The people with ideas for new business ventures and financial backing from Canadian investors, can apply to the brand-new Start-Up Visa Program as of April 1, said Immigration and Multiculturalism Minister Jason Kenney
According to Minister Kenney, innovation and entrepreneurship were essential drivers of the Canadian economy. With the new start up visa, the department focuses actively on recruiting foreign entrepreneurs who can build companies in Canada that would create new jobs, spur economic growth and compete on a global scale.
“Canada is open for business to the world’s start-up entrepreneurs,” said Minister Kenney. “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.”
- Demonstrate Canadian Language Proficiency in Benchmark 5 in listening, speaking, reading and writing.
- Have at least one year of education at a post-secondary institution
- Pitch your business idea and secure a minimum investment commitment of $200,000 from a designated Canadian Venture Capitalist or at least $75,000 investment commitment from an approved Canadian Angel Organization. The designated investors for the Startup Visa Program were approved by the CIC with the help of the Canadian Venture Capitalist Association and the National Angel Capital Association. It’s a solid group of experienced investors in good standing .
In hope of becoming a destination of choice for start-up innovators that will help Canada remain competitive in the global economy, the Start-Up Visa Program provides sought-after entrepreneurs with permanent residency and access to a wide range of business partners. It is the first of its kind in the world.