Immigrant Investor Venture Capital (IIVC) Pilot Program
CIC (Citizenship and Immigration Canada) is planning to unveil the new Immigrant Investor Venture Capital (IIVC) Pilot Program. To facilitate the background information process, CIC is looking to outsource the financial due diligence.
If anyone wishes to apply under the IIVC Pilot Program, she must obtain a due diligence report from a qualified third party that screens and validates his wealth and business profile by paying such party directly, apart from CIC.
After obtaining such report, he must file such report in support of his application. The process will be similar to Education Assessment or Language proficiency testing – CIC will rely upon the qualified third party to assess the financial information for CIC, but such cost will be paid by each applicant.
Stay tuned for more announcements of IIVC Pilot Program in coming weeks.
- In Economic Action Plan 2014, the government announced that it will replace the ineffective Immigrant Investor Program and Federal Entrepreneur Program and eliminate their long-standing application backlogs in order to ensure that immigrant investors have opportunities to contribute to job creation and economic growth in Canada.
- The new IIVC pilot program will test the feasibility of attracting immigrants who will contribute to Canada’s growth and long-term prosperity by placing an at-risk investment in a new Canadian venture capital fund.
- Canada has great benefits to offer investors: ambitious entrepreneurs, a skilled labour force, a strong economy and a sound banking system.
- A key objective of the government is to ensure that capital is available to help finance the creation and growth of Canada’s most promising enterprises.
If you have any individual questions or concerns, please contact our office for more customized consultation for your unique situation. Please note that this posting is for general information only and is not to be considered binding or official legal counsel since situations will vary and can be complicated. The content in this post is current as of the day of entry. Due to the changing nature of Immigration law, the information in this entry may or may not still be applicable