Forms

The VCC Name Consent (PDF, 593 KB) is the document requesting pre-approval from the Venture Capital Tax Credit Program to the Registrar of Companies to incorporate a company with the initials VCC in its name.

VCCs are encouraged to submit the Registration Application and required attachments online via the electronic Tax Credit Application (eTCA) system. Alternately, the Registration Application (PDF, 746 KB) form and all required attachments may be submitted electronically to their Portfolio Manager or to the Venture Capital Tax Credit Program at InvestmentCapital@gov.bc.ca.

The Act limits the dollar value of tax credits that can be issued in a calendar year. There are no guarantees that any applicant will be registered under the Act.

To receive an equity authorization to raise capital eligible for tax credits, VCCs are encouraged to submit an Additional Equity Application online via the electronic Tax Credit Application (eTCA) system. Alternately, the Additional Equity Application (PDF, 197 KB) form may be submitted electronically to their Portfolio Manager or to the Venture Capital Tax Credit Program at InvestmentCapital@gov.bc.ca.

The VCC must have a valid additional equity authorization in each tax budget year it plans to raise equity.

Please ensure that all VCC investors complete and sign a Share Purchase Report (PDF, 644 KB) at the time they purchase the shares, and retain the reports on file for seven years for audit purposes.

All share certificates of a VCC must conspicuously state the following on their face:

"The value of these shares may be significantly affected by the repayment provisions of Section 22 of the Small Business Venture Capital Act."

VCCs should ensure all requirements are met before making an investment in a business. A VCC should keep appropriate documentation on file to support its investment.

If the administrator determines that the investment in a business is ineligible or has become prohibited, the VCC must dispose of the investment. The divestment may result in the VCC violating its investment pacing requirements.

VCCs are required to deposit 30% of all amounts it receives from the sale of its treasury shares into a special account called an investment protection account (IPA). Funds may be released from this account only with the administrator’s written authorization.

In order to apply for a release of funds from the IPA, a VCC must have made an eligible investment, or an eligible investment is imminent.

The VCC may apply for the release of funds, equal to the lessor of,

• 37.5% of the purchase price paid or to be paid
• the total amount in the IPA

by completing an IPA Release Application and Investment Report (PDF, 88 KB).

Completed forms may be submitted electronically to your Portfolio Manager or to the Venture Capital Tax Credit Program at InvestmentCapital@gov.bc.ca.

VCCs must file an Annual Return with the Venture Capital Tax Credit Program within six months of its fiscal year end. VCCs are encouraged to submit the Annual Return package online via the electronic Tax Credit Application (eTCA) system. Alternately, the Annual Return (PDF, 636 KB) form and required supporting documents may be submitted electronically to your Portfolio Manager or to the Venture Capital Tax Credit Program at InvestmentCapital@gov.bc.ca.

Failure to file an Annual Return within six months of its fiscal year end will constitute non-compliance and will affect the issuance of tax credit certificates and requests to raise additional equity capital.

This application form is completed by a Venture Capital Corporation (VCC) seeking to invest in an eligible small business (ESB) that is not already registered as an Eligible Business Corporation (EBC) in the Province’s Venture Capital Tax Credit Program. 

This form ESB Application (PDF, 241 KB) should be submitted prior to the VCC making its first investment in an ESB, along with:

• A completed IPA Release Application and Investment Report (PDF, 88 KB) form;
• An updated Central Securities Register of the small business; and
• A summary of the business plan of the small business. 

The completed form and supporting documents may be submitted electronically to your Portfolio Manager or to the Venture Capital Tax Credit Program at InvestmentCapital@gov.bc.ca.

Upon approval, the administrator confirms that the VCC’s investment in the ESB meets the requirements under the Small Business Venture Capital Act at the time of application.

Section 14 of the Regulation requires the VCC to report the following events to the Venture Capital Tax Credit Program within 30 days of their occurrence:

• Ceasing to maintain a place of business or permanent establishment in B.C.
• A change of registered office address