Canada immigration news: Businesses started by immigrants or their children account for more than a third of Canada’s entrepreneurship – and those immigrant-owned businesses tend to grow faster and create more jobs, reports the Innovation Economy Council.
In Relocation Nation: How Immigrant Tech Founders Boost Canadian Innovation, the organization reports these immigrants and their children create 34.7 per cent of all start-ups in Canada.
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That’s a bigger chunk of Canada’s start-up ecosystem fueled by immigrants than in most economies in the European Union, G7 or G20 countries.
“Immigrant-owned firms in Canada are younger on average than those owned by Canadian-born entrepreneurs, which means they tend to grow faster and have higher rates of job creation,” notes the Innovation Economy Council in that report.
Start-Up and Entrepreneur Programs Welcome 455 New Permanent Residents
“Also, research has shown that immigrant-owned businesses are more likely to enter global markets, and that immigrant entrepreneurs ‘can mobilize their diverse socio-cultural networks in helping to overcome market-size limitation and commercialize innovations in the world market, either through export or transnational new ventures.’”
Immigration, Refugees and Citizenship Canada (IRCC) figures show 455 new permanent residents settled in Canada through Entrepreneur or Start-Up Visa (SUV) programs last year.
The Innovation Economy Council thinks Canada should be doing more to attract entrepreneurs from around the world.
“Given their disproportionate economic potential, we need to work to attract and retain the most promising immigrant entrepreneurs and their ventures,” states the organization’s report. “With Canadian help and resources, they can scale up, attract capital and create jobs here for the benefit of all.”
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Canadian immigration officials agree.
Then-Immigration Minister Marco Mendicino demonstrated his enthusiasm for immigrant entrepreneurs last June in a tweet.
“Coming out of the pandemic, the clear message we are sending with the Start-up Visa Program is that Canada is open for business,” he tweeted.
Through the SUV program, Ottawa offers both the flexibility to start a wide variety of businesses and the opportunity to gain permanent residency in Canada for foreign nationals.
Start-Up Visa Criteria
To receive permanent residence in Canada, the following criteria must be met under the Start-Up Visa Program:
Canada’s Start-Up Visa program does not apply to applicants who intend to reside in the province of Quebec.
Successful candidates to the Canadian Start-Up Visa Program receive a letter of support from a government-designated entity (angel investor group, venture capital fund or business incubator).
The government-designated entity is primarily responsible to determine the viability of the applicant’s intended business and present an approved project along with a Commitment Certificate to immigration authorities. Applications are assessed on a pass-fail basis. See the list of designated entities.
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Applicants to Canada’s Start-Up Visa program must meet four basic eligibility requirements:
The required commitment from a designated entity must meet the following criteria:
In order to qualify, the intended business must be incorporated and carrying on business in Canada at the time the commitment is made and:
Up to five applicants may have their application for permanent residence supported by the same business investment. However, certain applicants may be designated essential to the intended business. If any of the essential applicants withdraw their application or are refused for other reasons, all other applicants under the same business investment will see their applications terminated.
Applicants who have secured a Commitment Certificate from a designated entity, and who wish to begin working in the business during the processing of their permanent residence application may apply for a short-term work permit on the basis of their Commitment Certificate if the designated entity supports such a request.
To receive a work permit, an applicant must provide:
To receive permanent residence, the following criteria must be met:
Canada’s Start-Up Visa program does not apply to applicants who intend to reside in the province of Quebec.
Designated entities that may support an application under the Start-Up Visa program are:
Designated venture capital funds
Designated angel investor groups
Designated business incubators
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