Official updates regarding the enhancements of the Start-up Visa Program have now been formally displayed on the Immigration, Refugees and Citizenship Canada (IRCC) website.
These improvements, initially disclosed earlier this year by the former Minister of Immigration, Sean Fraser, have reached a significant stage of formalization and implementation with their listing on the official IRCC site.
The published Start-up Visa improvements include:
- Increased annual spots from 1,000 to 3,500 for 2023(including SUV and self-employed persons), with further rises planned in 2024 and 2025. This will significantly reduce application backlogs.
- Work permits turn to open work permits, which are extended up to 3 years. All start-up members can apply for it. This provides more time to establish their business in Canada before getting PR.
- Open work permits allow participants to work outside their startup. This provides income flexibility during the startup phase.
- Faster processing for applications from start-ups with committed capital. This prioritization ensures vital ventures can launch quickly.
As Canada sets its sights on becoming a global frontrunner in technology, these modifications play a pivotal role in attracting entrepreneurial prowess and fostering the growth of innovative startups.
With the enhancements now officially documented, we eagerly anticipate the comprehensive policies and guidelines that IRCC will finalize for each component. The immigration community is keen to receive these details to effectively guide startup clients in utilizing the program.
By officially listing these Start-up Visa enhancements on the government’s website, Canada extends a warm invitation to immigrant entrepreneurs. This gesture underscores Canada’s dedication to bolstering its startup environment.
