In an attempt to be forward thinking and attract world class talent, Canada has introduced a new class of visa that is geared towards entrepreneurs in the hope that they will launch successful start-ups in Canada.
The visa is to be issued to people who are identified by venture capitalists as being strong candidates to launch and grow start-ups in Canada. The only requirement is that secured venture funding would be required in order to be eligible for the visa opportunity. Once international candidates are identified and funded by VC firms, the Canadian government would act quickly to grant them entry into our country within a matter of weeks.
The visa addition is one of many changes being enforced by current Citizenship and Immigration Minister Jason Kenney to attract skilled and enterprising immigrants to a country that provides them with everything they need to thrive and live well. According to Kenney’s press secretary Alexis Pavlich, the decision was made in order to keep up with Canada’s changing economic needs.
“Canada seeks young, ambitious, innovative immigrants who will contribute to Canada’s job growth and further drive our economy,” said Pavlich. “The start-up 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.”
The plan is to set aside 2,750 start-up visas annually for entrepreneurs and their families. The previous entrepreneur visa required only that immigrant-led start-ups hire one person for one year, a far cry from the more desirable goal of building innovative and long-standing companies.
Several Canadian venture capital firms were consulted regarding the new visa, including Vancouver based Version One Ventures. According to CEO Boris Wertz, the opportunities the visa would provide would go a long way in attracting and maintaining bright international minds in Canada rather than having them go to places where more favourable immigration policies exist.
A potential source of early candidates could be current high-tech sector employees in the U.S. who have been unable to achieve resident status south of the border.
The Canadian government is to be commended for rewarding and inviting bright and innovative minds from around the world to help make our country a global leader in technology and other emerging fields.
SOURCE: Reuters
PHOTO: iemp.ca
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