One of the most unique immigration programs offered by the Canadian government has changed in the last couple of years. It is important to Akrami and Associates, that not only the immigration professionals are able to keep up with the changes, but also that we help our clients keep up with the changes as well. Therefore, this article will cover the changes which have taken place over the Canadian Investor program, formally known as the Federal Immigrant Investors and Entrepreneurs program. It has now become the Immigrant Investor Venture Capital Pilot Program, and more than just the name has changed.
Unfortunately, with the termination of the Federal Immigrant Investors and Entrepreneurs program, many applications were also terminated. If a decision was not made on your application before February 11, 2014, your application would have been terminated, and the fees should have been returned. The only exception to this is applications made under the Quebec Investor Program and the Quebec Entrepreneur Program.
There is the new Immigrant Investor Venture Capital Pilot Program. This is a pilot program, so as of now, it is only intended to remain for a temporary period of time, and is intended to offer up to 60 immigrant investors and their families a pathway to permanent residence. That said, it offers a very similar opportunity to the Federal Immigrant Investors and Entrepreneurs program.
You must meet all of the following requirements in order to be eligible for the Immigrant Investor Program. First and foremost, you must have a personal net worth of CDN $10 million or more. Obviously, you must have acquired this through lawful, private sector business or investment activities. Personal net worth acquired through inheritance will not be considered. Then, you must be prepared to submit a due diligence report. This is an independent examination and validation of your past business or investment experience, source of funds and personal net worth. Ultimately, this determines whether or not your funds were acquired lawfully. This report is not submitted with the initial application, but it will be requested if the application moves onto the second stage of processing. Finally, you must be willing and able to make an investment which is not guaranteed at a minimum of CDN $2 million in the Immigrant Investor Venture Capital (IIVC) Fund. The commitment for the 2 million dollars is a 15 year commitment.
Additionally, there is the language requirement. As with any application for permanent residence, you must prove you are proficient in either English or French. You must meet the minimum language levels of Canadian Language Benchmark (CLB) 5 for all four language abilities. Then, there is the education requirement. You must have a completed Canadian post-secondary degree, diploma or certificate, or, a foreign equivalent degree or diploma, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. Interestingly, if you can demonstrate that you have a personal net worth of $50 million or more acquired through lawful, private sector business or investment activities, you can request an exemption from the education requirement when you apply by filling out and submitting the form provided on the CIC website.
Well, you submit an application to Canadian Immigration Services, asserting that you are eligible for the Immigrant Investor Venture Capital Pilot Program. Then, you wait to see if you are selected for Stage 2, and asked to submit a due diligence report. If this is requested, submit this document, as well as anything else requested by the government of Canada, At this point, it is important to remember you are submitting an application for permanent residence, and you should include things which would be expected in an application for permanent residence. This includes showing you have a strong intent to settle in Canada, have no wish to continue to live in your country of origin, and wish to be a productive member of Canadian society. You should be prepared to submit police clearances, as well as medical clearances. It is important you are not inadmissible to Canada.
If your application is approved, you can begin to make investments by using an approved facilitator to help with the transfer of your investment, or, without a facilitator through an electronic funds transfer. To be clear, a facilitator is a financial institution approved by the Government of Canada. Generally, you will receive a letter with detailed instructions on how to begin investing. Usually, you must make the investment within 30 days of receiving this letter.
It is essential that you put together an application for Immigrant Investor Venture Capital Pilot Program completely, accurately, and honesty, as this opportunity is very unique, and due to the fact that you will immediately enter the Canadian working economy after receiving your permanent residency. Immigrant Investor Venture Capital Pilot Program are not an easy process to understand and complete and it is highly recommended that you seek out professional and experienced help before attempting to submit an application. Here at Akrami & Associates, we work and have experience with many different immigration issues. We have helped many of our clients gain economic experience and gain permanent residency in Canada through the Immigrant Investor Venture Capital Pilot Program. If you believe that you might be eligible for the Immigrant Investor Venture Capital Pilot Program, please feel free to contact Akrami & Associates at our office at 416-477-2545 for more information or if you would like to book a consultation for more advise.
With Akrami & Associates, there is always a way!