万美元针对性的就业领域EB-5项目”类似于50万美元区域中心EB-5项目，因为移民也必须投资至少50万美元。但是，并不投资在被指定的 “区域中心”，在“50万美元针对性的就业领域EB-5项目”下，投资必须是在一个“有针对性的就业领域”。术语“有针对性的就业领域”是指失业率是国民 平均失业率1.5倍的区域或着由美国管理和预算办公室指定的农村地区。</p>
<p>50万美元针对性的就业领域EB-5项目提供移民者亲自积极主动管理投资的机会。但是，因为根据EB-5项目，既需满足EB-5“新商业企业”要求 （如上所述）又要达到“就业”要求（如上所述），并且因为“有针对性的就业领域”总体上是在经济贫困或经济增长缓慢的地区，由此，50万美元针对性的就业 领域EB-5项目并没有被广大客户采用。</p>
<h2>100万美元EB-5项目</h2>
<p>“100万美元EB-5 项目”和50万美元区域中心EB-5项目或50万美元针对性的就业领域EB-5项目相比，要求投资更多的美元 — 最少投资100万美元。当然，100万美元EB-5 项目提供了比50万美元区域中心EB-5项目或50万美元针对性的就业领域EB-5项目更多的灵活性，因为没有对于投资“地点”做出限制；因此，投资无需 在指定的“区域中心”，也不必在“有针对性的就业领域”。</p>
<p>由于“100万美元EB-5项目”能投资在美国的任何地区，所以100万美元EB-5项目潜在的决定了比投资在50万美元区域中心EB-5项目或 50万美元针对性的就业领域EB-5项目有更好的经济回报。然而，这样的有利条件必须和100万美元EB-5项目的2个不利条件进行比较衡量—（1）高昂 的最低出资，以及（2）与50万美元区域中心EB-5项目或50万美元针对性的就业领域EB-5项目相比，移民者必须独立的完成既满足EB-5的“新商业 企业”要求（如上所述）又要达到“就业”要求（如上所述）。</p>
<h2>其他方面</h2>
<p>无论是EB-5项目下的任何一种投资，移民者也应该考虑以下几点：</p>
<ol>
<li>在EB-5项目下，每年提供10000个签证名额给符合条件的个人（在这10000个名额中，有5000个专门是给50万美元区域中心EB-5项目）。幸运的是，目前，和美国其他签证不同的是在EB-5项目下没有配额积压。</li>
<li>和美国其他签证不同的是，在EB-5项目下，没有移民担保的要求。</li>
<li>关于美国公民及移民服务（“USICS”），EB-5项目包含2个步骤。第一，表格I-526的递交是为了申请“有条件绿卡”而准备的。第二，表格I-829必须在获得“有条件绿卡”后满两周年前的90天内申请“永居”的身份。</li>
<li>在EB-5项目下，通过基金投资的必须合法，移民者必须提供有关投资来源的信息。</li>
<li>申请移民者在EB-5项目下一旦获得绿卡，那么移民者的配偶和21岁以下未婚子女都可以申请绿卡。</li>
<li>在EB-5项目下，投资回报和投资期限将会因不同的投资项目而不同。</li>
<li>50万美元区域中心EB-5项目是个“试点项目”，将在2008年9月截止。当然以后也有恢复的可能。因此，在50万美元区域中心EB-5项目失效前，我们建议对此项目感兴趣的移民投资者尽早作好准备。</li>
</ol>
<h2>Chuhak & Tecson, P.C律师事务所和EB-5项目</h2>
<p>作为“欢迎来到美国”项目和其他与移民法律相关的服务，Chuhak & Tecson, P.C律师事务所已经凭借EB-5项目帮助了许多来自中国和其他国家的移民。特别是，Chuhak & Tecson, P.C律师事务所已经成功的代理了许多通过美国EB-5移民签证项目投资移民的案例。</p>
