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The Law Firm of

JASON HUF INTERNATIONAL, pc

"Exploring the Boundaries
 
of Your Business." 

______________________________

NEW YORK

11 Broadway, Suite 615
New York, New York
USA  10004
+1 (917) 775-0198 (p)
+1 (646) 395-1725 (f)

______________________________

JEDDAH

Khalil Khazindar Law Firm
in Association with
JASON HUF INTERNATIONAL pc
Ammar Commercial Center

Al Murjan Street (off of King Abdul Aziz Street), Office # 202
P.O. Box 157,  Jeddah  21411
Kingdom of Saudi Arabia
+966 (2) 4204763 (p)
+966 (2) 4204729 (f)
www.khazindarlaw.com
______________________________

info@huflaw.com

Office Hours: By Appointment Only

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  • EB-5 (Investor) Visas

    With possible changes to US immigration law on the horizon, aspiring immigrants to the Land of Liberty may have a feeling of uncertainty at present. A tightening of legal immigration may be part of a deal in Washington, DC designed to address illegal immigration.

    It is impossible at the time of this writing to know exactly how immigration law will change, or if it will actually change at all. But, we do know of one immigration law that already meets the requirements of the US President, as publicly expressed during negotiations thus far, with a program that uses merit-based criteria and which provides economic growth:  the law authorizing the issuance of EB-5 Visas to Foreign Investors.

    Under the law, Foreign Investors who invest a minimum amount of capital in such a way as to create and/ or maintain ten or more US jobs have the opportunity to apply for a Green Card through the facility of the EB-5 Visa program.  The minimum level of capital the Foreign Investor has to commit is determined by the classification of the targeted region of the investment itself.

    Participating in the resurgence of the greatest economy on earth while pursuing a credible opportunity to secure permanent residency status for you and your immediate family seems a double-win.  The economic growth it generates while providing entry to entrepreneurial immigrants with substantial resources of their own would certainly seem to be good for America as well.

    If you are interested in investing in the US economy (either directly or through a reputable Approved Regional Processing Center) and seeking a Green Card, contact JHI today for more information on the EB-5 (Investor) Visa program -- info@huflaw.com

    With offices in New York, NY & Jeddah, Saudi Arabia; and, additional on-the-ground resources available in the UAE, India and Singapore, JHI is in an ideal position to be of assistance and we will be happy to help.
  • Saudi Arabia's "Companies Law" of 2015

    Saudi Arabia's (KSA) new Companies Law of 2015 came into effect on May 2, 2016.  At JHI, we wished to see the new law in practice and how it would be enforced by Saudi authorities before commenting.  In the meantime, much has already been written about the new law and we need not cover the same ground here.

    Of particular interest to clients and potential clients of JHI is, we believe, the law's provision of the option of Sole Proprietorships (or "Single-Shareholder" companies), and how applications for the licensing and registration of such by foreign investors are treated by the Ministry of Commerce and Investment and the Saudi Arabian General Investment Authority (SAGIA).

    As a general matter, the new law provides that SAGIA may continue to impose additionally stringent incorporation requirements on companies being established with the backing of foreign investors.  While the process of approving incorporation applications has been somewhat streamlined at SAGIA, a certain level of uncertainty, especially at the beginning stages of such an application, remains.

    When considering establishing or reforming an entity in the KSA, JHI feels that if a foreign investor has a trustworthy local partner/ agent (or "sponsor") then, for the time being, it may remain prudent to make use of such local parties when doing business in the Kingdom.  In addition to possibly enjoying a smoother approval process, one might avoid any potential bureaucratic pushback by some recalcitrant officials who may still be resistant to the Vision 2030 reforms more generally.

    The relationship with one's local sponsor can be further clarified via a side letter to the sponsorship agreement.  Such sideletters have been enforced by Saudi courts with increasing regularity.  And, JHI hopes that the provision for Single-Shareholder companies in the new Companies Law is not seen by the local judiciary as a rationale for reversing this trend.

    We will have more to say about the execution and enforement of the new Companies Law and other reforms as events (rapidly) progress.  Speaking of events, recent news indicates a very real likelihood of a shift in the direction of investment capital flowing between the Untied States and the Kingdom of Saudi Arabia.

    Where the Riyals of the Sovereign Wealth Fund go, other Saudi-based investment capital tends to follow.  With that in mind, JHI is seriously considering offering the shepherding of EB-5 (Investor) Visa applications to the menu of professional services our firm offers to incoming companies that invest in the United States, particularly New York, Pennsylvania and/ or New Jersey, where Mr. Huf is admitted to bar.  JHI will have more to say on this in the near future as well.