The Canada Start-up Visa Program is one of a kind and is slowly starting to make some progress. Increasing numbers of foreign entrepreneurs are finally coming to Canada and becoming permanent residents.
The Canada Start-up Visa Program is one of a kind and is slowly starting to make some progress. Increasing numbers of foreign entrepreneurs are finally coming to Canada and becoming permanent residents.
The program pairs foreign entrepreneurs with designated investors in Canada who help them to grow their businesses in Canada. It is being hailed as an effective program because it allows Citizenship and Immigration Canada to pinpoint specific immigrants with ideas or businesses which can contribute to the Canadian economy.
The program was launched two years ago as a way to help attract potential entrepreneurs to Canada. Last year, 16 people who had applied under this program were granted permanent resident status. These people represented 8 companies, 2 of which have been bought by larger Canadian technology companies.
There are currently 60 applications being processed concerning 34 projects. This is a very small number compared to the potential 2,750 visas set aside each year for applicants in this program. However, despite the fact that the program has been active since 2013, the first applications were only approved last summer.
According to an article in the Globe and Mail, the processing times of these specific applications can take a long time due to the involvement of international companies. Additionally, each foreign entrepreneur must pair with a Canadian investor in order to be eligible.
In order to qualify to immigrate under this program, a foreign entrepreneur must first secure a minimum investment of $200,000 from a designated venture-capital fund, or a $75,000 minimum investment from a designated angel-investor group. There is no minimum investment amount if supported by a business incubator program, but those investors can still provide funding.
According to Citizenship and Immigration Canada, this program is “one of a kind” in its ability to target ideal potential immigrants and to assist them in coming to Canada. According to CIC, many immigrants will be likely to choose Canada as their final destination because of its strong economy, low taxes and business costs, excellence in research and innovation, and high quality of life.
According to Canadian investor Jonathan Bixby in a statement to the Globe and Mail, “Canada is the easiest product to sell in the world.”
Boris Wertz, another Canadian investor, said that “If you’re in the sweet spot, it’s one of the most efficient ways to get into the country …. and continue to focus your energy on building the company…I would love to find more ways to leverage the Start-up Canada Program, to bring more mature companies into the country and brand Canada as a great place [to] build tech companies.”
It is important to note however that there are additional steps required if you’re considering moving to Quebec. You will also need to apply for a Certificat de Selection de Quebec.
In order to be eligible for the Start-up Visa Program, you must prove your business venture or idea is supported by a Canadian investor. To see if you may qualify, please fill out our free online assessment form here.
FWCanada is a Montreal-based immigration law firm that provides professional legal services on Canadian immigration. For more tips and updates on Canadian immigration follow FWCanada on Facebook, Twitter, and Linkedin.
