In order to become a member of First Angel Network, you must identify as an “accredited investor.” An accredited investor is allowed to invest in private companies in Canada, according to the Canadian Securities Commission.
A full definition of who is an accredited investor is detailed in the National Instrument 45-106 Prospectus Exemptions (also known as NI 45-106).
While the accredited investor regulations apply to investors like financial institutions and government organizations, all members of FAN are classified as individual accredited investors.
For the individual category, the key criteria are based on either income or assets. The criteria are as follows:
- An individual who, either alone or jointly with my spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000
- An individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000
- An individual whose net income exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year
- An individual who, either alone or with a spouse, has net assets of at least $5,000,000
If you meet the definition of an accredited investor, you can download our Membership Application. We always welcome those interested in joining to give us a call to learn more and ask any questions. Please feel free to get in touch!
Atlantic Canada Provincial Securities Commissions
Canadian Provincial Securities Commissions were established to provide investors with protection from activities that undermine investor confidence in provincial capital markets.