08 February, 2013

The new Start-Up Visa Program: An Innovative Approach to Economic Immigration

Canada seeks innovative entrepreneurs who have the potential to build dynamic companies that can compete on a global scale. The Start-Up Visa Program will link immigrant entrepreneurs with experienced private sector organizations that have expertise in working with start-ups.

The pilot will run for up to five years. Citizenship and Immigration Canada (CIC) expects that due to the narrow focus of the Program, initially, the number of applications will be limited. However, the focus of the Start-Up Visa will be on the quality of the applicants and on establishing a track record of success, so that the Program can be expanded quickly to fill what we hope will be a growing demand. If the Program proves successful during the five-year trial period, CIC may formally introduce it as a new economic class in the Immigration and Refugee Protection Regulations.

Benefits of the Program

• The Start-up Visa Program will enable immigrant entrepreneurs to launch innovative companies that will create jobs in Canada, and eventually, compete globally.
• The Program will provide entrepreneurs with valuable assistance in navigating the Canadian business environment which can sometimes prove challenging for newcomers.
• The Program will provide private sector firms with access to a broader range of entrepreneurs, including the best and the brightest minds from around the world.

Applications

Foreign entrepreneurs will require the support of a Canadian angel investor group, venture capital fund or a business incubator before they can apply to the Start-Up Visa Program. 

Foreign entrepreneurs will also have to meet certain criteria regarding language proficiency and educational qualifications. The full set of criteria will be published in the spring of 2013.

The Program will open for applications on April 1, 2013.

Read more about this program http://www.cic.gc.ca/english/department/media/backgrounders/2013/2013-01-24.asp