Immigrant Investor Venture Capital class: Determining membership in the class
This section contains policy, procedures and guidance used by Immigration, Refugees and Citizenship Canada staff. It is posted on the Department’s website as a courtesy to stakeholders.
The processing office will assess the applicant against the requirements below, based on the information and documents provided in the application. An applicant must meet all of the requirements for their application to be approved.
Applicants must provide a due diligence report obtained from a designated service provider that demonstrates that they meet the net worth requirement [MI 3(a)]. This report is the result of an independent examination and validation of the applicant’s past business and/or investment activity, source of funds and net worth based on the information submitted by the applicant to the designated service provider.
The due diligence report will include the designated service provider’s opinion as to the applicant’s net worth and whether it was acquired through lawful, private sector business or investment activities, and will identify any potential concerns for consideration by an officer.
The assessment of the applicant’s net worth provided in the due diligence report by the designated service provider is not conclusive evidence that the applicant meets the net worth requirement. If an officer has concerns about the applicant’s source of funds or net worth, they must communicate any concerns to the applicant and afford them an opportunity to respond to those concerns. The officer may require the production of any documentation related to the applicant for the purposes of evaluating an application for permanent residence as a member of this class [MI 4].
Determining net worth derived from business or investment activity
Applicants must demonstrate that their net worth was lawfully acquired through their past business or investment activities.
The definition of “business or investment activity” is not overly prescriptive so as not to unduly limit the pool of prospective applicants under this class, and to allow Canada to attract candidates with a range of business and investment experience.
Officers therefore have the flexibility to consider a variety of applicant profiles in terms of the nature and breadth of business or investment activities through which a given applicant has lawfully acquired their net worth. For example, business or investment activity could include income or capital gains derived from the ownership or management of commercial, for-profit entities, or financial returns amassed through private sector activities such as public equity investments or private equity placements.
Note: Net worth derived through inheritance or the value of the applicant’s primary residence does not count towards meeting the net worth requirement.
The applicant must have attained a level of proficiency of at least CLB/NCLC 5 in either official language for each of the four language skill areas as demonstrated by the results of a designated language test [MI 2(2)(b)].
See the section on language requirements.
The applicant must provide evidence that they have
- a completed Canadian post-secondary educational credential of at least one year; or
- a completed foreign educational credential and an Educational Credential Assessment (ECA) report issued by an organization designated by CIC indicating that the completed foreign educational credential is equivalent to a completed Canadian post-secondary educational credential of at least one year [MI 2(2)(c)].
Note: The requirement to provide evidence of meeting the education requirement as noted above is waived for applicants who demonstrate that they have a legally acquired net worth of at least Can$50 million derived from business or investment activity [MI 3(c)].
The assessment outcome stated in the ECA report is conclusive evidence that an applicant’s completed foreign educational credential(s) are equivalent to a completed Canadian post-secondary educational credential of at least one year.
Equivalency assessments will include an assessment by the designated organization of the authenticity of the applicant’s completed foreign educational credentials. This assessment provided by the designated organization is not conclusive evidence of the authenticity of the foreign educational credentials. If an officer has concerns about the authenticity of the applicant’s foreign educational credentials, they must communicate these concerns to the applicant, afford them an opportunity to respond to those concerns and provide additional information and/or documentation. The officer may require the production of any documentation related to the applicant for the purposes of evaluating an application for permanent residence as a member of this class [MI 4].
The applicant must enter into an agreement that includes an undertaking to pay the Minister a sum of Can$2 million, the repayment of which is not guaranteed. The agreement will indicate the form and manner in which the sum is to be paid and indicate that amounts paid will be added to form a pool, the Immigrant Investor Venture Capital Fund, to be invested in venture capital exclusively for the benefit of Canada [MI 2(2)(d)].
Applicants who meet all other requirements for membership in the class will be advised by the processing office that they must submit a signed agreement and pay the sum of Can$2 million within 75 days of a written request by CIC.
The applicant must have made this payment to become a member of this class [MI 2(2)(e)]. If the applicant does not make this payment within the specified timeframe of 75 days, refuse the application [MI 6].
Note: Payments by approved immigrant investors will be made to CIC, and the Department will then transfer funds to BDC Capital, the wholly owned subsidiary of the Business Development Bank of Canada, for investment into the Immigrant Investor Venture Capital Fund.
Fraud detection and deterrence
All (100%) applicants will be interviewed by the office responsible for processing their application.
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