Opened on April 1, 2013.
Ottawa, March 28, 2013- As of April 1st 2013 the world’s brightest entrepreneurs will be able to apply for the brand-new start-up visa, announced the minister of Citizenship, Immigration and Multiculturalism Jason Kennedy. Canada is welcoming start-up entrepreneurs, as they are essential drivers of the Canadian economy. Creating more employment and helping Canadian economy’s spur and grow is the goal with which the new start-up visa was created.
The star-up visa is the first of its kind, providing brilliant entrepreneurs with permanent residency and many other accesses that will allow Canada to remain competitive in the global economy. CIC paired up with two organizations Canada’s Venture Capital and Private Association (CVCA) and the National Angel Capital Organization (NACO), with the purpose of identifying the capital funds both organizations will be investing in the program. Immigrant entrepreneurs will need the support of participating Canadian investors to launch businesses in Canada. To apply for permanent resident status in Canada, the foreign entrepreneurs must comply with a list of demands.
- They must secure a significant investment with one of the above mentioned investors
- Demonstrate proficiency skills in a Canadian language with a benchmark or 5 in listening, speaking, reading, and writing
- Have at least one year of post-secondary education
The Start-up Visa is a pilot program that will run for the duration of five years. Due to the specificity of the program the applications are expected to be limited, however the focus of the program is on the quality of those applying and on establishing a record of success.