Immigrating to Canada is possible for all persons seeking to establish themselves in another country, no matter their financial situation. Foreign citizens interested in moving to Canada have various options of doing that, among which the regular ways which imply obtaining employment or starting a business here. However, there are also special programs which enable high net worth individuals interested in migrating to Canada to do that. Among these, the Immigrant Investor Venture Capital Pilot Program (IIVC) is the most important.
Our Canadian company formation consultants explain below how to move here based on the requirements of the Immigrant Investor Venture Capital Pilot Program. We can help those who want to apply for citizenship under the Immigration Investor Venture Capital Program in Canada.
Eligibility for the Immigration Investor Venture Capital Program in Canada
As mentioned above, only high net worth individuals can move to Canada based on the Immigration Investor Venture Capital Program, however, when it comes to country of origin requirements, there are no restrictions.
In order to be eligible for the Immigrant Investor Venture Capital Pilot Program, a person must:
- have a net worth of at least 10 million Canadian dollars which have been obtained legally;
- the amount of money cannot be obtained as an inheritance, but only through an investment or as a business income;
- the amount of money cannot be linked to the primary home of the applicant (the money cannot be obtained from the sale of such property upon relocation);
- at least 2 million Canadian dollars must be invested in the Immigrant Investor Venture Capital Fund for a minimum period of 15 years;
- the applicant must have sufficient knowledge of the French, English or both languages (tests can be taken for this purpose).
It is worth noting that the Immigrant Investor Venture Capital Pilot Program is a new scheme which was enabled by the government in 2015 and at the moment the processing of the applications takes around 6 months to complete.
Our local consultants can offer specialized assistance to those seeking to immigrate here through the Canadian Immigration Investor Venture Capital Program. We can also support those who want to obtain residency by setting up a business in Canada.
The due diligence report under the Immigration Investor Venture Capital Program
A special requirement of the Canadian Immigrant Investor Venture Capital Pilot Program is for the applicant to obtain a due diligence report. This report can only be obtained from one of the following specialized agencies:
- BDO USA;
- Deloitte;
- Ernst & Young;
- KPMG;
- PwC;
- Raymond Chabot Grant Thornton Consulting Inc.
The applicants can also request the services of specialized incubators, however, this is not a mandatory requirement.
Our company registration advisors in Canada can offer more information on how to obtain the due diligence report for the Immigrant Investor Venture Capital Pilot Program.
The procedure for immigrating to Canada under the IIVC
The process of moving to Canada through the Immigrant Investor Venture Capital Pilot Program implies filing a set of documents with the Citizenship and Immigration Canada (CIC). During the first stage of the program, the applicant is required to file the due diligence report and proof of the net worth. Once the application has been verified and acceptance has been given, the CIC will contact the applicant for the second stage of the program which implies the issuance of the Canadian investor visa. Only then, the 2 million Canadian dollars investment can be made with the Immigrant Investor Venture Capital Fund.
If you are interested in moving to Canada under the Immigration Investor Venture Capital Program, our company formation agents can offer detailed information on the application procedure.
Special considerations under the IIVC in Canada
Those looking to immigrate to Canada under the Immigrant Investor Venture Capital Pilot Program must consider the following:
- the Canadian Immigrant Investor Venture Capital Pilot Scheme is not opened all the time;
- the Canadian immigration authorities will accept 60 applications at a time for the duration of the program;
- only after the 60 applications have been submitted, the CIC will start reviewing the documents and contact those who have been accepted;
- once accepted, the applicant will need to take the language test and undergo the medical examination.
If you need more information or assistance in enrolling with the Immigrant Investor Venture Capital Pilot in Canada, please contact our local company registration representatives.