Citizenship and Immigration Canada has announced that Canada will now start accept to applications for the Immigrant Investor Venture Capital (IIVC) Pilot Program.
The program will be open for applications from January 28 to February 11, 2015, or until a maximum of 500 applications are received.
The IIVC Fund will invest in innovative Canadian start-ups with high growth potential, that will benefit the Canadian economy.
The creation of the IIVC fulfils the Government of Canada’s commitment to create a more focused and effective pilot program that will ensure that investors who come to Canada deliver meaningful benefits to the economy.
Under the former Immigrant Investor Program (IIP), immigrant investors had to invest $800,000 in Canada’s economy in the form of a repayable loan, without meeting the skills and abilities requirements of most of Canada’s economic immigration programs. Research indicated that immigrant investors under the previous program were less likely than other immigrants to stay in Canada. Also, they contributed relatively little to the Canadian economy, earning little income and paying little tax.
Citizenship and Immigration Canada (CIC) will accept up to a maximum of 500 applications received within the specified period and randomly draw applications until up to 60 complete applications are selected.
At CIC’s request, these selected applicants will need to obtain a due diligence report from a designated service provider to examine and validate the source of their wealth.
The IIVC Fund will be managed by BDC Capital, the investment arm of the Business Development Bank of Canada, and by participating fund managers.
C.I.C. is reforming business immigration programming to target more active investment in Canadian growth companies. This pilot program is designed to attract immigrant investors who will significantly benefit the Canadian economy and better integrate into our society.