Immigration, Refugees and Citizenship Canada (IRCC) has announced significant changes to the Canada Start-up Visa Program that will take effect on August 1, 2024. Here are the key points:
Key Changes
Contract Non-Renewal
IRCC will not renew its contracts with the Canadian Venture Capital and Private Equity Association (CVCA) and the National Angel Capital Organization (NACO) after July 31, 2024. This change impacts the certification of new organizations but does not affect the support provided by existing designated organizations.
Ongoing Support
The primary role of CVCA and NACO has been to certify and monitor designated organizations within the Start-Up Visa Program. Existing organizations will continue their operations and support for start-ups, ensuring ongoing assistance for entrepreneurs, under an enhanced monitoring from IRCC.
Strategic Reassessment
IRCC is conducting a strategic reassessment of its partnership and contract needs. The pause on designating new angel investors, business incubators, and venture capital funds suggests potential changes in how the program will be managed and supported in the future. This could lead to more streamlined processes and efficient alternatives.
Increased Monitoring Role
IRCC will likely take on a larger direct role in monitoring the work of existing designated organizations. This shift aims to ensure that these organizations continue to meet high standards of compliance and effectiveness without the oversight of industry associations.
Future Reviews
While there is an immediate pause in one of the program’s key functions, IRCC is conducting thorough reviews of existing designated organizations to ensure they meet compliance and effectiveness standards.
Eterna International’s Interpretation
*No Immediate End to Support:* The support from existing designated organizations will continue, ensuring that current start-ups and entrepreneurs can still receive assistance.
*Potential Program Changes:* The long-term impact will depend on IRCC’s future steps and any new measures or processes they introduce as part of their strategic reassessment.
At Eterna International, we are monitoring these developments closely and will adapt to any new requirements or processes implemented by IRCC. Our aim is to ensure that we continue providing accurate and up-to-date information to our clients and partners.
