The start-up visa programme of Canada, one promising one, is facing significant changes. The changes will have an impact on immigrant entrepreneurs, as per a report by the Economic Times.
Immigration, Refugees, and Citizenship Canada (IRCC), a federal department of the country, said on April 30 that it will put a cap on the total number of permanent resident applications that are accepted each year for those that are associated with no more than 10 start-ups per each of the designated organisations.
Further, more priority will be given to entrepreneurs whose start-ups are supported by the member incubators of Canada's Tech Network. Canada's Tech Network is a network of twenty-eight innovation hubs across Canada.
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Talking about the recent changes, Marc Miller, Minister of Immigration, Refugees, and Citizenship, said, as per the Economic Times report, “Fast processing is critical to the success of entrepreneurs who come to Canada through our federal business programmes. These necessary changes will set the Startup Visa Programme and Self-Employed Persons Programme on the path to faster processing times while we look ahead to further reforms to make these programmes more sustainable and effective over the long term.”
Currently, there are around eighty-two designated organisations that comprise venture capital funds, business incubators, and angel investors. With the new rule, a maximum 820 applications would be accepted. This is with the assumption that the number of organizations remains the same.
The new rule by the country is not appreciated by many entrepreneurs, according to the report. Interestingly, in 2023, the Organization for Economic Cooperation and Development (OECD) gave Canada the title of the most attractive country for immigrant start-up founders. In 2013, as many as 900 entrepreneurs became permanent residents of Canada with the help of this category.
Along with this, Canada has also announced a total pause on its self-employed person application as of April 30. As per the government, with the pause in place, focus will be given to applications that are in backlog. A self-employed persons programme gives permanent visas to people who have made contributions in the fields of art, culture, and recreation.
