In June of 2009, the International Michigan Investments Regional Center ("IMI Regional Center") had its geographic scope approved as to Emmet County located in northern Michigan near the resort town of Petoskey. As a consequence, the IMI Regional Center's first project, a commercial real estate project, was located in Emmet County.
On May 2, 2011, USCIS granted the IMI Regional Center the entire state of Michigan as its geographic scope. IMI Regional Center can now offer EB5 compliant capital investments into one of the following businesses anywhere in Michigan:
- Real estate development.
- Agri-food (food processing industry).
- Alternative energy projects.
- Light manufacturing/industrial.
Now that IMI Regional Center may place investments throughout Michigan, it is analyzing potential investments and has numerous projects under consideration. IMI Regional Center is bullish on the investment opportunities in Michigan. This is because of the following developments:
- The American auto industry is leaner and has started to retool to continue to be competitive in the world market. The Michigan auto industry is on a rebound and so are its suppliers, many of which are also located in Michigan.
- Michigan has ended its unpopular business tax and now business owners pay a modest personal income tax rate. The state tax structure in Michigan is much more competitive with "C" corporations paying 6% on federal taxable income, apportioned to Michigan.
- There is access to capital through the Michigan Economic Development Corporation and other sources.
- Michigan offers highly-educated workers. The University of Michigan is the number 1 ranked public university in North America and the state of Michigan produces more engineers than many other states in the U.S. The Michigan Economic Development Corporation has a talent enhancement team, which works closely with businesses to identify and screen talent.
- There are numerous local incentives including property tax abatement programs available at the local government level to assist expanding businesses.
- Finally, Michigan has a history of manufacturing and has been forced to diversify its manufacturing over the last 10 years. Led by Michigan State University, the University of Michigan, and Wayne State University, a university research corridor has been created, which will help Michigan regain its prominence as a manufacturing center for the entire country.
IMI Regional Center looks forward to discussing with foreign investors the possibility of making things happen in Michigan and looks forward to putting foreign capital with Michigan talent.