Government opening the Immigrant Investor Venture Capital Pilot Program
January 23, 2015 — Ottawa — Canada’s Citizenship and Immigration Minister Chris Alexander and Industry Minister James Moore announced today that Canada will start accepting applications for the Immigrant Investor Venture Capital (IIVC) Pilot Program on January 28, 2015.
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 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
- 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 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 over the medium to long term. Also, they contributed relatively little to the Canadian economy, earning very little income and paying very 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.
Quotes
“Our government is reforming business immigration programming to target more active investment in Canadian growth companies and more innovative entrepreneurs. This pilot program is designed to attract immigrant investors who will significantly benefit the Canadian economy and better integrate into our society, which will contribute to our long-term prosperity and economic growth.”
Chris Alexander, Canada’s Citizenship and Immigration Minister
“This pilot program is an important step toward delivering on our government’s promise to build a stronger venture capital ecosystem in Canada. A strategic source of capital is essential for our many growth firms in Canada to unlock their true potential. Our government is working to ensure that the right conditions are in place for innovative Canadian companies to succeed as they create jobs and build a strong economy.”
James Moore, Industry Minister
Related Products
- Promoting Job Creation and Economic Growth
- Immigrant Investor Venture Capital Pilot Program
- Ministerial Instructions
Follow us on Twitter: twitter.com/CitImmCanada
Photos of Minister Alexander available at: http://www.cic.gc.ca/english/department/media/photos/index.asp
Contacts
Kevin Menard
Minister’s Office
Citizenship and Immigration Canada
613-954-1064
Media Relations
Communications Branch
Citizenship and Immigration Canada
613-952-1650
CIC-Media-Relations@cic.gc.ca
Building a stronger Canada: Citizenship and Immigration Canada (CIC) strengthens Canada’s economic, social and cultural prosperity, helping ensure Canadian safety and security while managing one of the largest and most generous immigration programs in the world.
