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Canada Countdown: Business immigration
The following is an excerpt from Canada Countdown, How to Immigrate to Canada - A Guide Book.
On January 24, 2013, Canada announced a first of its kind Start-Up Visa.
“Our new Start-Up Visa will help make Canada the destination of choice for the world’s best and brightest to launch their companies,” said Immigration Minister Jason Kenney. “Recruiting dynamic entrepreneurs from around the world will help Canada remain competitive in the global economy.”
The Start-Up Visa program will link immigrant entrepreneurs with private-sector organizations in Canada that have experience working with start-ups and who can provide essential resources. The program is part of a series of transformational changes to Canada’s immigration system that will make it more focused on
Canada’s economic needs.
According to a news item, the Minister expects the application process to take less than six months and has set aside 2,750 visas a year for the next five years of the program, but expects interest will be slow to start and wouldn’t be surprised if just a few hundred apply in the program’s early years.
“We see the bright, young, international tech developers in the U.S. who are stuck on temporary visas as an immediate market, if you will, for this program,” he said.
Applicants will require the support of a Canadian angel investor group or venture capital fund before they are able to apply for the Start-Up Visa. Initial active partners in the program include the Canada’s Venture Capital & Private Equity Association (CVCA) and National Angel Capital Organization (NACO). CIC is
also working with the Canadian Association of Business Incubation (CABI) and hope to have their body participating in the program soon.
These approved industry partners will work with CIC to recommend suitable applicants for the Start-Up Visa program. Expert peer review panels will be established to assist visa officers in assessing applications for the new Start-Up Visa.
This program is the first of its kind in the world in that it will grant immediate permanent residence for applicants selected. (Many countries have business immigration programs that are generally conditional upon the applicant either making an investment or establishing a business).
The government acknowledges that not all start-up businesses will succeed, but is counting on the partnership with private-sector business organizations to enhance an applicant’s likelihood of success.
Canada Countdown is written by Nick Noorani and Catherine Sas QC. It is available for download online from www.
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