EB5 Affiliate Network and Arnstein & Lehr, LLP Launch Automated Subscription Agreement for EB-5 Regional Centers and Project Sponsors
MIAMI, May 30, 2017 /PRNewswire-USNewswire/ -- EB5 Affiliate Network ("EB5AN"), a leading EB-5 regional center and EB-5 service provider, announced their collaboration with Arnstein & Lehr, LLP ("Arnstein & Lehr") in developing an Automated Subscription Agreement for EB-5 regional centers that saves time and money and minimizes errors in the EB-5 project subscription process.
The Automated Subscription Agreement allows investors to efficiently complete the EB-5 project subscription agreement by entering in two (2) pages of personal data, which auto-fills fields throughout the remaining 20+ pages of the agreement, drastically reducing the time required to complete the agreement and minimizing the potential for errors.
Similar to the assumptions page of a traditional financial model, blue colored text indicates data fields that need to be entered by the investor. Entered data then automatically populates the entire agreement, easily and correctly completing all required fields. Additionally, all areas requiring signatures or initials are clearly marked with red arrows.
By eliminating the need to fill out a lengthy legal document by hand, entering the same information on multiple pages with different prompts, the Automated Subscription Agreement saves time and reduces the likelihood of errors that result in a costly back-and-forth between the regional center, the agent or broker, and the EB-5 investor.
Jointly developed with Arnstein & Lehr, the Automated Subscription Agreement was created by coding and reprogramming all of the required forms in a traditional EB-5 subscription agreement while fully integrating the NES Financial Subscriber Worksheet as well as current copies of IRS Forms W-8BEN and W-9.
Download a PDF Sample of Our Automated Subscription Agreement and Try It Out
Watch a Video Explaining How the Automated Subscription Agreement Works and How We Built It
Regarding the Automated Subscription Agreement, EB5AN Managing Partner Sam Silverman said, "We are thrilled to collaborate with Arnstein & Lehr to create a tool for regional centers that streamlines a vital step in the EB-5 process. The Automated Subscription Agreement greatly simplifies a time-consuming and potentially costly process and significantly reduces the risk of an EB-5 investor's wire transfer being rejected by an escrow bank due to an incomplete or incorrectly filled out subscription agreement."
"The Automated Subscription Agreement is an outstanding tool," said Ronald Fieldstone of Arnstein & Lehr. "It saves valuable time and reduces complexity for both regional centers and EB-5 investors. EB-5 escrow banks will reject wire transfers and will not open an EB-5 investor sub-account if a subscription agreement contains errors or is incomplete. If an investor's wire is rejected, there is a significant time delay and risk of losing the EB-5 investor to another project, and this tool dramatically reduces the chances of that occurring. Every EB-5 project in the market should have an automated subscription agreement to save time and money and minimize errors in the investor subscription process. That is why we are proud to offer this cutting-edge tool as part of our EB-5 offering to clients."
Rohit Kapuria of Arnstein & Lehr said, "One of Arnstein & Lehr's goals is to ensure that our EB-5 regional center and investor clients have the best tools available to make the EB-5 process accurate and simple. Our work with EB5AN to create the Automated Subscription Agreement helps achieve this goal."
Reid Thomas of NES Financial said, "This new automated subscription agreement is just one example of the innovative, value-add approach EB5AN has taken as a regional center operator and EB-5 consulting firm in streamlining the EB-5 investment process using the latest technology."
About EB5 Affiliate Network, LLC: EB5AN owns and operates 15 USCIS-approved regional centers with a geographic coverage area of 21 states. In addition to its regional center services, EB5AN is also a leading provider of EB-5 project consulting and regional center affiliation services and has been recognized by NES Financial, the leading EB-5 escrow solutions provider, as the only Medallion Solutions Partner for Regional Center Compliance. EB5AN is composed of a unique, international team from a diverse set of institutional backgrounds in both law and finance, including business strategy, private equity, securities, and real estate.
About Arnstein & Lehr, LLP: Arnstein & Lehr, LLP is one of the oldest and most respected law firms in the U.S. Since 2009, Arnstein & Lehr has been actively involved in the EB-5 industry, serving as corporate and securities counsel for multifaceted industries regarding EB-5 offerings. Arnstein & Lehr represents a vast number of regional centers and developers in EB-5 offerings that span more than 225 projects. Services include the preparation of private placement memoranda and related documents, and the team actively lectures and publishes in the EB-5 corporate and securities fields.
Media Contact: Samuel Silverman, EB5 Affiliate Network, 8002889138, sam.silverman@eb5an.com
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SOURCE EB5 Affiliate Network
