dismissed EB-2 NIW Case: Finance

U.S. Citizenship 
and Immigration 
Services 
Non-Precedent Decision of the
Administrative Appeals Office 
Date: SEP. 25, 2023 In Re: 28423766 
Appeal of Texas Service Center Decision 
Form 1-140, Immigrant Petition for Alien Workers (National Interest Waiver) 
The Petitioner, a financial and investment specialist, seeks classification under the employment-based, 
second-preference (EB-2) immigrant visa category as a member of the professions holding an 
"advanced degree" and requests a waiver of the category's job-offer requirement. See Immigration 
and Nationality Act (the Act) section 203(b )(2)(B)(i), 8 U.S.C. § l 153(b )(2)(B)(i). U.S. Citizenship 
and Immigration Services (USCIS) has discretion to excuse a job offer - and thus the requirement for 
certification from the U.S. Department of Labor - if he demonstrates that a waiver would be "in the 
national interest." Id. 
The Acting Director of the Texas Service Center denied the petition. The Director found the Petitioner 
qualified for the requested immigrant visa category as an advanced degree professional and agreed 
that his proposed U.S. endeavor has "substantial merit." But the Director concluded that he did not 
demonstrate that: 
• the undertaking has "national importance;" 
• he is "well-positioned" to advance the endeavor; or 
• a waiver ofU.S.-worker protections would, on balance, benefit the country. 
On appeal, the Petitioner contends that the Director misread applicable case law. 
The Petitioner bears the burden of demonstrating eligibility for the requested benefit by a 
preponderance of the evidence. Matter of Chawathe, 25 I&N Dec. 369, 375-76 (AAO 2010). 
Exercising de novo appellate review, see Matter of Christo 's, Inc., 26 I&N Dec. 537, 537 n.2 (AAO 
2015), we conclude that he has not established that his proposed endeavor has national importance. 
We will therefore dismiss the appeal. 
I. LAW 
To establish eligibility for national interest waivers, petitioners must first demonstrate their 
qualifications for the requested EB-2 immigrant visa category - either as advanced degree 
professionals or noncitizens with "exceptional ability" in the sciences, arts, or business. Section 
203(b)(2)(A) of the Act. To protect the jobs of U.S. workers, this visa category generally requires 
prospective employers to seek noncitizens' services and obtain DOL certifications to permanently 
employ the beneficiaries in the country. Section 212(a)(5)(D) of the Act, 8 U.S.C. § 1182(a)(5)(D). 
To avoid these job offer/labor certification requirements, petitioners must demonstrate that waivers of 
the U.S.-worker protections are in the national interest. Section 203(b)(2)(B)(i) of the Act. 
Neither the Act nor regulations define the term "national interest." So, we have established a 
framework for adjudicating these waiver requests. See Matter of Dhanasar, 26 I&N Dec. 884, 889 
(AAO 2016). If otherwise qualified as advanced degree professionals or noncitizens of exceptional 
ability, petitioners may merit discretionary waivers of the job-offer/labor certification requirements if 
they establish that: 
• their proposed U.S. work has "substantial merit" and "national importance;" 
• they are "well positioned" to advance their intended endeavors; and 
• on balance, waivers of the job-offer/labor certification requirements would benefit the United 
States. 
Id. 
II. ANALYSIS 
The Petitioner, a Colombian native and citizen, received a bachelor of business administration degree 
and a master's degree in finance in his home country. He has worked in the financial analysis and 
investment field for more than 10 years, holding positions as a junior commercial advisor, stockbroker, 
and investment specialist. Most recently, he has worked as an independent trader and financial 
consultant. In the United States, he seeks to establish his own business, providing financial and 
investment consulting services to small and medium-sized businesses. 
A. Advanced Degree Professional 
The record indicates that the Petitioner's Colombian magister en finanzas equates to a U.S. master's 
degree in finance. We therefore agree with the Director that the Petitioner qualifies for the requested 
immigrant visa category as an advanced degree professional. See 8 C.F.R. § 204.5(k)(2) ( defining the 
term "advanced degree" to include "any United States academic or professional degree or a foreign 
equivalent degree above that of baccalaureate"). 
B. Substantial Merit 
A proposed endeavor may have substantial merit if it has the potential to create a significant economic 
impact or if it relates to research, pure science, or the furtherance of human knowledge. Matter of 
Dhanasar, 26 I&N Dec. at 889. The record shows that the Petitioner's proposed financial and 
investment advice could improve U.S. financial literacy and spur the growth of small businesses, 
which create a majority of new jobs in the country. We therefore agree with the Director that the 
Petitioner's proposed endeavor has substantial merit. 
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C. National Importance 
Whether a proposed undertaking has national importance depends on its "potential prospective 
impact." Matter of Dhanasar, 26 I&N Dec. at 889. Endeavors with national or global implications 
within a particular field - such as those introducing improved manufacturing processes or medical 
advances - may have national importance. Id. But USCIS also looks beyond geographical scope when 
evaluating potential impact. Id. Thus, "[a]n endeavor that has significant potential to employ U.S. 
workers or has other substantial positive economic effects, particularly in an economically depressed 
area, for instance, may well be understood to have national importance." Id. at 890. 
