CIC Officially Opens Its Doors to Entrepreneurial Talents: FWCanada Reports

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Citizenship and Immigration (CIC) launches the new Start-Up Visa Program designed to attract entrepreneurial talents from around the world at the start of this month. FWCanada applauds the new initiative, which benefits both prospective immigrants and the Canadian economy.

Immigration/ Canadian Law firm

FWCanada- Canadian Law Firm

One significant advantage that the Start-Up Visa has over the other streams of immigration is that it provides the much-needed support from those who are experienced in helping entrepreneurs.

At the start of this month, Citizenship and Immigration Canada (CIC) officially launched the new Start-Up Visa Program, designed to attract innovative entrepreneurs from around the world. The program is the first of its own kind and enables new immigrants to start up a business with the assistance of a local investment group as soon as they land in Canada.                                                                                                                                                                        

“This is great for prospective Canadian immigrants,” says Maris Feil, supervising attorney at FWCanada, a Montreal-based immigration law firm. “One significant advantage that the Start-Up Visa has over the other streams of immigration is that it provides the much-needed support from those who are experienced in helping entrepreneurs.”

The new Start-Up Visa Program is associated with two umbrella organizations; namely, the National Angel Capital Organization (NACO) and Canada’s Venture Capital and Private Equity Association (CVCA). Prospective Canadian immigrants are eligible to apply once they acquire a commitment to invest from either of the two organizations.

Specifically, applicants need to obtain a minimum investment of $200,000 from a venture capitalist fund, or a minimum investment of $75,000 from an angel investor. Applicants are also asked to demonstrate a level of language proficiency of above 5 on the Canadian Language Benchmark, and have at least one year of post-secondary education.

In the meantime, Peter van der Velden and Michelle Scarborough, President of CVCA and Chair of NACO respectively, both proclaim that their members are eager to participate in the Start-Up Visa Program and work with entrepreneurial talents from other countries. They have worked closely with CIC to identify members who qualify to participate in this immigration program with their organizations.

“With our new start-up visa, we are opening doors to new and exciting opportunities for Canada’s economy to grow and prosper. This is part of our government’s transformational changes to Canada’s immigration system that will make it fast, flexible, and focused on Canada’s economic needs,” says Jason Kenney, Minister of Citizenship, Immigration, and Multiculturalism.

Indeed, immigrant entrepreneurs can be highly valuable human capital to the Canadian economy, as their multiple cultural perspectives and entrepreneurial knowledge often enable them to spot business opportunities and innovate. Not only do they help fulfil the needs and shortages of the Canadian labour market, but they also sharpen Canada’s competitive edge in global markets.

Since his appointment, Kenney has implemented a series of policies to serve the dual goal of cracking down immigration fraud and attracting immigrants to bolster up Canada’s economic competitiveness. The Start-Up Program is a major part of the effort to achieve the latter part of the goal.

Presently, the Start-Up Program is a five-year pilot program. CIC states that the number of applicants may be limited as the Program only targets entrepreneurs who wish to start up new businesses in Canada. Nonetheless, there is an excellent opportunity for prospective immigrants to seize.

About FWCanada:
FWCanada is a Canadian Immigration Law Firm which provides expertise in immigration services such as Temporary Resident Permits, Criminal Rehabilitation, Study Permits and Work Permits. Marisa Feil and her team ensure that each case is closely evaluated to determine the most relevant program. For more information, contact FWCanada at 1-855-316-3555.

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Marisa Feil
FWCanada
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