The federal Immigrant Investor Program has been closed. On June 19, 2014, Bill C-31 became law – archived, terminating applications still in the backlog of the federal Immigrant Investor Program and Entrepreneur Program.
Under the Immigrant Investor Venture Capital (IIVC) Pilot Program each immigrant investor will provide CDN $2 million (fully at risk) for the Immigrant Investor Venture Capital Fund. This fund will invest in innovative Canadian start-ups with high growth potential, for the benefit of Canada. The fund will be managed by BDC Capital, the investment arm of the Business Development Bank of Canada, and by participating fund managers that were previously chosen to manage Government of Canada investments under the Venture Capital Action Plan. As with any venture capital investment, immigrant investors could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund’s performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
You, as an applicant, must meet all of the requirements listed below to be eligible to apply under the Immigrant Investor Venture Capital Pilot Program:
Personal net worth
You must have a personal net worth of CDN $10 million or more. Your net worth must have been acquired through lawful, private sector business or investment activities. Please note personal net worth acquired by inheritance or in the value of your primary residence will not count towards the personal net worth requirement.
Proof of personal net worth
CIC will require applicants whose applications can be considered for the second stage review to obtain a due diligence report at their expense from one of the designated service providers. The due diligence report is an independent examination and validation of your past business or investment experience, source of funds and personal net worth.
Non-guaranteed investment in a venture capital fund
You must be willing and able to make an at-risk investment (non-guaranteed) of CDN $2 million in the Immigrant Investor Venture Capital (IIVC) Fund. If you are one of the immigrant investors approved under this program, you will be required to enter into an agreement with CIC committing a sum of CDN $2 million to the IIVC Fund for approximately 15 years. As with any venture capital investment, you could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund’s performance and will be based on its gains or losses, including expenses and fees incurred to manage it. However, this would be an at-risk investment. This means that there is no guarantee of a return and it is possible that you could lose some or all of your investment.
You must prove your proficiency in English or French in all four language abilities (speaking, reading, listening and writing).
You must have a completed Canadian post-secondary degree, diploma or certificate of at least one year, or a foreign equivalent, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. The ECA report must indicate that your completed foreign education credential is equal to a completed Canadian post-secondary education credential of at least one year.
Note: On June 19 2014, Bill C-31 became law, and applications still in the backlog of the federal Immigrant Investor Program and Entrepreneur Program were terminated. Furthermore, at this time, the Government of Canada is not accepting new applications under the Immigrant Investor Venture Capital (IIVC) Pilot Program.