Former federal investor entrepreneur programs
The federal Immigrant Investor Program (closed)
Under this former federal investor immigration program, immigrant investors had to lend the Canadian government $800,000 interest-free for five years, and they needed a net worth of $1.6 million Canadian dollars and two years of qualifying business experience. The program was first-come, first-served, and applicants were not required to have any English or French language skills.
On June 19, 2014 , Bill C-31 became law, ending the backlog of applications for the federal Immigrant Investor Program and Entrepreneur Program. This resulted in the cancellation of approximately 65,000 individuals whose applications for Canadian permanent residency through these programs had been terminated.
The Immigrant Investor Venture Capital (IIVC) class pilot program (closed)
On January 28, 2015 , the Canadian Citizenship and Immigration Canada (CIC) launched a replacement program for the federal investor immigration program, known as the Immigrant Investor Venture Capital (IIVC) class pilot program . CIC appeared so confident about the demand for the new program that it announced it would only accept applications for two weeks or until a maximum of 500 applications were received, whichever came first.
Under this program, immigrant investors are required to invest $2 million over 15 years in a “funding fund” operated by the Canada Business Development Bank. Applicants will have no say in how the “funding fund” operates and must be prepared for the possibility of losing their entire investment.
The new program also requires applicants to have a net worth of $10 million derived from legitimate, profit-generating activities. Applicants will need to verify their net worth by a designated appraisal service provider, typically a large accounting firm. Applicants are responsible for paying these firms to verify the legitimacy of their net worth. Ineligible sources of funds include family inheritances and income derived from employment at state-owned enterprises.
The program also has educational and language requirements. Prospective applicants must take an English or French language test from a designated testing agency and achieve language results similar to those obtained in other economic immigration programs. Additionally, investors must possess a Canadian post-secondary education certificate or an equivalent foreign-issued certificate of Canadian post-secondary education. Applicants without a post-secondary certificate must instead demonstrate the ability to demonstrate net worth of $50 million.
So the question must be asked… has CIC created an immigrant investor program that is too difficult? On February 13 , CIC announced that it would extend the deadline by two weeks until April 15, 2015.
On December 30, 2015, the program stopped accepting applications. And on January 29, 2021, the program was officially announced to have ended completely .
Start-Up Visa: The last remaining federal entrepreneur program?
The Canada Start-Up Visa is an entrepreneurial program for innovative businesses, launched in 2013 as a pilot program. On March 21, 2018, it became an official federal program, allowing applicants to apply for permanent residency (PR) directly without requiring a work permit.
SCHEDULE AN APPOINTMENT FOR A CONSULTATION ON YOUR START-UP VISA APPLICATION
How can KeyApply help you?
KeyApply has a team of experienced Canadian immigration lawyers who can simplify your immigration application process. We can guide you through the application process and help you save time and money by ensuring you are providing accurate information and documentation to Canadian immigration authorities. We understand what it takes to succeed in this program, so we will prepare your application in the best way possible to achieve a positive outcome.
SCHEDULE AN APPOINTMENT FOR A CONSULTATION ON YOUR START-UP VISA APPLICATION