Canada to launch new entrepreneur start up visa scheme

As part of its far-reaching immigration procedure shake-up, Canada has announced a new immigration visa programme aimed at start-up entrepreneurs.

Citizenship, Immigration and Multiculturalism minister Jason Kenney announced yesterday that the new visa programme is expected to create new jobs and stimulate economic growth by allowing expat entrepreneurs to launch their companies without the burden of too much immigration red tape. The Start-Up Visa, he said will make Canada the destination of choice for potential world business leaders.

He added that the visa programme will target innovative overseas entrepreneurs who are willing to invest in Canada by starting up their own businesses. However, before potential immigrants can apply, they will need to have the support of either a Canadian venture capital fund or a Canadian Angel Capital organisation.

In the initial stages of any application, Canada’s immigration department will collaborate with the country’s Venture Capital and Private Equity Association and its National Angel Capital Organisation. The two groups will then identify which association members are eligible for participation in the visa programme.

Canadian immigration officials are also in contact with the Canadian Association of Business Incubation in order to include its members in the list of those eligible. The new visa programme aims at attracting future business leaders to the country in an attempt to solve the country’s skilled labour shortage, with the present move towards more selective immigration criteria as part of the push.