Canada continues to test demand for the Immigrant Investor Venture Capital (IIVC) Pilot Program – a program that will ensure that immigrants who come to Canada deliver meaningful benefits to the country’s economy and society – and has reopened it.
The IIVC Pilot Program targets high investments and immigrants with skills and abilities, with the objective of stimulating Canada’s economy and promoting growth. The investments made through this pilot will be used to fund innovative Canadian start-ups with high growth potential.
The IIVC program is open until December 30, 2015, and interested candidates are strongly encouraged to schedule a language test and to get their foreign educational credentials assessed by a designated organization, if required, as soon as possible to ensure that they are able to submit their application before the program closes.
A few quick facts:
Citizenship and Immigration Canada will process the first 60 complete applications received (including complete applications received in previous intake periods). Up to an additional 60 applications will also be placed on a waiting list.
Under this pilot program, immigrant investors will be required to make a $2 million non-guaranteed investment in a new IIVC Fund for a period of approximately 15 years, be proficient in English or French, have post-secondary education and have proven business or investment experience.
The IIVC Fund will be managed by BDC Capital, the investment arm of the Business Development Bank of Canada, and by participating fund managers. The immigrant investor’s investments will be used to fund innovative Canadian start-ups with high growth potential across Canada. The IIVC Fund will work the same as a typical 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 and the net of expenses and fees incurred to manage it.
“The Immigrant Investor Venture Capital Pilot Program will greatly benefit the Canadian economy by attracting immigrant investors with strong business skills,” said Chris Alexander, Canada’s Citizenship and Immigration Minister. “Keeping program standards high will ensure that Canadians continue to benefit from our immigration programs.”