<p>中国和其他国家正通过50万美元区域中心EB-5项目投资（以上所描述的）“区域中心”来获得签证（包括但不限于加利福尼亚农业出口财团，费城工业 发展公司，南达科他国际商业机构农场经济发展地区，进口自由基金/金彩虹自由基金，首都地区中心，新奥尔良市经济发展办公室，华特康姆投资机会中心，佛蒙 特州商业和社区发展机构，宾夕法尼亚社区和经济发展部，CMB出口有限责任公司，密尔沃基都市商业协会和阿拉巴马海外投资中心）。</p>
<p>在Chuhak & Tecson, P.C律师事务所,Gary是从事EB-5项目的主要律师。Gary是美国移民律师协会，国际法科中国委员会，移民和归化委员会, 伊利诺州律师协会国际移民法科，芝加哥律师协会移民与国籍法委员会，国际和外国法委员会的成员之一。Gary具有将近25年的执业经验。Gary 在康乃尔大学获得学士学位（优异成绩），在芝加哥大学获得法学博士学位。Gary 是Phi Beta Kappa（美国大学优等生之荣誉学会）的成员之一。</p>
<p>Chuhak & Tecson, P.C.律师事务所，为每一位客户申请EB-5 50万美元移民投资签证的“指定区域中心”项目，我们的收费标准是3万美元，除了在美国为客户提交EB-5移民投资签证的“指定区域中心”项目申请之外， 我们还会向您收取其他任何在申请过程中产生的额外服务费用。除了我们的收费以外，每个“指定区域中心”投资项目还要分别评估各自要收取的投资费（通常要向 每笔投资收取3万到6万美元不等的费用，也就是说要向每人收取3万到6万美元的费用）。Chuhak & Tecson, P.C.律师事务所，为每一位客户申请EB-5 50万美元移民投资签证的“针对性就业领域”项目或“100万美元EB-5”项目，我们的收费标准将为5万美元。这个固定的收费标准并不包括帮助客户在 50万美元针对性就业领域EB-5项目或100万美元EB-5项目找到合适的投资项目（如果客户有此方面需要）。 无论以上哪种情况，在客户得到绿卡后，如果需要我们对投资的项目追踪监控的话，我们将收取额外的费用（如果客户有此方面需要）。</p>
<p>Chuhak & Tecson, P.C.律师事务所，能帮助中国的客户通过EB-5项目在美国获得“永居”身份（“绿卡”）。如果您关于EB-5项目有任何问题或希望通过EB-5项目投 资的，请和Gary J. Stern（芝加哥，美国办公室），邮件，<a href="mailto:gstern@chuhak.com">gstern@chuhak.com</a> 或电话，312-855-4604联系，或者和 Jason Zheng (上海，中国办公室)， 电话021-6288 6831或手机15021165612，或邮件，<a href="mailto:jason.zheng@chuhak.cn">jason.zheng@chuhak.cn</a>联系。</p>
<p>对很多中国人而言，移民美国是个不可实现的梦想。事实上，对于具备条件的中国人来说将会有许多机会。其中就提供了一个为中国移民到美国的项目，被称为美国EB-5移民投资签证项目（“EB-5项目”）。</p>
<h2>概念和基本要求</h2>
<p>EB-5项目是指某些有资质的投资将有权使投资者在美国获得“永居”身份（“绿卡”）。当其他签证项目需要考察个人家庭关系、特殊才能、或雇佣情况时，EB-5项目明确的要求个人只需在美国投资。</p>
