Immigration Canada Announces April 1 Launch of Start-Up Visa Program

Foreign entrepreneurs who receive venture capital funding from a designated venture capital fund or angel investor group will qualify for the new Start-Up Visa Program (CICS News)

Citizenship and Immigration Canada (CIC) announced on Thursday that foreign entrepreneurs would be able to start applying for the newly created Start-Up Visa Program on April 1st of this year.

“Canada is open for business to the world’s start-up entrepreneurs,” said Citizenship and Immigration Minister Jason Kenney in announcing the launch date.

“Innovation and entrepreneurship are essential drivers of the Canadian economy. That is why we are actively recruiting foreign entrepreneurs – those who can build companies here in Canada that will create new jobs, spur economic growth and compete on a global scale – with our new start-up visa.”

To qualify for a Start-Up Visa, a potential immigrant must receive venture capital funding from a fund and angel investor group designated as a recognized venture capital investor by CIC, in partnership with Canada’s Venture Capital and Private Equity Association (CVCA) and the National Angel Capital Organization (NACO).

A full list of designated venture capital funds and angel investor groups can be seen on the CIC website.

International competition

The Canadian Start-Up Visa Program is the first permanent residency program of its kind in the world but will still have to contend with competition for global start-ups from other countries which offer temporary residency and other perks to attract foreign entrepreneurs.

Singapore for example offers the EntrePass (Entrepreneur Pass), which provides business visas to qualifying individuals seeking to start a business in the country, and a competitive business environment, with no capital gains tax, a low income tax, and no fiscal deficit.

While inviting foreign business people and entrepreneurs to Canada undoubtedly contributes to the Canadian economy, an analysis on the income trends of Canada’s economic class immigrants, conducted by CICS News in January, suggests that the full potential of the capital and talent invited to Canada might remain unrealized unless the country’s business environment becomes globally competitive in terms of expected after-tax returns on investment made in the country.

One of our licensed immigration consultants can speak with you in person, online or on the phone about your unique immigration situation and give you a breakdown of your options.bookappointment

This entry was posted in canadian immigration, Citizenship and Immigration Canada, entrepreneur program, Federal Investor Program, permanent residence, Start-Up Visa, startup visa and tagged , , . Bookmark the permalink.

2 Responses to Immigration Canada Announces April 1 Launch of Start-Up Visa Program

  1. Saeid says:

    Dear CICS
    Today is 4 of April and I am waiting to receive last update about invest program.

  2. Pankaj says:

    Intrested in start up visa programme.How it work and how to apply.Please any person who can suggest me In this prog how much to invest any specific amount and where we invest .At present we are doing electronic business in India Manufacturing of car speakers.In Canada which part we can aply to this .If our son are studying and dependent they can include with us either they are 24 or less. Our email I’d *** and contact number is 91-11-********.in this prog when to get PR and need to any consultant or we can direct to aply.Wait for positive reply [details removed for privacy]

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