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May 9, 2013

Canada’s New Start Up Business Visa Program

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Canada has started new visa for bright and upcoming businessmen, who want to start new business venture and have financial Backing from Canadian investors. The application for this visa has started from 1st April.

Canada’s Citizenship, Immigration and Multiculturalism Minister Jason Kenney have said that innovation and entrepreneurship are the essential drivers of Canadian economy. One of the main reasons behind opening this visa is that the new companies will be creating more jobs for the Canadian citizens, lead to economic growth and will help Canada to compete on a global scale.

This Start-up visa is first of its kind in the whole world as it allows entrepreneurs to become a permanent resident of Canada and work with a large number of business partners, with this visa Canada wants to become the global hub for start up business and compete with the other countries.

Two organizations namely Canada’s Venture Capital and Private Equity Association (CVCA) and the National Angel Capital Organization (NACO) have been given the task to identify and designate the venture capital funds and investor groups that are interested in the program. The entrepreneurs who want to start a new business must get the support of participating Canadian investors.

To apply for permanent resident status in Canada, the foreign entrepreneur must first secure a significant investment commitment from a designated Canadian angel investor group or venture capital fund. Applicants must also demonstrate language proficiency skills at a Canadian Language Benchmark 5 in listening, speaking, reading and writing, and have at least one year of education at a post-secondary institution.

This is a pilot project and initially it will run for a period of five years, so if you are a young businessman with great ideas make the most of this opportunity.