<p>EB-5项目有三个基本要求。第一，投资必须和建立一个“新商业企业”联系起来。EB-5项目旨在一个“新商业企业”能够通过以下几种方式建立起 来：（1）创建一个新的企业；（2）购买一个既存企业，进行重组致使形成一个新的企业；（3）通过扩充投资前就业数或净值的140%来扩大企业，或者维系 一个“面临困境”企业的就业量（企业在过去的12到24个月中丢失了20%的净值）。第二，“新商业企业”必须使美国经济受益以及实现“就业”要求。 —（1）创造不少于10个独立的全职工作岗位，或（2）对于“困境企业”（上面提及），在2年期限内保持既存员工的数量不低于投资前的水平。第三，投资必 须满足定量的美元数额和“地点”要求。这些美元数额和“地点”要求对于客户通过EB-5项目获得签证实际上产生了3种不同的方法：（1）50万美元区域中 心EB-5项目（如下所述）；（2）50万美元针对性就业领域EB-5项目（如下所述）；（3）100万美元EB-5项目（如下所述）。</p>
<h2>50万美元区域中心EB-5项目</h2>
<p>“50万美元区域中心EB-5项目”既有美元数额要求又有“地点”要求。（1）投资数额最低为50万美元；（2）必须投资在一个被指定的“区域中心”。美国公民及移民服务（“USICS”）已经指定美国的某些区域作为50万美元区域中心EB-5项目的区域中心。</p>
<p>国家或当地政府机关以及私人企业为50万美元区域中心EB-5项目在这些“区域中心”设置了明确的投资。</p>
<p>目前，根据50万美元区域中心EB-5项目，有以下一些被批准的“区域中心”和相应的可行性投资：</p>
<ol>
<li>加利福尼亚农业出口财团，位于加利福尼亚州中部“圣乔奎因谷”的9个郡。可能的投资项目：各类农业和制造业项目；</li>
<li>费城工业发展公司。位于宾夕法尼亚州的费城郡。可能的投资项目：各类投资项目；</li>
<li>南达科他国际商业机构农场经济发展地区，位于南达科他州东部44个农村。可能的投资项目：农场和牛肉加工厂；</li>
<li>进口自由基金/金彩虹自由基金，位于俄勒冈州的杰克逊郡和华盛顿的西雅图。可能的投资项目：空运和海运货物装卸设施，仓库，及各类制造业项目；</li>
<li>爱荷华经济发展处，位于爱荷华州的77个农村和城镇;</li>
<li>首都地区中心，位于首府华盛顿和马里兰州的部分地区。可能的投资项目：房地产项目;</li>
<li>新奥尔良市经济发展办公室，位于路易斯安那州的新奥尔良市。可能的投资项目：各类投资项目;</li>
<li>华特康姆投资机会区域中心，位于华盛顿州的华特康姆郡。可能的投资项目：老人的辅助生活设施;</li>
<li>佛蒙特州商业和社区发展局，位于佛蒙特州。可能的投资项目：与出口有关的公司，旅游，接待和商业胜地的发展;</li>
<li>宾夕法尼亚社区和经济发展部，位于宾夕法尼亚州西部的23个郡和其他地区；</li>
<li>CMB出口有限责任公司，位于加利福尼亚州的萨克雷门托郡，圣博纳蒂诺郡，河岸郡。可能的投资项目：前美国军用基地地区的开发和出口活动；</li>
<li>全球世纪发展集团，位于德克萨斯州的休斯顿（“中国”区域）。可能的投资项目：融资以及开发商业和混合用途的房地产；</li>
<li>密尔沃基都市商业协会，位于威斯康星州东南地区的7个郡，可能的投资项目：各类项目；</li>
<li>阿拉巴马海外投资中心，位于阿拉巴马州。可能的投资项目：各类投资项目；</li>
<li>堪萨斯州生物燃料区域中心有限责任公司，位于堪萨斯州的西南部。可能的投资项目：燃料级乙醇生产设施；</li>
<li>西南生物燃料区域中心有限责任公司，位于德克萨斯州西北部的40多个郡和俄克拉何马州西部的9个郡。可能的投资项目：燃料级乙醇生产设施；</li>
<li>Unibex全球公司，位于内华达州拉斯维加斯北部。可能的投资项目：各类投资项目；以及</li>
<li>航空航天港口国际集团，位于华盛顿州摩西湖的盛大县国际机场。可能的投资项目：国际航空货运设施。</li>
</ol>
<p>美国公民及移民服务（“USICS”）会根据50万美元区域中心EB-5项目经常更新指定“区域中心”名单。</p>
