NEW INFORMATION FROM CIC WEBSITE New Immigrant Investor Venture Capital Pilot Program On December 16, 2014, Citizenship and Immigration Minister Chris Alexander announced that Canada start a pilot program in January 2015 to attract experienced business immigrants who can actively invest in the Canadian economy, stimulating innovation, economic growth and job creation. The new Immigrant Investor Venture Capital Pilot Program is part of a series of transformational changes that build on the Governments commitment to build a fast and flexible economic immigration system. In addition to making an investment of $2 million for a period of 15 years and having a net worth of $10 million, immigrant investors will be required to meet certain program eligibility criteria related to language and education, and have proven business or investment experience. This will ensure that immigrant investors will have a strong impact on the Canadian economy, and that those admitted for permanent residence will be well prepared to integrate into the Canadian business landscape and society. This new pilot program will begin accepting applications in late January 2015 and will provide a pathway to permanent residence for approximately 50 immigrant investors and their families. The creation of the Immigrant Investor Venture Capital Pilot Program fulfills the Government of Canadas commitment in Economic Action Plan 2014 to create a more focused and effective pilot program that will ensure that immigrants who come to Canada deliver meaningful benefits to our economy. Quick facts • Immigrant investor programs are currently in place in more than 30 countries worldwide. • The Government of Canada ended the previous Immigrant Investor Program and the Entrepreneur Program as neither program was determined to have contributed to Canadas economic growth. Research indicated that immigrant investors under the previous programs were less likely than other immigrants to stay in Canada over the medium to long term. • By requiring a non-guaranteed investment of $2 million and including more selection criteria for skills and abilities, the Immigrant Investor Venture Capital Pilot Program will test a new approach to immigrant investor programming in Canada. • Investments into the Immigrant Investor Venture Capital fund will be used to seed innovative Canadian start-ups with high growth potential. • Immigrant investors who are selected will be required to obtain a due diligence report from a designated service provider in order to prove that their net worth of at least $10 million has been obtained from lawful, profit-making business activities. Canada is attracting experienced immigrant investors who will contribute to our economic growth and long-term prosperity. 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.
Posted on: Sat, 20 Dec 2014 19:08:53 +0000
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