Canada is putting a hold on its existing entrepreneur visa which only requires immigrants to hire one employee for one year. They intend to start the new plan, which focuses on issuing visas to individuals identified by venture capital funds as candidates to build start up firms in Canada.
This is one of the changes being brought on by Citizenship and Immigration Minister Jason Kennedy to respond to the country’s economic needs.
Alexis Pavlich, Kennedy’s press secretary said, “The start-up visa in an initiative that the government of Canada I exploring to assist in transforming our immigration system into a fast, fair and flexible system that will meet the needs of our economy and help grow our country.”
The goal is to bring together brilliant foreign minds and Canadian investment money. Canada will set aside 2,750 start-up visas a year for Entrepreneurs and their families.
The likely source of the early applicants will be foreigners in the US high-tech sector who have not been able to receive resident status there.
Kennedy also intends to revise another investor class visa, granted to people who would lend CA$400,000 to CA$800,000 (US$412,000 to US$825,000) to provincial governments.
In a recent study by Toronto-Dominion Bank (TD) they said that by 2016 Canada would have to increase its annual immigration level from 250,000 to 300,000 if it hopes to keep the growth of the labour force in line with the historical trend. However, until the economic prospects of newcomers is improved it may be counterproductive to bump immigration numbers.
Palmer, Randall. Canada plans to create new class of visa to attract start-up entrepreneurs. The China Post. September 13, 2012. p7.