People who want to set up new companies in Canada will be able to immigrate under a new start-up visa program, said Citizenship and Immigration Minister Jason Kenney .He also stated that it is the first of its kind in the world.
The Canadian start-up visa would grant permanent resident status, which can then lead to citizenship.
Under this program, would-be immigrants would require the support of a Canadian venture capital fund or angel investor group, which would invest in new companies started by the immigrants.
Under the Start-Up Visa Program, immigrant entrepreneurs will be linked with established private sector organizations in Canadian labour market that have experience working with start-ups and who can provide essential resources
Those entrepreneurs will require the support of a Canadian angel investor group or venture capital fund before they can apply for the program. Two umbrella groups: Canada’s Venture Capital & Private Equity Association (CVCA) and the National Angel Capital Organization are chosen to identify which members of their associations will be eligible for the Program.
The Start-Up visa will grant permanent residency, which can then lead to Canadian citizenship. According to the announcement, the program is the first of its kind and will be a powerful incentive to lure potential immigrant entrepreneurs who will have a real impact on the Canadian economy by providing immediate access to a wide range of business partners.
“Jobs, growth and long-term prosperity remain priorities for the Government of Canada, and this new Start-Up Visa Program underscores our commitment to supporting innovation and entrepreneurship in the Canadian labour market,” said Minister Kenney.
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