Last Friday, May 23, Citizenship and Immigration Minister Chris Alexander met with business leaders to begin formulating plans for a new federal immigrant investor program. The program will be known as the Immigrant Investor Venture Capital pilot.

“Our government is committed to attracting business people with the right skills and bringing in new investment capital that has a real impact on our economy,” said Minister Alexander. “We look forward to the launch of a new Immigrant Investor Venture Capital pilot that will add true value and create a win-win scenario for both Canada and newcomers interested in making real investments in our great country.”

Efforts to overhaul Canada’s federal business immigration system have been ongoing. Most recently, in Canada’s Economic Action Plan for 2014, the government announced that it would terminate its existing Immigrant Investor Program and eliminate program backlogs. The new Venture Capital pilot will focus on bringing investors to Canada who will make significant and lasting contributions to the country’s economy.

The first business leader roundtable to discuss the program was held in Toronto on Friday. Additional roundtables will be held in Halifax, Montreal, Calgary and Vancouver in the coming weeks.