Section 98.03 — Immigration and Refugee Protection Regulations: Designation

The Minister must designate the entities referred to in subsection 98.01 (2) according to the following categories: business incubators; angel investor groups; and venture capital funds. The Minister may only designate an entity if it is recognized for its expertise in assessing the potential for and assisting in the success of start-up business opportunities in Canada;

and it has the ability to assess the potential for and assist in the success of start-up business opportunities in Canada. A designated entity must respect the following conditions: it must continue to meet the requirements of subsection (2); it must enter only into commitments that respect these Regulations; it must provide the Minister upon request with information on its activities related to the start-up business class, including information on foreign nationals with whom it has made commitments and the businesses referred to in those commitments; it must, subject to subsections 98.12 (2) and 98.13 (4), comply with requirements imposed under subsection 98.12 (1) and paragraphs 98.13 (2)(b), (c) and (f) and requests made under subsection 98.13 (3); it must comply with the terms of its commitments and with these Regulations;

and it must comply with any federal or provincial law or regulation relevant to the service it provides. If there is reason to suspect that an entity does not meet the conditions or has submitted false, misleading or inaccurate information to the Minister, the Minister may suspend the entity’s ability to make commitments; and refuse to consider applications associated with commitments made by that entity. An action taken under subsection (4) comes into force on the day on which the Minister issues a notice of the action to the entity and remains in effect until the earlier of the day on which the situation is resolved and the day that is nine months after the day on which the notice is issued. If there are reasonable grounds to believe that an entity does not meet the conditions set out in subsection (3) or has submitted false, misleading or inaccurate information to the Minister, the Minister may revoke the entity’s designation. The Minister must publish on the Department’s website a list of all entities that are designated and those that are suspended under subsection (4).