Canada has extended the period in which it accepts applications for the Immigrant Investor Venture Capital (IIVC) Pilot Programme, the new programme for investors interested in migrating to Canada.
Instead of closing for applications on February 11, 2015, Canada has announced to extend the application period until April 15, 2015, giving investors more time to prepare and submit their complete files.
The IIVC programme is geared towards wealthy investors who wish to settle down in the Northern American country. The programme replaced the Federal Immigrant Investment Programme (FIIP) and the Entrepreneur Programme, both of which had been closed for applications for a long time due to an increasing backlog.
Within a timeframe of a mere couple of months the government will accept 500 applications, while only 60 successful candidates will be selected to be granted permanent residency status.
Given the competitive nature of the programme and the importance of the preparation of a complete file, the extension period will serve the applicant well.
“The pilot program has been criticised in some quarters due in part to the initial limited period during which applications would be accepted. Given that candidates are required to submit language test results and post-secondary education credentials as part of their application, the limited window of opportunity effectively made it extremely difficult for them to submit their candidacy in time.
The extended window of opportunity provides additional time for them to do so,” wrote the Citizenship and Immigration Canada (CIC) on its website.
The applicant is eligible when adhering to the following requirements;
– Make a non-guaranteed CAD2 million (Dh6.3 million) investment for 15 years into the Immigrant Investor Venture Capital fund. These funds will be invested in innovative Canadian-based start-ups with high growth potential
– Demonstrate a legally obtained net worth of at least CAD10 million (Dh31.7 million) derived from lawful, profit-making business activities, which will be verified by a designated due diligence service provider. Only applicants selected for processing will be required to obtain a due diligence report from a designated service provider;
– Prove language proficiency in either English or French
– Submit education credentials, which could be a Canadian post-secondary degree, diploma or certificate, or proof of a completed foreign education credential and an equivalency assessment from a designated organisation.
Although the window for applications has been extended, the application intake will be halted when 500 applications have been received. This procedure occurs on a ‘first come, first count’ basis. Noteworthy is that applications were also accepted from January 28 to February this year.
The IIVC programme is believed to actually meet Canada’s labour market and economic needs, as the existing programmes had generated criticism over the years.
In the meantime, Quebec is accepting applications for its own investors’ programme with an extended application window until March 20, 2015.
A total of 1,750 files will be accepted for assessment, with a maximum of 1,200 applications made by applicants from any one country, while 550 applicants will be selected for permanent residency through the provincial programme.
An applicant must have, alone or with his accompanying spouse, a net asset worth of at least CAD1.6 million, and an agreement must be signed to invest CAD800,000 with a financial intermediary authorised to participate in the Investor Program, while application fees will add up to CAD10,000.