Promoting Job Creation and Economic Growth
Citizenship and Immigration Minister Chris Alexander announced that Canada will unveil a pilot program in January 2015 to attract experienced business immigrants who can actively invest in the Canadian economy, stimulating innovation, economic growth and job creation.
The new Immigrant Investor Venture Capital Pilot Program is part of a series of transformational changes that build on the Government’s commitment to build a fast and flexible economic immigration system.
In addition to making an investment of $2 million for a period of 15 years and having a net worth of $10 million, immigrant investors will be required to meet certain program eligibility criteria related to language and education, and have proven business or investment experience. This will ensure that immigrant investors will have a strong impact on the Canadian economy, and that those admitted for permanent residence will be well prepared to integrate into the Canadian business landscape and society.
This new pilot program will begin accepting applications in late January 2015 and will provide a pathway to permanent residence for approximately 50 immigrant investors and their families.
The creation of the Immigrant Investor Venture Capital Pilot Program fulfills the Government of Canada’s commitment in Economic Action Plan 2014 to create a more focused and effective pilot program that will ensure that immigrants who come to Canada deliver meaningful benefits to our economy.
Immigrant investor programs are currently in place in more than 30 countries worldwide.
The Government of Canada ended the previous Immigrant Investor Program and the Entrepreneur Program as neither program was determined to have contributed to Canada’s economic growth. Research indicated that immigrant investors under the previous programs were less likely than other immigrants to stay in Canada over the medium to long term.
By requiring a non-guaranteed investment of $2 million and including more selection criteria for skills and abilities, the Immigrant Investor Venture Capital Pilot Program will test a new approach to immigrant investor programming in Canada.
Investments into the Immigrant Investor Venture Capital fund will be used to seed innovative Canadian start-ups with high growth potential.
Immigrant investors who are selected will be required to obtain a due diligence report from a designated service provider in order to prove that their net worth of at least $10 million has been obtained from lawful, profit-making business activities.