Immigration, Refugees, and Citizenship Canada (IRCC) has announced a series of strategic enhancements to the Canada Start-up Visa program, effective April 30, 2024. These changes are designed to foster a more efficient processing system, leading to faster immigration for high-potential start-ups and ultimately supporting their growth in the country.
New Changes to the Canada Start-up Visa
Under the new guidelines, designated venture capital firms, angel investor groups, and business incubators will now limit the number of permanent residence applications to no more than 10 start-ups per designated organization each year. This measure intends to concentrate resources on the most promising business proposals.
Emphasizing the benefits, entrepreneurs supported by Canadian capital (venture capital firms or angel investor groups) or associated with business incubators that are members of Canada’s Tech Network will now enjoy the privilege of priority processing. This special treatment applies to both existing applications and new submissions, ensuring a swift journey through the immigration system for these high-potential candidates.
Canada Start-up Visa is still one of the main immigration programs promoted by the IRCC.
The IRCC plans to strategically manage the application intake through the end of 2026 to reduce the backlog and decrease wait times. As per the 2024-2026 multi-year levels plan, the federal business category, which includes the Start-up Visa and Self-employed Persons programs, will be increased from 5,000 to 6,000 in 2025. These changes aim to make the application process smoother and faster.
The recent statement by the Minister of Immigration highlights the government’s dedication to the Start-up Visa program as a key component of Canada’s business immigration framework.
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