Yes, a business plan is essential for an EB-5 visa application and must comply with the standards set in the precedent decision matter of ho. The plan must clearly outline the project’s objectives, market strategy, and organizational structure. It should demonstrate how the investment will create at least 10 full-time jobs within two years and include detailed hiring timelines and job descriptions. Financial projections, such as income, expenses, and cash flow, must be well-supported with research. Additionally, the plan should address required licenses and regulatory compliance. A credible, detailed business plan substantiates the investment’s viability and supports USCIS approval.