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Canada – Nature’s Bounty
Situated in the North American continent, Canada is the second largest country in the world. It is a federation made up of ten provinces and three territories. It is one of the most beautiful countries in the world with varied landscapes and astounding natural beauty. It is abundant in natural resources and one of the most industrialized and technologically advanced nations in the world.
One of the world’s highly developed countries, Canada has a diversified and stable economy that is reliant upon its abundant natural resources and upon trade. It also has a highly developed science and technology sector.
Due to its conservative and sensible banking system, it has been affected to a far lesser extent by the recession that has plagued the United States and many European countries in recent years.
Canadian culture values multiculturalism and Canadians value human rights very deeply. It is not a ‘melting pot’ because each Canadians consider each individual as being distinct. Canada welcomes, embraces and respects every individual irrespective of race, religion and colour. It is country which is known for its human rights values and its empathy towards refugees.
Canada is known for the quality of life and high standard of living it offers to its citizens.It has been voted repeatedly, for several years in a row, as one of the best places in the world to live in by the United Nations.
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Canada has long history of successful business immigration programs and one can safely say that most immigration programs in the world are modelled after the Canadian model.
Canada Business Immigration Programs can be divided into two major categories:
Federal Programs:
The Federal Investor and Entrepreneur programs have been closed since 2013 and have been replaced by two unique programs.
These programs are:
- Venture Capital Program ( PROGRAM CLOASED IN 2019)
- Start-Up Program
Provincial Business Immigration Programs:
There are 10 provinces and three territories in Canada and each of the Canadian provinces has its own business immigration program.
The first province to sign an agreement with the Government of Canada by virtue of which it could select its own business immigrants was the province of Quebec. Quebec was then followed by Manitoba, Saskatchewan and other provinces.
- Alberta – Entrepreneur and Farmer program
- British Columbia – Entrepreneur program
- Manitoba – Entrepreneur and Farmer program
- New Brunswick – Entrepreneur and Post-Graduate Entrepreneurial (PGES) Stream
- Newfoundland& Labrador – Entrepreneur program under review
- Nova Scotia – Entrepreneur and International Graduate Entrepreneur (IGE) program
- Ontario – Entrepreneur program
- Prince Edward Island – Entrepreneur program with three sub-classes
- Quebec – Investor program and Entrepreneur program
- Saskatchewan – Entrepreneur and Farmer program
General understanding of the different programs:
- Investor programs- Are those programs which do not require the applicant to start any specific business in Canada
- Entrepreneur programs – Are those programs that require applicants to start a specific business in Canada. The business may be either new, an existing business or a joint venture with some other business
- Start-Up program – Applicants need to have an innovative and novel idea based business which they wish to establish and expand in Canada
- Venture Capital – Applicants make investment in designated venture funds in Canada
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Immigrant Investor Venture Capital Pilot Program: (PROGRAM CLOSED)
Canada welcomes successful business people and international investors with the skills and abilities needed to contribute to the Canadian economy and integrate into the Canadian society. Investors seeking new opportunities and challenges may be eligible to apply for permanent residence in Canada under the Immigrant Investor Venture Capital (IIVC) Pilot Program. This program is designed to encourage and facilitate the admission of such people to Canada.
Who can qualify?
Applicants need to fulfil the following conditions in order to qualify under this program.
Personal net worth
Investors must have a personal net worth of CD$10 million or more. The net worth must have been acquired through lawful, private sector business or investment activities. For example, these could include:
- income or capital gains acquired through the ownership or management of commercial, for-profit entities
- funds acquired through private sector activities, such as public equity investments or private equity placements
Note that personal net worth acquired through inheritance or in the value of applicant’s primary residence does not count, as these are not considered “business or investment activities” for the purpose of this program.
Proof of personal net worth – Citizenship and Immigration Canada requires applicants whose applications can be considered for the second stage review to obtain a due diligence report at their expense from one of the following designated service providers:
- BDO USA, LLP
- Deloitte Forensic Inc.
- EY
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
The due diligence report is an independent examination and validation of the applicant’s past business or investment experience, source of funds and personal net worth.
- Non-guaranteed investment in a venture capital fund
The applicant must be willing and able to make an at-risk investment (non-guaranteed) of CD$2 million in the Immigrant Investor Venture Capital (IIVC) Fund. The applicant is required to enter into an agreement with Citizenship and Immigration Canada (CIC) committing a sum of CD$2 million to the IIVC Fund for approximately 15 years.
As with any venture capital investment, the applicant could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund’s performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
Language skills
The applicant must prove his/her proficiency in English or French in all four language abilities (speaking, reading, listening and writing) and must take a language test approved by CIC. The applicant must include the original language test result when applying under this program.
Education
The applicant must have completed a Canadian post-secondary degree, diploma or certificate of at least one year OR a foreign equivalent, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. The ECA report must indicate that the applicant’s completed foreign education credential is equal to a completed Canadian post-secondary education credential of at least one year. (PROGRAM CLOSED)
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