Newcomers with innovative business ideas can become permanent residents of Canada in about 6 months.
To achieve the government’s goal of attracting cutting edge entrepreneurs to the country the Start-up Visa Program will become permanent and a regular feature of Canada’s immigration policy for 2018.
The pilot program, which started in 2013, is going to be permanent to attract individuals who want to come to Canada to turn their ideas into successful enterprises.
Ahmed Hussen, Minister of Immigration, Refugees and Citizenship said today that immigrants now surpass Canadians in self-employment and family business ownership.
Unlike similar programs in other countries, by granting the permanent residency upfront the Start-up Visa Program allows individuals to promote and take bigger risks.
The program focuses on quality and not quantity of applicants. The program has allowed 117 applicants to become permanent residents by July 15, 2017.
Navdeep Bains, Minister of Innovation Science and Economic Development Canada noted that Canada stands to benefit from its diversity.
“Our country benefits from the talent and hard work of newcomers.
“Businesses make business decisions on the availability of highly skilled people and will gravitate to countries with best and diverse talents.”
“That’s because diversity drives innovation.”
“Ideas and perspectives are the fuel for innovation.” He noted that the diversity in Toronto drives the city’s economy.
In the first 3 years of the pilot program, Start-up Visa Program entrepreneurs received over $3.7 million in investment capital from designated countries to establish their companies.