Marc Miller, the Minister of Immigration, Refugees, and Citizenship, has revealed several updates to business immigration Canada. These changes are set to begin on April 30, 2024, with the goal of reducing application backlogs and processing times.
Modifications to Programs
To improve the Start-up Visa Program, the IRCC is urging designated venture capital firms, angel investor groups, and business incubators to focus on the most promising proposals. This involves:
- Limiting permanent residence application numbers to a maximum of 10 start-ups per designated organization per year.
- Giving priority processing to entrepreneurs whose start-ups receive financial backing from Canadian capital. Tech Network-affiliated business incubator, including both existing and new applications is also an option.
Furthermore, Minister Miller has announced a temporary pause on new applications for the Self-Employed Persons Program starting April 30, 2024. This is necessary to prioritize the processing of existing applications, particularly given the program’s significance in promoting Canadian cultural vitality.
Streamlining Processes for Economic Growth
IRCC aims to address the backlog and reduce wait times for skilled and innovative newcomers essential for Canada’s economic growth. Measures include:
- Limiting application intake until the end of 2026.
- Allocating additional admissions for the federal business category based on the multi-year levels plan for 2024–2026.
Foreign entrepreneurs that apply Canada immigration Start-up Visa Program must secure financial backing from specified sources, including venture capital funds, angel investor groups, or business incubators. Since its inception in 2013, this program has supported over 300 start-ups and facilitated the permanent residency of around 900 entrepreneurs.
IRCC will prioritize processing applications from venture capital and angel investors, as well as those from business incubators with a minimum investment requirement. These changes align with Canada’s recognition as a top destination for start-up entrepreneurs, as highlighted in a 2023 report by the Organization for Economic Co-operation and Development.
Key Points
- Changes to business immigration Canada programs will start on April 30, 2024, aiming to speed up processing times.
- Changes to the Start-up Visa Program include limiting applications to 10 start-ups per organization yearly and fast-tracking those backed by Canadian capital or affiliated incubators.
- New applications for the Self-Employed Persons Program will be paused from April 30, 2024, to focus on processing existing ones.
- IRCC will limit application intake until the end of 2026 and allocate more admissions for the federal business category.
- The Start-up Visa Program requires foreign entrepreneurs to get financial backing from specific sources, with priority given to applications from these sources.
FAQs
How much money is required for business immigration to Canada?
Entrepreneurs who want to move to Canada with a start-up visa need to get either $200,000 from a recognized organization or $75,000 from a specific angel investor.
Can I get a visa to start a business in Canada?
Yes, C11 Visa is a program for people who want to buy an existing business in Canada, or start a new one. It’s like a special visa for business owners.
What is the age limit for business visa in Canada?
To run a business in Canada under this program, you need to be between 22 and 55 years old and be able to speak English or French well enough to manage the business.
How long is a Canada business visa valid?
A Canadian business visa can last for different lengths of time, like 3, 5, or even 10 years. The final decision on how long it’s valid for is up to the immigration officer who reviews your application.
