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.
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.