The Director found insufficient evidence that the Petitioner's consulting business would impact a 
region or the country at a nationally important level or that his work "would have broader implications 
for the financial management field." On appeal, the Petitioner contends that his undertaking has 
national importance because it would: employ U.S. workers; affect matters the U.S. government 
considers to be nationally important; and enhance societal welfare. 
1. Employment of U.S. Workers 
As proof that his endeavor would employ U.S. workers, the Petitioner quotes the following part of an 
expert opinion letter from a U.S. finance professor: 
The U.S. financial services industry is worth about $4.85 trillion. This is the industry's 
revenue as of 2021, and it contributes $1.5 trillion to the U.S.'s total Gross Domestic 
Product (GDP), which ends up accounting for 7.4% of the total GDP. Leadership in 
this large, high-growth sector translates into substantial economic activity and direct 
and indirect job creation in the United States. 
The letter focuses on the U.S. financial services industry. But, when determining a proposal's national 
importance, USCIS must concentrate on "the specific endeavor that the foreign national proposes to 
undertake." Matter ofDhanasar, 26 I&N Dec. at 889. Thus, the letter's recitation of statistics about 
the national financial services industry does not demonstrate that the Petitioner's specific endeavor 
would create U.S. jobs. 
The Petitioner further quotes the expert opinion letter as saying: 
[The Petitioner] will use his experience to help companies improve financial operations 
and achieve better profitability levels, therefore generating revenues within the country 
and creating employment opportunities. Growth supported by these companies will 
pay dividends for all U.S. citizens by increasing tax revenues to the federal and state 
governments and increasing the funds available to spend on hospitals, schools, roads, 
and other essential services. 
We are unable to locate this claimed quotation in the expert opinion letter. But, assuming the expert 
said it, it would not sufficiently demonstrate that the Petitioner's endeavor would employ U.S. 
workers. The quotation focuses more on his particular proposed undertaking than the prior extract. 
But the record lacks specifics about the Petitioner's plan. In response to the Director's request for 
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additional evidence, the Petitioner submitted a business plan. But the plan does not indicate the 
business's proposed scope, such as its projected number of employees or clients, or its projected 
revenues. Without such information, the record does not demonstrate that his or his clients' businesses 
have the potential to employ a nationally significant amount of U.S. workers. 
2. Impact on Matters Described by Government Entities as Nationally Important 
The Petitioner also contends that his undertaking would affect matters that the U.S. government 
considers to be 
nationally important. Specifically, he asserts that the country faces a "financial literacy 
crisis" and that, to combat it, financial advisors must educate their clients about money matters and 
monetary practices. He cites the U.S. government's initiatives to prioritize financial literacy and 
support small businesses. The Petitioner states his "proposed endeavor is specifically [intended] to 
devise and formulate plans that will assist small business in improving efficiency and financial literacy 
which will produce greater profits and result in the expansion of small businesses." 
As previously indicated, we agree that the Petitioner's proposed endeavor has substantial merit. But, 
again, we must focus on the potential impact of his specific endeavor. Matter ofDhanasar, 26 I&N 
Dec. at 889. The Petitioner has not provided sufficient evidence to demonstrate that his specific 
business would have enough impact to significantly combat the nation's financial literacy crisis and 
support small businesses. When determining national importance, it is not enough to be a small part 
of a solution. A petitioner must demonstrate that their particular undertaking would have national or 
global implications, or the potential to provide substantial economic benefits. Id. at 889-90. 
3. Enhancement of Societal Welfare 
Finally, the Petitioner states that his financial knowledge will not merely benefit his business and 
clients. He contends that his endeavor would more broadly enhance U.S. societal welfare. He states: 
"The dissemination of financial literacy is exponential and functions like a web - constantly expanding 
to more and more individuals and businesses." Also, the Petitioner contends that the United States 
faces a shortage of financial professionals as a growing percentage of Americans reach retirement age 
in need of monetary advice. 
We acknowledge the need for financial advisory services in the United States. But the Petitioner has 
not submitted sufficient evidence detailing the scope of his particular proposed business. Thus, he has 
not demonstrated that his specific endeavor would improve societal welfare on a nationally significant 
level. In sum, he has not established that his undertaking has national importance. 
Our conclusion that the Petitioner has not demonstrated the national importance of his proposed 
endeavor resolves this appeal. We therefore decline to reach and hereby reserve his appellate 
arguments regarding his positioning to advance the undertaking and the benefits to the country of 
waiving U.S.-worker protections in his case. See INS v. Bagamasbad, 429 U.S. 24, 25 (1976) (stating 
that agencies need not make "purely advisory findings" on issues unnecessary to their ultimate 
decisions); see also Matter of L-A-C-, 26 I&N Dec. 516, 526 n.7 (BIA 2015) (declining to reach 
alternate issues on appeal where an applicant did not otherwise qualify for relief). 
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ORDER: The appeal is dismissed. 
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