Today, the Minister of Immigration, Refugees, and Citizenship, Marc Miller, unveiled several modifications to federal business programs in Canada. The new changes aim to shorten application backlogs and processing times and will come into effect on April 30, 2024.
To enhance the Start-up Visa Program, IRCC encourages designated venture capital firms, angel investor groups, and business incubators to focus on the most promising proposals by;
- Capping the permanent residence application numbers, IRCC will accept for processing those associated with no more than 10 start-ups per designated organization every year.
- Granting priority processing to entrepreneurs whose start-up receives financial backing from Canadian capital or a Tech Network-affiliated business incubator. This includes both pre-existing and newly submitted applications in the inventory.
Minister Miller further declared a complete pause on new applications for the Self-Employed Persons Program beginning April 30, 2024. This step is necessary in order to concentrate on the processing of applications derived from the existing inventory.
The Self-Employed Persons Program is for those who have significant experience in sports, recreation, art, or culture and will contribute to Canadian cultural vitality. Processing times have extended beyond four years due to the large volume of applications received for this program. Despite the current suspension, IRCC will continue to process overdue applications while evaluating potential program reforms and safeguarding the program’s integrity.
IRCC can effectively mitigate the backlog and shorten wait times for the talented, innovative, and entrepreneurial newcomers essential for the sustained expansion of the Canadian economy by implementing measures such as;
- Limiting application intake until the end of 2026 and
- Additional admissions for the federal business category will be allocated following the multi-year levels plan for 2024–2026.
Foreign entrepreneurs seeking admission into the Start-up Visa Program are required to secure committed backing from either of the following;
- a specified venture capital fund (minimum investment of $200,000)
- an angel investor group (minimum investment of $75,000)
- a business incubator (entrance into their incubation program)
This category has helped over 300 start-ups and facilitated the permanent residency of approximately 900 entrepreneurs since the program’s inception in 2013.
IRCC will prioritize processing all applications from venture capital, angel investors, and business incubators with a minimum investment of $75,000.
The Organization for Economic Co-operation and Development published a report in 2023 that identified Canada as the most appealing location for start-up entrepreneurs.
Access to capital, corporate tax rates, workforce skills, university strength and quality of life, and immigration policies for entrepreneurs and their families were among the numerous criteria that were considered for the rankings.
