- Application Guidelines Announced for Immigration Investor Venture Capital Program
- April 9, 2015
- Law Firm: Fragomen Del Rey Bernsen Loewy LLP - New York Office
- Implementation guidelines for the Immigration Investor Venture Capital (IIVC) program have been published, following the announcement of the IIVC pilot program. Five hundred applications will be accepted for the IIVC program between January 28 and February 11, 2015, out of which 60 will be randomly selected for processing.
Eligible candidates must demonstrate either a net worth of CAD $10 million if they have one year or more of post-secondary education (or the foreign equivalent) or CAD $50 million for those who do not meet this educational requirement. Candidates must also demonstrate the requisite English language ability with an English language test administered by selected providers. Candidates must also agree to invest CAD $2 million to the Business Development Bank of Canada, and intend to reside in a province other than Quebec.
Application Selection Process
Applications will be randomly checked for completeness until 60 complete applications are identified. Selected applicants will be required to submit additional supporting documentation, including a financial assessment to prove their legally acquired net worth, within a specified deadline.
Applications in excess of the cap of 500 applications or after February 11, 2015 (whichever comes first) will be returned to the applicants, along with processing fees.
What This Means for Employers and Foreign Nationals
Foreign investors interested in applying for the IIVC program should contact their Fragomen immigration professional as soon as possible to start the application process.