The Immigrant Investor Venture Capital (IIVC) Pilot Program has been extended from May 25, 2015 to December 30, 2015. The original window closed on February 11, 2015. Citizenship and Immigration Canada will process the first 60 complete applications received (including complete applications received in previous intake periods) and will place up to 60 more applications on a waiting list.
Under the program, applicants must have a net worth of $10 million and must make an investment of $2 million into the IIVC Fund for 15 years. The funds will be invested in innovative Canadian start-ups with high growth potential. Applicants must also meet certain language and educational criteria, and have proven business or investment experience.
The IIVC Fund will be managed by BDC Capital, the investment arm of the Business Development Bank of Canada, and by participating fund managers. The IIVC Fund will function as a typical venture capital investment. Investors can choose to receive proceeds, which depend on the fund’s performance, over time or at the end of the investment term.
What This Means for Foreign Nationals
Interested candidates should schedule a language test and an assessment of foreign educational credentials by a designated organization, if required, as soon as possible to ensure that they are able to submit their application before the program closes.
This alert is for informational purposes only. If you have any questions, please do not hesitate to contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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