Immigrant Investor Venture Capital Pilot Program
If you are an international investor with the skills and abilities needed to contribute to the Canadian economy and integrate into Canadian society, you may be eligible to apply for permanent residence under the Immigrant Investor Venture Capital (IIVC) Pilot Program.
Note - The application period for the Immigrant Investor Venture Capital (IIVC) Pilot Program is closed. The Department is not accepting applications at this time.
eligibility – Immigrant Investor Venture Capital Pilot Program
Personal Net Worth. You must have a personal net worth of CDN $10 million or more. Your net worth must have been acquired through lawful, private sector business or investment activities.
Proof of Personal Net Worth. We will require applicants whose applications can be considered for our second stage review to obtain a due diligence report at their expense from one of the following designated service providers:
- BDO USA, LLP
- Deloitte Forensic Inc.
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
The due diligence report is an independent examination and validation of your past business or investment experience, source of funds and personal net worth.
The report will include the service provider’s opinion as to whether your wealth was acquired through lawful, private sector business or investment activities. Their report would also flag any potentially negative information for an IRCC officer to consider.
Non-Guaranteed Investment in a Venture Capital Fund. You must be willing and able to make an at-risk investment (non-guaranteed) of CDN $2 million in the Immigrant Investor Venture Capital (IIVC) Fund.
If you are one of the immigrant investors approved under this program, you will be required to enter into an agreement with us committing a sum of CDN $2 million to the IIVC Fund for approximately 15 years.
As with any venture capital investment, you could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund's performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
However, this would be an at-risk investment. This means that there is no guarantee of a return and it is possible that you could lose some or all of your investment.
Find out more about how investments to the Immigrant Investor Venture Capital Fund will be managed.
Education. You must have a completed Canadian post-secondary degree, diploma or certificate of at least one year or a foreign equivalent, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. The ECA report must indicate that your completed foreign education credential is equal to a completed Canadian post-secondary education credential of at least one year.
You do not need an ECA if you have a Canadian post-secondary education credential of at least one year or can demonstrate you have a personal net worth of CDN $50 million or more acquired through lawful, private sector business or investment activities and have applied for an exemption.
Language. You must prove your language skills in English or French by taking a language test approved by us.
- schedule a language test approved by us and pay the required fee,
- compare your test results to the charts below to see what Canadian Language Benchmark (CLB) level you have, and
- if you meet the minimum level of CLB 5, include the original test results when you apply. Photocopies are not acceptable. (Note: your test results must be less than two years old when we receive your application.)
Investment Terms and Management. Each immigrant investor will provide CDN $2 million (fully at risk) for the Immigrant Investor Venture Capital Fund. This fund will invest in innovative Canadian start-ups with high growth potential, for the benefit of Canada. The fund will be managed by BDC Capital, the investment arm of the Business Development Bank of Canada, and by participating fund managers that were previously chosen to manage Government of Canada investments under the Venture Capital Action Plan.
As with any venture capital investment, immigrant investors could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund's performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
More information about the management of the fund, terms and conditions, will be provided to immigrant investors in the agreement to be entered into with IRCC. This agreement will have to be signed before they make their CDN $2 million at-risk (non-guaranteed) investment.