The Government of Canada has recently launched a pilot program to help attract international investors to Canada as well as speed up the process for investors to obtain permanent residency status in Canada. The Government has recognized the important role that Venture Capitalists play in the startup economy and are working to grow Canada’s startup scene.
Limited Availability in the Pilot Round
Applications for this unique program are being accepted until December 30, 2015 or until the first 60 complete applications are submitted and processed. The Canadian government expects that the program may close early if they receive more applications than the originally anticipated. The program may close early if 60 investors are approved for permanent residency prior to December 30 or if 60 applications are in process with an additional 60 full applications on the waiting list.
Program Eligibility Factors
As the goal of the program is to attract strong investment from international VCs, many of the eligibility factors focus on personal assets. Eligibility factors include:
- Personal net worth of CDN $10M or more that has been acquired through lawful private sector business or investment activities (inheritance will not count towards this requirement);
- Net worth must be proven through a second stage review and due diligence report at the applicant’s expense from a designated service provider (e.g. KPMG LLP, Deloitte Forensic Inc.);
- Contribution of CDN $2M in a non-guaranteed investment to the Immigrant Investor Venture Capital (IIVC) Fund;
- Proficiency in English or French in all four language abilities (speaking, reading, listening, and writing);
- A completed Canadian post-secondary degree/diploma/certificate or a foreign equivalent, as validated by third party assessment;
Benefit to Small Business in Canada
Through this program, the Government of Canada will be able to create the IIVC Fund, which will have up to $120M available for investment in startups and small businesses. Canadian entrepreneurs will have access to funds to help them scale their business, commercialize their idea, and decrease time to market. This will help give Canadian businesses an additional competitive advantage and foster growth in a world-leading startup scene. This small business funding program will help support Canada’s growing startups, foster innovation, and help create jobs.
Other Canadian Government Funding Programs Available
Startups and small businesses can benefit from a variety of business funding programs. Mentor Works partners with Canadian businesses to help them optimize funding strategies and secure Canadian small business funding. We have helped hundreds of companies align their priorities and discover what funding is available to them. If you are interested in learning more about what we do and how we help Canadian small businesses, attend one of our free government funding events or contact us directly to learn more.