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New Visa stream in Canada for Start-up business programs to include Business incubators

October 2013, 23
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Start up Visa for Canada
During a press conference, Canada’s Citizenship and Immigration Minister Chris Alexander declares a new visa stream to attract foreign entrepreneurs to Canada.
 
Mr Alexander said: "As part of our Government's focus on jobs, growth and long-term prosperity, it is critical for Canada to attract the best entrepreneurs and innovators from around the world. This new stream will partner Canada's world class business incubators with immigrant entrepreneurs, driving economic growth and placing Canada ahead of its competitors in the global economy of the 21st century."The launch of a new Business Incubator stream under the Start-up Visa (SUV) Program to recruit dynamic foreign entrepreneurs will complement existing venture capital and angel investor streams. It will attract early-stage and high growth businesses, and entrepreneurs who can contribute to a culture of innovation and commercialization in Canada.
 
Business brooders provide valuable mentorship to promising entrepreneurs and help them to attract investors and grow their start-ups into sustainable businesses that can create jobs in Canada.
 
Canadian Association of Business Incubation (CABI) President David McNamara said, "Our mission is to help small businesses grow and succeed. Connecting immigrant entrepreneurs with Canada's accredited business incubators will broaden our respective networks and bring us all to the next level. The possibilities are endless!"
 
Citizenship and Immigration Canada will designate eligible business incubator programs in consultation with the Canadian Association of Business Incubation (CABI). According to CABI the new stream will begin accepting applications on October 26, 2013.
 
Alexander also announced that five more Canadian venture capital funds will soon be assigned as SUV partners. An updated list of all designated organizations will be made available on the CIC website as of October 26, 2013.
 
Alexander further stated, "We are excited about the expansion of the Start-Up Visa and look forward to welcoming innovators through this program in the near future." The SUV is considered to be a five-year pilot program and is limited to no more than 2,750 applications per year. It is especially designed to draw attention of high quality and selected entrepreneurs who can advance the Government of Canada's innovation agenda. In addition to standard admissibility requirements, SUV applicants must meet certain program eligibility criteria.

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