The head of the local Chamber of Commerce said that a start-up project to allure immigrant investors to come to Canada who were millionaires, could help in bringing the much-required capital amount to Windsor. This program started to accept applications which will continue till 11 February or till the time it attains the maximum limit of 500 submissions.
Under this program, 60 individuals will be admitted as permanent residents. Such persons need to have a net value of 10 million dollars or more as well as a Canadian post-secondary degree or equivalent certification. If the criterion of having a net value of 50 million dollars is fulfilled, the educational qualification can be relaxed.
Those selected for this program will be required to set down 2two million dollars which would be invested exclusively for the benefit of Canada. This would be part of a government venture capital fund. President and CEO of the Windsor-Essex Regional Chamber of Commerce, Matt Marchand said that 100 million dollars would not impact Toronto in the same manner as in Windsor-Essex. He went on to say that they would continue to support the idea of expanding the program with a method to direct investors in Ontario to small and medium-sized communities.
Marchand was of the view that the prospective immigrants to Windsor could bring their money here in a bid to give a fillip to local business concerns looking for investments to grow. In the previous year, almost 300,000 individuals became permanent residents in Canada. Marchand also added that he was hopeful that there would be more room for expansion on the program. Investors would proffer links with municipalities that would benefit greatly with the excess capital, like Windsor.
Marchand said that as per his thinking there was a general contract which brought in many investor-class immigrants to Canada. Such migrants would end up in the major three or four cites. And in a city like Windsor, their money could rise further. He said that if the capital has to flow world-wide, it should much rather flow into Windsor-Essex.
This start-up project is in place of Canada's last foreign investor program. It has increased the value of capital immigrant investors, who contribute to the government and lays down strict requirements for acceptance.