Immigrant Investor Venture Capital Pilot Program
Are you a successful businessman that is looking for immigration to Canada?
There is a way to immigrate to Canada if you have a large sum of assets. It is considered immigration as investors. You might have heard that there is an Immigrant Investor Venture Capital Pilot Program, although it’s closed at this time being, it might still interest you somehow and might be good idea to learn about that, so that you can be ready to apply when it reopens, as qualified applicants.
Who is Eligible to apply for Investor Program?
In order to be eligible to apply for Immigrant Investor Venture Capital Pilot Program, you must show a personal net worth of more than $10 million Canadian dollars. No, you didn’t read it wrong. Yes, it is a LOT of money. The net worth here refers to your assets gained through your business or investment; those gained by inheritance or in the value of your primary residence do not count.
Those qualified immigrant investors will have to prove that their assets are from their legitimate business or investment activities such as income or capital gains obtained through the ownership or management of commercial, for-profit entities or funds acquired through private sector activities like public equity investments or private equity placements.
What would you need to apply for Canadian Investor Program?
You will have to satisfy the immigration officers with all of the requirements listed below to be eligible to apply under this Immigrant Investor Venture Capital Pilot Program aka IIVCP Program. You must also choose to live any province other than Quebec.
Proof of personal net worth
First of all, you need to have a wealth of at least $10 million Canadian dollars. Then you need to prove that it’s your legal assets.
While just starting to apply for IIVCP program immigration, you do not need to provide the due diligence report, only when your application is considered for the second stage review by the CIC, then they will ask you to get one to validate the source of your wealth, which means you passed the preliminary qualification.
A due diligence report which is an independent examination and validation of your past business or investment experience, source of funds and personal net worth. CIC requires that every applicant must provide the due diligence report which can be retrieved through the following listed choices:
- BDO USA, LLP
- Deloitte Forensic Inc.
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
You can check them out online and select one of them for the service and find out the best way to get the report, either by mail or through online service, or as instructed by any of those companies. You will be asked to submit relevant documents for their assessment in order to issue you a report, and you will have to pay a fee to get it. You have to get the report and submit to CIC within the certain time period.
The due diligence report will generally include the service provider’s opinion to show how your assets are acquired, whether it’s lawful or not, and it would also flag potentially negative information for a CIC officer to consider if any.
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 become a qualified candidate under this IIVCP Program, you will be asked to sign an agreement with CIC for a total of CDN $2 million to invest into the IIVC Fund for about 15 years. This has to be done willingly and at your own risk, and you will be notified to be aware of all the possible consequences.
In other words, there’s no guarantee that your investment will be secured. Your $2 million might get you an even bigger fortune in the future, or, you might lose a portion or all of the fund over the 15 years.
You can search online to learn about how this venture capital investment works.
Under this category of immigration program, there is language skills requirement. You need to prove your English or French in all ways, including speaking, reading, listening and writing.
You might have to take a language test, and your test results must meet the level 5 of Canadian Language Benchmark levels.
In order for your application to get to the next step for the program, you must submit your original language test results that cannot be older than two years.
You also must have a completed Canadian post-secondary degree, diploma or certificate of at least one year or a foreign equivalent which has to be validated by an original Educational Credential Assessment report that you can get 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 and meet the acceptable educational requirement.
You have to submit the original ECA report with a foreign education credential.
Only if you can show that you have a wealth of more than $50 million dollars, you can request to be exempt from this education requirement by filling a form from CIC.
One of the important things you need to be aware is if you are inadmissible to enter Canada. If you are inadmissible due to criminal or medical or financial reasons, you won’t be able to apply for immigration under this IIVCP Program.
There are many reasons for inadmissibility, such as:
- security reasons including espionage, violence or terrorism etc
- committed human or international rights violations including war crimes, crimes against humanity
- conviction of a crime that would be in prison for at least 10 years in Canada, or an committed act outside Canada that would be a crime
- conviction of DUI
- health problems that might affect public health or safety or need excessive medical or social assistance
- financial problems
- one of your family members is not allowed to enter into Canada
Contact Akrami & Associates
With the global growing economy, we understand there are many high profile or people with wealth that are seeking a better living environment for themselves and their family members. Canada is obviously one of the best choices for living.
This was a good choice for those who are wealthy and looking to immigrate to Canada. Although this federal immigration investor program is closed for application at this moment, there are alternative provincial programs.
If you are interested and qualified, contact our firm for more details. Our immigration lawyers will certainly help you to tailor the best way choice for you and your family.
With Akrami & Associates there is always a way!!