Benefits of the Program
- The Immigrant Investor Venture Capital (IIVC) pilot program is a new approach to immigrant investor programming in Canada, which is expected to have strong benefits for the Canadian economy.
- The program will target high-net worth business immigrants with skills and abilities that will help them integrate into the Canadian economy and society.
- Each investor will be required to make a $2 million non-guaranteed investment for 15 years into the IIVC fund. These funds will be invested in innovative Canadian-based start-ups with high growth potential.
- The pilot program will provide approximately 50 investors and their families with a pathway to permanent residence.
Overview of eligibility factors
Selection criteria under the pilot program are designed to attract investors with skills and abilities that will help their integration into the Canadian economy and society. These include:
- proven language proficiency in one of Canada’s official languages;
- education credentials: a Canadian post-secondary degree, diploma or certificate, or proof of a completed foreign education credential and an equivalency assessment from a designated organization; and
- a legally obtained net worth of at least $10 million derived from lawful, profit-making business activities, which will be verified by a designated due diligence service provider. Only applicants selected for processing will be required to obtain a due diligence report from a designated service provider.
Applications to the program will be accepted starting in late January 2015.
Overview of the application process
Citizenship and Immigration Canada will accept up to a maximum of 500 applications within a specified period.
Applications will be selected randomly for processing until approximately 50 approved applications are finalized. Applications that are not retained will be returned.
It is expected that selected applicants will receive a decision on their applications within approximately six months of submitting all required documentation. Successful applicants will become permanent residents.
This approach will help prevent a backlog of applications, provide fair access to the application process to a greater number of applicants, ensure that a variety of applications are received and ensure efficient processing.
Further details on the application process will be available at the launch of the pilot program in January 2015.
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