Canada 'startup visa' initiative

It is hoped that a new initiative in Canada will lead to the creation of a startup visa which would allow easier immigration for skilled migrant entrepreneurs and employees. This is similar in many ways the US Start Up Visa initiative.

Startup Visa Canada is an initiative aimed at encouraging global entrepreneurial talent open businesses in Canada. The hope is that these companies will create jobs and stimulate investment.

According to their website, the new initiative aims to lobby the government for changes to immigration law which:

• would allow for an investment of $150,000 into a newly formed Canadian technology startup to qualify in place of the minimum asset provisions.
• would enable approved local investor(s) to endorse qualified entrepreneurial immigrants to obtain their temporary work permits which. This permit would only allow the immigrant to work for a newly formed company, and thus not take jobs away from qualified Canadians.
• would require immigrants to have at least a third equity position in their companies, be active in management and create at least 3 full-time equivalent (FTE) jobs over the course of a 2-year program period.

Entrepreneurship is vital for economic growth; Studies have shown that immigrant entrepreneurs bring with them enormous benefits to the economy. As a result, Canada and some other countries such as the USA and Britain are studying possible startup visa schemes to encourage entrepreneurial immigration.