Canada is set to implement a new visa that will be aimed at attracting entrepreneurs and investors, officials revealed last Tuesday.
According to news reports, Canada will be replacing their existing entrepreneur visa with a new class of visa that will be issued to entrepreneurs that are identified as offering start-up entities that venture capital funds believe have a promising future. A moratorium has been placed on the existing entrepreneur visa, which only required that expats hired one person for one year to qualify and officials have announced that the focus of the new visa will be on attracting promising start-up ventures.
“Canada seeks young, ambitious, innovative immigrants who will contribute to Canada’s job growth and further drive our economy,” said Alexis Pavlich, a representative from the immigration office. “The startup visa is an initiative that the government of Canada is exploring to assist in transforming our immigration system into a fast, fair and flexible system that will meet the needs of our economy and help grow our country.”
It is anticipated that expats who wish to qualify for the visa will need to impress venture capitalists, who will then be required to invest in the start-up. The proposal aims to create relationships between Canadian investors and talent from abroad.
“This program will link brilliant, job-creating, immigrant entrepreneurs with Canadian investors. We want the world’s best and brightest to come to Canada – to start businesses and to create jobs in Canada,” Ms. Pavlich said.
It is anticipated that the full details of the new visa and its accompanying requirements will be unveiled in full detail later this year. However, initial reports indicate that there will be an estimated 2,750 visas available to startup entrepreneurs and their families.
This latest announcement is one of many that indicate that the Canadian government will be drastically overhauling their immigration policies over the forthcoming months.