Immigrant Investor Venture Capital economic immigration class established

Policy effect

Effective January 28, 2015, Canada established the Immigrant Investor Venture Capital economic immigration class for qualifying investors intending to reside outside Quebec. Key conditions included at least C$10 million in net worth lawfully acquired through business or investment, a C$2 million payment whose repayment was not guaranteed, and benchmark level 5 in each of the four language skills in either official language. Applicants needed a qualifying post-secondary credential or at least C$50 million in qualifying net worth. Permanent residence remained subject to the other class requirements and admissibility.

Conditions and exceptions

Validated condition or limit: Key conditions included at least C$10 million in net worth lawfully acquired through business or investment, a C$2 million payment whose repayment was not guaranteed, and benchmark level 5 in each of the four language skills in either official language.; Applicants needed a qualifying post-secondary credential or at least C$50 million in qualifying net worth.; Permanent residence remained subject to the other class requirements and admissibility.

Official source excerpt

Quoted verbatim from the official source below. Ellipses indicate omitted text.

… , 2015 Canada Gazette, Part I, Volume 149, Number 4: GOVERNMENT NOTICES January 24, 2015 DEPARTMENT OF CITIZENSHIP AND IMMIGRATION IMMIGRATION AND REFUGEE PROTECTION ACT Ministerial Instructions Respecting the Immigrant Investor Venture Capital Class The Minister of Citizenship and Immigration, pursuant to section 14.1 (see footnote a) of the Immigration and Refugee Protection Act (see footnote b), gives the annexed Ministerial Instructions Respecting the Immigrant Investor Venture Capital Class. Ottawa, January 14, 2015 CHRIS ALEXANDER Minister of Citizenship and Immigration MINISTERIAL INSTR … Regulations” means the Immigration and Refugee Protection Regulations. Words and expressions (2) Unless a contrary intention appears, words and expressions used in these Instructions have the same meaning as in sections 1 and 2 and subsection 73(1) of the Regulations. Establishment of class 2. (1) The Immigrant Investor Venture Capital class is established as part of the economic class referred to in subsection 12(2) of the Act and consists of foreign nationals who have the ability to become economically established in Canada and who meet the requirements of this section. Member of class (2) A … otection Act, that the Minister of Citizenship and Immigration has established the following Ministerial Instructions that, in the opinion of the Minister, will best support the attainment of the immigration goals established by the Government of Canada. Overview Authority for these Ministerial Instructions is derived from section 87.3 of the Immigration and Refugee Protection Act (IRPA). The Instructions are directed to officers and the Minister’s delegates who are charged with handling and/or reviewing applications for permanent residence under the Immigrant Investor Venture Capital Class. T … he Instructions come into force on January 28, 2015, and apply to applications received by designated Citizenship and Immigration Canada offices on or after January 28, 2015. Any categories for which Instructions are not specifically issued shall continue to be processed in the usual manner, as per processing priorities established by the Department. These Instructions are intended to support a broader strategy for business immigration reform by stimulating innovation and growth in the Canadian economy through the provision of at-risk capital from investors that can be actively invested in Can … n undertaking by the Minister (A) to transfer the sum to the Bank so that it may be invested as venture capital exclusively for the purposes of benefiting Canada, and (B) to pay to the foreign national a part of the remainder of the Fund, if any, the capital of which is derived in part from the payment made by the foreign national under paragraph (e); (e) have made the payment referred to in subparagraph (d)(i); and (f) intend to reside in a province other than Quebec. Supporting documentation 3. An applicant must provide the following documentation to establish that they are a member of the I … structions are compliant with the Canadian Charter of Rights and Freedoms. The Instructions respect all previously established accords and agreements, including the Canada-Quebec Accord, and all existing agreements with provinces and territories. Intake of permanent resident applications under the Immigrant Investor Venture Capital Class CIC will accept permanent resident applications received under the Immigrant Investor Venture Capital Class from January 28, 2015, to February 11, 2015, or until a maximum of 500 applications are received, whichever comes first. Applications received within th … spect of an application for a permanent resident visa as a member of that class. Effective period 10. These Instructions have effect during the period beginning on January 28, 2015 and ending on January 27, 2020. SCHEDULE (Section 3) SERVICE PROVIDERS DESIGNATED BY THE MINISTER Deloitte Forensic Inc. EY BDO USA, LLP Raymond Chabot Grant Thornton Consulting Inc. KPMG LLP PricewaterhouseCoopers LLP [4-1-o] DEPARTMENT OF CITIZENSHIP AND IMMIGRATION IMMIGRATION AND REFUGEE PROTECTION ACT New Ministerial Instructions Notice is hereby given, under subsection 87.3(6) of the Immigration and Refugee Pr …

Review method

Two separate automated exact-claim source reviews

Other Canada changes operative in 2015

• 2015-01-01Ministerial Instructions Respecting the Express Entry System
• 2015-02-21Employer compliance fee and direct job-offer submission introduced for LMIA-exempt employer-specific work permits
• 2015-02-21Separate open work permit privilege fee introduced
• 2015-05-25Investor-pilot intake switched from random selection to first complete applications
• 2015-06-10Prohibition of Non-Physically Present (Proxy, Telephone, Internet) Marriages and Raising Minimum Spousal Age
• 2015-06-10Regulations Amending the Immigration and Refugee Protection Regulations (SOR/2015-138)
• 2015-06-11Order Fixing June 11, 2015 as the Day on which Certain Provisions of the Act Come into Force
• 2015-06-11Social insurance number collection and sharing authorised for citizenship eligibility verification
• 2015-08-01Regulations Amending the Immigration and Refugee Protection Regulations (SOR/2015-77)
• 2015-12-01Regulations Amending the Immigration and Refugee Protection Regulations (Administrative Monetary Penalties and Ineligibility System for Employers)
• 2015-12-19Ebola-related visa-processing ministerial instructions repealed