Canada To Accept Applications For Immigrant Investor Venture Capital Pilot Program

24 Jan 2015


Immigration News

Finally, the good news of much awaited Immigrant Investor Venture Capital (IIVC) Pilot Program’s applications acceptance date has been announced by the Citizenship and Immigration minister of Canada, Chris Alexander and the minister of industry, James Moore.

According to the announcement, the country will start applications acceptance for the IIVC Pilot Program from 28 January 2015. Interested applicants can lodge their applications from 28 January 2015 to 11 February 2015 or until a cap of 500 applications is reached.

The Immigrant Investor Venture Capital Fund would invest in pioneering Canadian start-ups with highest growth potential that would benefit Canadian economy.

The IIVC program has designed to fulfill the Canadian Government commitment in 2014 Economic Action Plan in order to create a more concentrated and efficient pilot program which ensures that migrants who arrive to Canada contribute major benefits to country’s economy.

In the earlier IIP (Immigrant Investor Program), investor immigrants had to invest $800,000 in Canadian economy in the form of repayable loan, without abiding abilities and skill requirements of, most of the federal economic migration programs. According to the research, investor immigrants under the former program are less probable than other class immigrants to reside in Canada over a long term medium and also contribute less to the country’s economy and earn less.

The Canada’s Citizenship and Immigration (CIC) accepts applications until they receive 500 applications within the certain period as well as randomly draw applications until a maximum of 60 complete applications are chosen.

The minister for Citizenship and Immigration Canada, Chris Alexander, said that the Canadian government is improving business immigration programs to target more dynamic investments in country’s growing companies and more pioneering entrepreneurs. IIVC pilot program is structured to allure immigrant investors who make considerable benefits to the Canadian economy and better assimilate into the Canadian society, which contributes to economic growth and long-term prosperity in the country.

The Industry Minister, James Moore, has said that Immigrant Investor Venture Capital pilot program is a significant step to deliver federal government’s assurance to construct a strong endeavor capital ecosystem in the country. A planned source of capital is required for Canadian growing firms to open their true potentiality. Canadian government is making efforts to make sure that right conditions are set for pioneering Canadian firms in order to thrive as they generate jobs and strengthen country’s economy.

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