<p>50万美元区域中心EB-5项目有着便捷途径的独特优势。根据50万美元区域中心EB-5项目，在指定区域内创建具体投资的中央或当地政府机构以及 私人企业总体上明确的构建了如何使这些投资既满足EB-5的“新商业企业”要求（如上所述）又能达到“就业”要求（如上所述）。因此，50万美元区域中心 EB-5项目的移民基本上无需考虑这两个问题。另一方面，50万美元区域中心EB-5项目的投资是“被动”的投资，是由其他专人负责管理。所以，50万美 元区域中心EB-5项目也许不适合那些要求亲自“主动管理”投资的移民。</p>
<h2>50万美元针对性的就业领域EB-5项目</h2>
<p>“50万美元针对性的就业领域EB-5项目”类似于50万美元区域中心EB-5项目，因为移民也必须投资至少50万美元。但是，并不投资在被指定的 “区域中心”，在“50万美元针对性的就业领域EB-5项目”下，投资必须是在一个“有针对性的就业领域”。术语“有针对性的就业领域”是指失业率是国民 平均失业率1.5倍的区域或着由美国管理和预算办公室指定的农村地区。</p>
<p>50万美元针对性的就业领域EB-5项目提供移民者亲自积极主动管理投资的机会。但是，因为根据EB-5项目，既需满足EB-5“新商业企业”要求 （如上所述）又要达到“就业”要求（如上所述），并且因为“有针对性的就业领域”总体上是在经济贫困或经济增长缓慢的地区，由此，50万美元针对性的就业 领域EB-5项目并没有被广大客户采用。</p>
<h2>100万美元EB-5项目</h2>
<p>“100万美元EB-5 项目”和50万美元区域中心EB-5项目或50万美元针对性的就业领域EB-5项目相比，要求投资更多的美元 — 最少投资100万美元。当然，100万美元EB-5 项目提供了比50万美元区域中心EB-5项目或50万美元针对性的就业领域EB-5项目更多的灵活性，因为没有对于投资“地点”做出限制；因此，投资无需 在指定的“区域中心”，也不必在“有针对性的就业领域”。</p>
<p>由于“100万美元EB-5项目”能投资在美国的任何地区，所以100万美元EB-5项目潜在的决定了比投资在50万美元区域中心EB-5项目或 50万美元针对性的就业领域EB-5项目有更好的经济回报。然而，这样的有利条件必须和100万美元EB-5项目的2个不利条件进行比较衡量—（1）高昂 的最低出资，以及（2）与50万美元区域中心EB-5项目或50万美元针对性的就业领域EB-5项目相比，移民者必须独立的完成既满足EB-5的“新商业 企业”要求（如上所述）又要达到“就业”要求（如上所述）。</p>
<h2>其他方面</h2>
<p>无论是EB-5项目下的任何一种投资，移民者也应该考虑以下几点：</p>
<ol>
<li>在EB-5项目下，每年提供10000个签证名额给符合条件的个人（在这10000个名额中，有5000个专门是给50万美元区域中心EB-5项目）。幸运的是，目前，和美国其他签证不同的是在EB-5项目下没有配额积压。</li>
<li>和美国其他签证不同的是，在EB-5项目下，没有移民担保的要求。</li>
<li>关于美国公民及移民服务（“USICS”），EB-5项目包含2个步骤。第一，表格I-526的递交是为了申请“有条件绿卡”而准备的。第二，表格I-829必须在获得“有条件绿卡”后满两周年前的90天内申请“永居”的身份。</li>
<li>在EB-5项目下，通过基金投资的必须合法，移民者必须提供有关投资来源的信息。</li>
<li>申请移民者在EB-5项目下一旦获得绿卡，那么移民者的配偶和21岁以下未婚子女都可以申请绿卡。</li>
<li>在EB-5项目下，投资回报和投资期限将会因不同的投资项目而不同。</li>
<li>50万美元区域中心EB-5项目是个“试点项目”，将在2008年9月截止。当然以后也有恢复的可能。因此，在50万美元区域中心EB-5项目失效前，我们建议对此项目感兴趣的移民投资者尽早作好准备。</li>
