Canada launches a new work visa for skilled entrepreneurs to lure them into the country
Canada is renowned for having an open policy for immigration and welcoming skilled workers into the country. From April 1st foreign nationals that have backing from a venture capital firm that’s based in Canada can apply for permanent residency in what the Canadian government are calling “the first of its kind in the world”. Jason Kenney, Canada’s citizenship, immigration, and multiculturalism minister says “If a Canadian venture capitalist is going to invest in a start-up, we’d rather that business [be located] in Canada than India or Silicon Valley or somewhere else overseas,”.
U.S.A. has recently made a number of attempts to get a similar scheme in place but has failed to get anything off the ground and in full circulation. Elsewhere, other countries such as Australia, Chile and the UK have recently introduced similar visas, although Canada is the only country that does not require the start-up to prove they are having a positive economic impact before granting permanent residency.
According to figures from Industry Canada a growing number of entrepreneurs in Canada are female, with a growth rate of 23% from 2001 to 2011, whereas their male counterparts experienced a growth of 14% for the same period.
It is estimated that the new program has opened a gap for around 2,750 entrepreneurs to launch their start-ups per year. The entry criteria for the visa is fairly minimal and has just three points:
- Secure an investment from a designated venture capital firm
- Demonstrate a proficiency in the English language
- Have at least one year of post-secondary education
However, the Province of Quebec has its own immigration requirements and the process for applying for residency differs to that of the rest of the country. To check your eligibility for the visa, click here or for more information on how we can help you move to Canada, click here.