- Effective April 30, 2024, Minister Marc Miller introduces changes to simplify federal business immigration, streamline processing, and clear backlogs.
- Changes aim to boost the Start-up Visa Program, attracting innovative entrepreneurs to Canada.
- Foreign entrepreneurs applying for the Start-up Visa Program need backing from venture capital, angel investors, or incubators.
In a bid to simplify Canada’s federal business immigration programs, the Minister of Immigration, Refugees and Citizenship, Marc Miller, has announced significant changes set to take effect from today, April 30, 2024. These changes aim to reduce processing times and address the application backlog that has been a concern for many.
One of the key changes focuses on enhancing the Start-up Visa Program, which facilitates the Immigration of innovative entrepreneurs to Canada, VisaGuide.World reports.
According to Immigration, Refugees and Citizenship Canada (IRCC), here’s what’s changing in simple terms:
Limited Applications: Canada will only process a certain number of applications each year from start-ups associated with a maximum of ten organizations. It helps focus on the most promising ventures.
Faster Processing: Entrepreneurs whose start-ups are supported by Canadian investors or certain business incubators will get their applications processed faster. This applies to both existing and new applications.
IRCC Implements New Measures to Reduce Visa Wait Times
As the authority explains, considering that so many people applied for this visa program, it’s taking more than four years to process applications. While they’re not taking new applications, IRCC will keep working on the old ones. It also looks at ways to make the program better and fairer.
To speed things up, IRCC won’t accept new applications until the end of 2026. The same will further let more people in through a different program called the federal business category. This plan should help them process applications faster and bring down wait times.
Moreover, if a foreign entrepreneur wants to apply for Canada’s Start-up Visa Program, they will need support from special groups:
- A venture capital fund with a $200,000 investment.
- An angel investor group with a $75,000 investment.
- Or, a business incubator must accept you into their program.
- Since 2013, around 900 entrepreneurs have become Canadian residents through this program. They’ve started over 300 businesses.
Applications backed by venture capital or angel investors get priority. The same goes for those supported by a business incubator, as long as there’s at least a $75,000 investment.
