The Supporting Documentation
Applicants would need to provide the following documentation. This would enable them to establish that they are members of the Immigrant Investor Venture Capital class. In addition, they would need to ensure that they pay the applicable fees as specified in section 8:
A due diligence report that they would need to obtain from a service provider as specified in the schedule that demonstrates that the applicant meets the net worth requirement as specified in paragraph 2 (2) (a)
An original document, issued by an organisation or institution referred to in paragraph 2 (2) (b), specifying the results of an evaluation of the applicant’s language proficiency conducted by that organisation or institution
One of the following documents:
A copy of the foreign national’s Canadian educational credential of their foreign diploma, certificate or credential along with the original of their equivalency assessment or,
A due diligence report obtained from a service provider specified in the schedule that demonstrates that the applicant meets the net worth requirement as specified in the provisions contained in paragraph 2 (2) (c)
A copy of the agreement referred to in paragraph 2 (2) (d) and,
Evidence of payment of the applicable fees as specified in section 8
Officers typically bear the responsibility for evaluating applications for permanent resident visas submitted in the Immigrant Investor Venture Capital class. For this purpose, the officers might require the applicants to produce any documentation that relates to the applicant. This documentation could be in addition to the list of documents specified in section three.
Officers would need to issue permanent resident visas to the applicant and their accompanying family members. This is especially so if the applicant and the applicant’s family members, whether accompanying or not, are not inadmissible. In addition, the officers would need to ensure that the applicant and the applicant’s family members, whether accompanying or not, meet the requirements prescribed by the Act as well as the provisions of the Regulations – especially those that apply to the Immigrant Investor Venture Capital class.
Furthermore, the officers would need to ascertain that the applicants meet the requirements of these Ministerial Instructions. Lastly, the officers would need to verify that the applicants have paid the applicable fees prescribed in section 8. If the applicants have met all these requirements, the officers would need to issue permanent resident visas to the applicants and their accompanying family members.
Situations could arise where the applicant does not make the payment specified in paragraph 2 (2) (e) within 75 days after the date of a written request by the Minister to make the payment. In this scenario, the officers would need to refuse the application for the permanent resident visa as a member of the Immigrant Investor Venture Capital class. Thereafter, the officers would not need to make any further evaluation on this application.
The Minister would typically enter into an arrangement with the Bank for any matters relating to a Fund. Such arrangements would typically include provisions concerning any of the following matters:
The transfer of payments made under the provisions specified in paragraph 2 (2) (e) by the Minister to the Bank
The investment of the Fund by the Bank or any manager of a fund established under the Venture Capital Action Plan of the Government of Canada, as venture capital, meant exclusively for the purposes of benefiting Canada
The remittance of the remainder of the Fund (if any) by the Bank to the Minister and,
The payment to the Bank or to the Manager or a fund referred to in the provisions of paragraph (b) of any fees and expenses pertaining to the management of the Fund, that require deduction from the Fund
It is worth highlighting that the Bank is not acting on behalf of the Minister in respect of any matter concerning these Ministerial Instructions.
The authorities require applicants to pay the following fees towards the processing of the applications for permanent resident visas as members of the Immigrant Investor Venture Capital class.
The fees for a principal applicant – $1,050
The fees for the spouse or the common-law partner of the principal applicant – $550 and,
The fees for each family member of the principal applicant who is a dependent child – $150
It is worth highlighting that the provisions specified in subsection 11 (1) of the Regulations do not apply to the Immigrant Investor Venture Capital class in respect of applications for permanent resident visas as members of that specific class.
These Ministerial Instructions have come into effect during the period commencing on January 28, 2015 and ending on January 27, 2020.
Schedule – Section 3 – The Service Providers Designated by the Minister
The service providers designated by the Minister comprise:
Deloitte Forensic Inc.
BDO USA, LLP
Raymond Chabot Grant Thornton Consulting Inc.
KPMG LLP and,