</ol>
<h2>Chuhak & Tecson, P.C律师事务所和EB-5项目</h2>
<p>作为“欢迎来到美国”项目和其他与移民法律相关的服务，Chuhak & Tecson, P.C律师事务所已经凭借EB-5项目帮助了许多来自中国和其他国家的移民。特别是，Chuhak & Tecson, P.C律师事务所已经成功的代理了许多通过美国EB-5移民签证项目投资移民的案例。</p>
<p>中国和其他国家正通过50万美元区域中心EB-5项目投资（以上所描述的）“区域中心”来获得签证（包括但不限于加利福尼亚农业出口财团，费城工业 发展公司，南达科他国际商业机构农场经济发展地区，进口自由基金/金彩虹自由基金，首都地区中心，新奥尔良市经济发展办公室，华特康姆投资机会中心，佛蒙 特州商业和社区发展机构，宾夕法尼亚社区和经济发展部，CMB出口有限责任公司，密尔沃基都市商业协会和阿拉巴马海外投资中心）。</p>
<p>在Chuhak & Tecson, P.C律师事务所,Gary是从事EB-5项目的主要律师。Gary是美国移民律师协会，国际法科中国委员会，移民和归化委员会, 伊利诺州律师协会国际移民法科，芝加哥律师协会移民与国籍法委员会，国际和外国法委员会的成员之一。Gary具有将近25年的执业经验。Gary 在康乃尔大学获得学士学位（优异成绩），在芝加哥大学获得法学博士学位。Gary 是Phi Beta Kappa（美国大学优等生之荣誉学会）的成员之一。</p>
<p>Chuhak & Tecson, P.C.律师事务所，为每一位客户申请EB-5 50万美元移民投资签证的“指定区域中心”项目，我们的收费标准是3万美元，除了在美国为客户提交EB-5移民投资签证的“指定区域中心”项目申请之外， 我们还会向您收取其他任何在申请过程中产生的额外服务费用。除了我们的收费以外，每个“指定区域中心”投资项目还要分别评估各自要收取的投资费（通常要向 每笔投资收取3万到6万美元不等的费用，也就是说要向每人收取3万到6万美元的费用）。Chuhak & Tecson, P.C.律师事务所，为每一位客户申请EB-5 50万美元移民投资签证的“针对性就业领域”项目或“100万美元EB-5”项目，我们的收费标准将为5万美元。这个固定的收费标准并不包括帮助客户在 50万美元针对性就业领域EB-5项目或100万美元EB-5项目找到合适的投资项目（如果客户有此方面需要）。 无论以上哪种情况，在客户得到绿卡后，如果需要我们对投资的项目追踪监控的话，我们将收取额外的费用（如果客户有此方面需要）。</p>
<p>Chuhak & Tecson, P.C.律师事务所，能帮助中国的客户通过EB-5项目在美国获得“永居”身份（“绿卡”）。如果您关于EB-5项目有任何问题或希望通过EB-5项目投 资的，请和Gary J. Stern（芝加哥，美国办公室），邮件，<a href="mailto:gstern@chuhak.com">gstern@chuhak.com</a> 或电话，312-855-4604联系，或者和 Jason Zheng (上海，中国办公室)， 电话021-6288 6831或手机15021165612，或邮件，<a href="mailto:jason.zheng@chuhak.cn">jason.zheng@chuhak.cn</a>联系。</p>
2008-04-22T15:51:03+00:00
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EB-5 Immigrant Investor Visa Program
美国EB-5移民投资签证项目
eb-5-immigrant-investor-visa-program
2008-04-22T16:33:42+00:00