As an immigrant entrepreneur, having the opportunity to start a business is one of the most highly-developed countries in the world like Canada can be rewarding. The country is now set the launch start-up visas to help their overall economy thrive.
Canada has announced they will launch a new start-up visa program for skilled-working immigrants who desire to set up new companies reported Yahoo News. The new program will officially begin April 1st of this year. The push is to help their immigration system align with their economic goals, resulting in a positive effect on their economy. “Our new start-up visa will help make Canada the destination of choice for the world’s best and brightest to launch their companies. Recruiting dynamic entrepreneurs from around the world will help Canada remain competitive in the global economy,” said Canadian Citizenship and Immigration Minister Jason Kenney.
There will be requirements in place for immigrant entrepreneurs to obtain the start-up visa. Entrepreneur foreigners will be required to have the support of a Canadian venture capital fund or angel investor group. This assures that the start-up company’s approval, and that it has the financial investment it needs to be successful. These financial groups will identify and confirm the start-up visa candidates. Once completed, the Canadian government will provide their start-up visa within weeks, which makes for an overall speedy process.
Ottawa will begin taking the first steps in the initiative. They have two umbrellas groups that will work to identify association members eligible for the program. The two groups are Canada’s Venture Capital & Private Equity Association (CVCA) and the National Angel Capital Organization. Canada appears to have high hopes for the new start-up visa program to bring in the brightest foreigners to help create leading companies.
Canada expects a number of benefits from the new start-up visa. The new visa will help the country compete globally and remain innovative. It also allows Canadians to come together with foreign minds and learn from one another. The report also mentioned this could attract frustrated foreigners who have had a difficult time acquiring a visa from the US. This could appeal to foreigners having difficulty in other countries as well. For foreigners, the new Canadian visa would grant them permanent resident status, which means they can take the path of citizenship if they so choose.
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References: 1.24.13, Yahoo News-Reuters, Randall Palmer, Canada sets start-up visa to attract entrepreneur immigrants