Immigrant entrepreneurs are receiving a leg up from the government of Canada with the new permanence of a pilot program that helps newcomers launch their Canadian businesses.
The five-year pilot called Start-up Visa Program was designed to encourage entrepreneurs to immigrate to Canada. Professionals can apply for permanent residence after their company is accepted into a business incubator program or receives a significant financial commitment from a Canadian venture capital fund or an angel investor group. As the pilot’s expiry approaches on March 31, 2018, it’s been transformed into a permanent element of Canadian immigration.
“Canadians benefit through the jobs that are created when entrepreneurs come from all corners of the globe to start businesses in this country. By making the Start-up Visa Program permanent, Canada will attract more innovative entrepreneurs who generate new business opportunities, create jobs and equip Canadians with the skills they need for the jobs of the future.” – Navdeep Bains, Minister of Innovation, Science and Economic Development Canada
The Start-up Visa Program was largely a success in its trial period launched in 2013. As of July 15, 2017, 68 start-ups launched in Canada resulted in 117 principal applicants being approved for permanent residence. The pilot’s entrepreneurs received over $3.7 million in investments for their companies in the first three years of the program.
The incentive for newcomers to create new businesses brought positive results for Canada’s economy and created middle-class jobs across a range of industries. Minister of Immigration, Refugees and Citizenship (IRCC), Ahmed Hussen, said, “Our Government’s Innovation and Skills Plan has identified the nurturing of entrepreneurship and the growth of start-ups as vitally important to Canada’s present and future economy. Making the Start-up Visa Program permanent supports that agenda.”
“Our Government’s Innovation and Skills Plan has identified the nurturing of entrepreneurship and the growth of start-ups as vitally important to Canada’s present and future economy. Making the Start-up Visa Program permanent supports that agenda.” – Ahmed Hussen, Minister of Immigration, Refugees and Citizenship
Now, more than 50 Canadian venture capital funds, angel investor groups and business incubators are designated to participate in the program.