Pilot program for newcomers launching companies in Canada to be made permanent
TORONTO, July 28, 2017 /CNW/ - Canadians are welcoming to people and ideas from around the globe. Welcoming entrepreneurs who have the expertise to turn their ideas into successful companies is one way that Canada's openness can help build a world-class innovation economy.
The Start-up Visa Program, a pathway to permanent residence for cutting-edge entrepreneurs launching a start-up company in Canada, will become a regular feature of Canada's immigration landscape in 2018.
As part of the five-year pilot, launched in 2013, innovative entrepreneurs can apply to become permanent residents after a Canadian venture capital fund or angel investor group has made a significant financial commitment in their business idea, or after a business incubator has accepted them into their program.
A recent evaluation of the Start-up Visa Program found that it is delivering on its goals; immigrant entrepreneurs are actively developing innovative companies in Canada that are beginning to show positive results for Canada's economy and creating middle-class jobs across a range of industries.
Making the program permanent supports the Government of Canada's Innovation and Skills Plan, which seeks to attract investment and support the growth of a diverse range of companies, creating well-paying jobs for Canadians.
In the months ahead, IRCC will work to finalize regulations for the permanent program in order to have a seamless transition when the pilot expires on March 31, 2018.
"Every company launched in Canada with the help of the Start-up Visa Program has the potential to be a big win for Canadians by providing middle-class jobs and strengthening our economy. Our Government's Innovation and Skills Plan has identified the nurturing of entrepreneurship and the growth of start-ups as vitally important to Canada's present and future economy. Making the Start-up Visa Program permanent supports that agenda."
– The Honourable Ahmed Hussen, Minister of Immigration, Refugees and Citizenship
"Canadians benefit through the jobs that are created when entrepreneurs come from all corners of the globe to start businesses in this country. By making the Start-up Visa Program permanent, Canada will attract more innovative entrepreneurs who generate new business opportunities, create jobs and equip Canadians with the skills they need for the jobs of the future."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development Canada
- As of July 15, 2017, 117 principal applicants have been approved for permanent residence. These entrepreneurs represent 68 start-ups launched in Canada with the help of the Start-up Visa Program.
- More than 50 Canadian venture capital funds, angel investor groups and business incubators are now designated to participate in the program.
- During the first three years of the pilot program, Start-up Visa Program entrepreneurs received over $3.7 million in investment capital from designated entities to get their companies established and making contributions to the growth and innovation of the Canadian economy.
SOURCE Immigration, Refugees and Citizenship Canada
For further information: Contacts for media only : Hursh Jaswal, Minister's Office, Immigration, Refugees and Citizenship Canada, 613-954-1064; Media Relations, Communications Branch, Immigration, Refugees and Citizenship Canada, 613-952-1650, [email protected]; Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]