Minister Marc Miller of Immigration, Refugees and Citizenship introduced significant reforms to Canada’s federal business immigration initiatives, aimed at slashing processing times and clearing application backlogs. Effective April 30, 2024, these changes aim to streamline the Start-up Visa Program. Notable measures include limiting the number of permanent residence applications processed annually to a maximum of 10 start-ups per designated organization and prioritizing entrepreneurs supported by Canadian capital or affiliated with Tech Network incubators for expedited processing.
Starting April 30, 2024, Minister Marc Miller announced a temporary suspension of application intake for the Self-Employed Persons Program. This pause aims to focus on clearing the existing backlog of applications, which have led to processing times extending beyond four years. The program, designed for individuals with expertise in arts, culture, sports, or recreation, offers a pathway to permanent residence and aims to enhance Canada’s cultural vibrancy. While processing current applications, the Immigration, Refugees and Citizenship Canada (IRCC) will explore program reforms to ensure efficiency and integrity.
Through this measure and planned increases in admissions for the federal business category, outlined in the 2024–2026 multi-year levels plan, IRCC aims to alleviate backlogs, reduce wait times, and continue welcoming skilled newcomers vital for Canada’s economic growth.
Quick facts
- Approximately one-third of business owners with paid staff in Canada are immigrants.
- According to a 2023 report by the Organization for Economic Co-operation and Development (PDF 2.18 MB), Canada secured the top position as the most desirable destination for start-up founders. Factors contributing to this ranking include access to capital, corporate tax rates, workforce skills, university excellence, quality of life, and immigrant entrepreneur policies.
- To be eligible for the Start-up Visa Program, foreign entrepreneurs must receive backing from a designated venture capital fund ($200,000 investment), angel investor group ($75,000 investment), or business incubator (acceptance into their program).
- Since its inception in 2013, the program has facilitated the permanent residency of approximately 900 entrepreneurs, leading to the establishment of over 300 start-ups.
- Priority processing is granted to all applications in the venture capital and angel investor streams, as well as to business incubator-supported applications demonstrating at least a $75,000 investment.
Summary of article published by IRCC on April 29, 2024, Ottawa.
Source: canada.ca
