Chen will share insights to help peers navigate new RIA accounting and oversight rules
New York, NY — What do EB-5 businesses need to know about the rigorous accounting and reporting requirements of the new EB-5 law? An upcoming webinar featuring CanAm Enterprises Chief Operating Officer, Christine Chen, will dive into the details. Scheduled for Tuesday, February 7, the kick-off of the 2023 IIUSA EB-5 Experts Webinar Series features a key discussion on fund administration and audit requirements under the EB-5 Reform & Integrity Act (RIA).
Ms. Chen will participate on a panel discussion that explores the new financial requirements and what they mean to businesses and how they operate. Jill Jones, General Counsel for JTC Americas will moderate, and David Appel, Partner, Tax & Business Services Division of Marcum LLP, will join Ms. Chen as a panelist. The webinar, which is being presented by JTC Americas, will be held from 12:00 PM – 2:00 PM EST.
Under the RIA, new commercial enterprises (NCEs) are now required to use an independent fund administrator to provide oversight and track the disbursement of EB-5 capital, and thereby improve transparency, security, and reporting compliance. An NCE can waive this requirement if the financial statements of the NCE and affiliated job creating entity (JCE) are audited by an independent accounting firm.
“The new integrity rules provide for a transparency practice long used and embraced at CanAm — retaining a third-party fund administrator to track EB-5 capital transactions in real time,” Ms. Chen said. “This practice provides an added layer of transparency, confidence, and security for investors because transactions are monitored and logged on a continuous basis, then also audited later. I look forward to sharing CanAm’s experiences with this best practice in accounting, and the confidence it inspires with investors. As a member of the IIUSA Board of Directors, it is my privilege to work with many EB-5 industry colleagues to continue defining the standard for accounting excellence and help peer companies meet the lofty integrity objectives of the RIA.”
Ms. Chen joined CanAm in 2002 and has helped shape the firm’s strategic initiatives and operational efficiencies. In her current role, she oversees several distinct EB-5 business functions and management of over 40 staff members worldwide. Under her leadership, CanAm’s EB-5 project repayments have exceeded $2.19 billion, an important milestone.
CanAm Enterprises, with over three decades of experience promoting immigration-linked investments in the US and Canada, has a demonstrated track record of success. With over 60 financed projects and $3 billion in raised EB-5 investments, CanAm has earned a reputation for credibility and trust. To date, CanAm has repaid more than $2.26 billion in EB-5 capital from over 4,530 families. CanAm manages several USCIS-designated regional centers that stretch across multiple states. For more information, please visit www.canamenterprises.com.