Canada Extends IIVC Pilot Program Applications Intake Date Till 15 April 2015

16 Feb 2015


Immigration News

In a major decision to provide additional time for the applicants interested to lodge applications for Immigrant Investor Venture Capital (IIVC) Pilot Program, the Citizenship and Immigration Canada (CIC) has announced that the date for submitting Investor Venture Capital Pilot Program applications is extended to 15 April 2015.

Previously, Canada’s Citizenship and Immigration had stated that it would accept IIVC program applications until 11 February 2015, but now it has decided to extend its date.

The IIVC program has faced some criticism because of the initially announced limited period that is till 11 February 2015, during which candidates must submit their language test scores and post-secondary education certificates as part of their application process, which is a time-consuming process. However, the government has now extended intake period for investor program with an intention to provide additional time for the individuals to do so.

Under the IIVC pilot program, the government of Canada would offer permanent resident status to a maximum of 60 high-net-value applicants and their family members. The Canadian government also stated that the program intends to bait experienced millionaire investors who can contribute to Canada’s economic growth as well as prosperity.

Every investor would be required to possess a net worth of $10 million CAD and create non-guaranteed investment of $2 million CAD above 15 years. These finances would be invested in inventive Canadian-related start-ups with high raise potential.

Successfully chosen applicants for applications processing will also be needed to get a due diligence report showing that they received net worth of minimum $10 million from legitimate, profit-making business actions. 

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