On Friday, Canada’s Citizenship and Immigration Minister Chris Alexander and Industry Minister James Moore announced that Canada will start accepting applications for theImmigrant Investor Venture Capital (IIVC) Pilot Program on 28th January.
The programme will be open for applications between 28th January and 11th February, or until a maximum of 500 applications are received.
“Our government is reforming business immigration programming to target more active investment in Canadian growth companies and more innovative entrepreneurs,” explained Minister Alexander. “This pilot programme is designed to attract immigrant investors who will significantly benefit the Canadian economy and better integrate into our society, which will contribute to our long-term prosperity and economic growth.”
The creation of the IIVC fulfils the Government of Canada’s commitment in Economic Action Plan 2014 to create a more focused and effective pilot programme that will ensure that immigrants who come to Canada deliver meaningful benefits to its economy.
Research indicated that immigrant investors under the previous programme were less likely than other immigrants to stay in Canada over the medium to long term. Also, they contributed relatively little to the Canadian economy, earning very little income and paying very little tax.
“This pilot program is an important step toward delivering on our government’s promise to build a stronger venture capital ecosystem in Canada,” said Minister Moore. “A strategic source of capital is essential for our many growth firms in Canada to unlock their true potential. Our government is working to ensure that the right conditions are in place for innovative Canadian companies to succeed as they create jobs and build a strong economy.”