A non-resident Indian (NRI) has formed a joint venture with an American investment firm to attract Indian investment to the United States and create job opportunities in areas such as New England and Baltimore.
The overall objective of this joint venture appears to be the promotion of economic growth under the EB5 Investments Programme through Indian investors seeking U.S. citizenship for themselves and their families under the U.S. Government’s investors’ visa programme.
Satish Jha, the chairman of the diversified The Jha Group (TJG) announced on Sunday a partnership with the US-based Ashcroft Sullivan Economic Development Centers (ASEDC) to bring investment and economic opportunities to India, under the EB-5 programs, stimulating job creation in the United States.
The new joint venture has been named as Ashcroft Sullivan Jha.
The joint venture aims to stimulate the U.S. economy through job creation and capital investment in industrial projects through Indian companies under which certain EB-5 visas are set aside for investors in regional centers designated by USCIS based on proposals for promoting economic growth.
“The principals of the new joint venture, Ashcroft Sullivan Jha, have set up offices in New Delhi and Goa and are planning to open offices in Kolkata, Hyderabad and Chandigarh to educate investors about Green Cards for immigrants from India through the EB-5 program,” said Jha.
The joint venture will aim at investment in new commercial enterprise in designated areas of the United States which create or preserve at least 10 full-time jobs for U.S. workers within two years (or under certain circumstances, within a reasonable time after the two-year period) of the immigrant investor’s admission to the United States as a Conditional Permanent Resident, he added.
Jha said the company would be primarily servicing Indian investors seeking permanent residence or citizenship in the United States under the investors programme and are willing to invest in new commercial enterprises in designated areas of America.
Overseen by the U.S. Citizenship and Immigration Services (USCIS), the U.S. Immigrant Investor Program (EB-5) provides foreign nationals the opportunity to become conditional residents immediately after, and permanent residents within a period of two years from, making an investment of USD one million, or USD 500,000 in a designated targeted employment area.
The federally designated Ashcroft Sullivan Economic Development Centers’ mission is to create new jobs in the Mid-Atlantic and New England regions, expanding economic productivity and help foreign entrepreneurs obtain permanent residency for themselves and their families.