|Letter of Support|
|Section||What to look for:|
|General||· submitted by the applicant with the application|
|· contains specific information related to the applicant|
|· contains bio-data information of any persons related to the business|
|· no more than five total persons may be included in any one business|
|· identifies any essential applicants|
|General||· sent directly from the investing entity to CIC|
|· term sheet should also be included with the electronic version|
|Client||Name of the applicant|
|Information||· The officer may want to verify with the entity if the name indicated|
|is significantly different from the one indicated on the passport or|
|the IMM 0008.|
|· The name on the Commitment Certificate should be indicated as a|
|name. Flag in GCMS if it differs from the other names on file.|
|· Any essential applicants must be indicated on both the Letter of|
|Support and the Commitment Certificate. In all cases, these should|
|· If the application for an essential person is refused for any reason all|
|other applications related to that commitment must also be refused.|
|COPR documents may only be issued once all essential persons|
|identified in the Commitment Certificate have been approved for|
|· Example 1: Naya is a person identified as essential to the|
identified on the Commitment Certificate, but they are not
identified as essential. The other two persons are ready for
issuance of COPR documents. Naya has been found to be
inadmissible to Canada. Naya’s application must be refused. The
two other persons identified on the commitment must also be
refused because they are related to Naya’s application.
· Example 2: Naya is a person identified as essential to the
business by the investing entity. There are two other persons
identified on the commitment, but they are not identified as
essential. Naya and one other person are ready for issuance of
COPR documents. The third person on the commitment is found
to be inadmissible. The person found to be inadmissible must be
refused. Naya and the other approved person may be issued
COPRs because Naya, as the only essential person on the
commitment, is not inadmissible.
Describe the nature of the business operations to be conducted by the
· Officers should expect to see a short description of the type of
business which will be operated by the applicant. For example
“software engineering, promotion and distribution”.
Describe the amount of the investment; and how much is being invested? Who is investing? In the case of syndication, who is the lead investor?
· Officers should expect to see such details in the Commitment Certificate but should not expect to see proof of the investment in the form of bank transfers, etc., as the terms in the commitment are considered to be satisfactory evidence for the purposes of this pilot.
· If any designated venture capital funds are named on the commitment, one of them must be the lead investor and the minimum amount of combined, total funds submitted by all designated entities must be at least $200,000.
· If there are only angel investor groups on the commitment, they will choose one to act as the lead entity and the minimum total combined funds from all designated entities must be at least $75,000.
· It is possible for both venture capital funds and angel investor groups to support a single commitment but in that case, section 2(3)(a) of the MIs require that only a designated venture capital fund can serve as the lead entity, and the minimum total combined funds from all entities must be at least $200,000.