New Commercial Enterprise
Also known as: NCE, job-creating entity (when same entity)
Financial · EB-5 Glossary · Last reviewed April 2026
Definition
The business entity in which the EB-5 investor places their capital. The NCE must be a lawful, for-profit entity established after November 29, 1990, or an existing entity that has been restructured or expanded. Qualifying entity types include corporations, partnerships, limited liability companies, joint ventures, and sole proprietorships.
Context
In the regional center model, the NCE is typically a limited partnership or LLC that receives investor funds and deploys them to the job-creating entity (JCE), which may be a separate entity.
Related Terms
More Financial Terms
- Capital
Cash, equipment, inventory, tangible property, cash equivalents, and indebtedness secured by assets owned by the investor, provided the investor is personally and primarily liable. Capital does not include assets acquired by unlawful means.
- Economic Impact Analysis
A formal study prepared by a qualified economist that quantifies the economic effects of an EB-5 project, including the number of direct, indirect, and induced jobs created. The analysis uses an accepted methodology (RIMS II or IMPLAN) and is a required component of the I-526E petition for regional center projects.
- Fund Administration
Under the RIA, regional centers must use a fund administrator to manage and hold EB-5 investor capital. The fund administrator serves as an independent custodian that controls the disbursement of investor funds according to the terms of the offering documents. This requirement was designed to prevent misuse of investor funds.
- Job-Creating Entity
The business entity that directly creates the jobs counted toward the EB-5 job creation requirement. In regional center projects with a two-entity structure, the JCE receives capital from the New Commercial Enterprise (NCE) and uses it to operate the business and hire employees.
- Operating Agreement
The governing document of the New Commercial Enterprise that establishes the rights and obligations of all members (investors) and the managing member. For EB-5 LLCs, the operating agreement typically defines voting rights, distribution preferences, capital call provisions, and the process for I-829 compliance.
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