THE Start-up Visa Program, a pathway to permanent residence for cutting-edge entrepreneurs launching a start-up company in Canada, will become a regular feature of Canada’s immigration landscape in 2018, the federal government announced on Friday.
As part of the five-year pilot, launched in 2013, innovative entrepreneurs can apply to become permanent residents after a Canadian venture capital fund or angel investor group has made a significant financial commitment in their business idea, or after a business incubator has accepted them into their program.
A recent evaluation of the Start-up Visa Program found that it is delivering on its goals; immigrant entrepreneurs are actively developing innovative companies in Canada that are beginning to show positive results for Canada’s economy and creating middle-class jobs across a range of industries.
Making the program permanent supports the Government of Canada’s Innovation and Skills Plan, which seeks to attract investment and support the growth of a diverse range of companies, creating well-paying jobs for Canadians.
In the months ahead, Immigration, Refugees and Citizenship Canada (IRCC) will work to finalize regulations for the permanent program in order to have a seamless transition when the pilot expires on March 31, 2018.
Ahmed Hussen, Minister of Immigration, Refugees and Citizenship, said: “Every company launched in Canada with the help of the Start-up Visa Program has the potential to be a big win for Canadians by providing middle-class jobs and strengthening our economy. 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.”
Navdeep Bains, Minister of Innovation, Science and Economic Development Canada, said: “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.”
- As of July 15, 2017, 117 principal applicants have been approved for permanent residence. These entrepreneurs represent 68 start-ups launched in Canada with the help of the Start-up Visa Program.
- More than 50 Canadian venture capital funds, angel investor groups and business incubators are now designated to participate in the program.
- During the first three years of the pilot program, Start-up Visa Program entrepreneurs received over $3.7 million in investment capital from designated entities to get their companies established and making contributions to the growth and innovation of the Canadian economy.