The Immigrant Investor Venture Capital (IIVC) Pilot Program accepts applications from international investors who possess the necessary skills and abilities to contribute to the Canadian economy and to become well integrated into Canadian society.

This program is currently reopened and is accepting applications from May 25 to December 30, 2015. The first 60 complete applications will be processed, with an additional 60 being placed on a waiting list. If 60 applications are processed and the additional 60 are placed on the waiting list prior to December 30, the program will close early.

Minimum Requirements

In order to be eligible for the IIVC Pilot Program, applicants must:

• have a personal net worth of at least CDN $10 million;
• be prepared to make a non-guaranteed investment in the IIVC Fund in the amount of CDN $2 million;
• demonstrate sufficient language proficiency (CLB 5) in either English or French in all four language abilities (reading, writing, speaking, and listening) by providing results from a language competency test taken in the past two years at an approved testing agency;
  • English:
    • International English Language Test System (IELTS)
    • Canadian English Language Proficiency Index Program (CELPIP) – available in Canada only
  • French:
    • Test d’Évaluation de Français (TEF)
• have a Canadian post-secondary degree, diploma, or certificate of at least one year; or
• have a foreign equivalent as validated by an Educational Credential Assessment (ECA) report from a designated organization.
  • If the applicant has a personal net worth of CDN $50 million or more, he or she can request an exemption from the education requirement.

Personal Net Worth

The applicant must have a personal net worth of at least CDN $10 million acquired through lawful, private sector business or investment activities. Business or investment activities could include the ownership or management of commercial entities or private sector activities such as public equity investments or private equity placements. Funds acquired through inheritance or in the value of the applicant’s primary residence will not count towards the personal net worth requirement.

Those applicants who qualify to be considered for the second stage review for the IIVC Pilot Program will be asked to obtain a due diligence report validating the applicant’s past business or investment experience, the source of funds, and his or her personal net worth. The due diligence report must be obtained from a designated service provider at the applicant’s expense. Designated service providers include:

• BDO USA, LLP
• Deloitte Forensic Inc.
• EY
• KPMG LLP
• PricewaterhouseCoopers (PwC) LLP
• Raymond Chabot Grant Thornton Consulting Inc.

Non-Guaranteed Investment

Applicants who are approved under the IIVC Pilot Program are required to make an investment in the Immigrant Investor Venture Capital Fund in the amount of CDN $2 million.The investment will be committed for approximately 15 years.

This is an at-risk investment, therefore, it is a possibility that applicants will lose some or all of their investment. As with any venture capital investment, however, applicants also have the potential to receive proceeds, either over time or at the end of the investment term. Proceeds are dependent on the performance of the IIVC Fund.

When Not to Apply

In addition to the eligibility requirements outlined above, candidates should not apply to the IIVC Pilot Program if they are inadmissible to Canada for any reason. Candidates who choose to do so will have their applications refused.

Additionally, candidates wishing to reside in Quebec should not apply to the IIVC Pilot Program as the program does not apply to this province.