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Canada Announces Start-up Visa For Foreign Entrepreneurs

26 Oct 2013


Immigration News

Chris Alexander, Citizenship and Immigration Minister of Canada announced a new visa stream to attract international entrepreneurs to the country.

Alexander said that as part of the focus of government on long-term prosperity, jobs and growth, it is important for Canada to attract the best innovators and entrepreneurs from around the world.

He said that this new stream will partner world class business incubators of Canada with migrant entrepreneurs, propelling economic growth and establishing Canada ahead in the 21st century’s global economy.

Complementing the existing angel investor and venture capital streams is the commencement of a new Business Incubator stream under the SUV (Start-Up Visa) Program. It will attract entrepreneurs who can contribute to a culture of commercialization and innovation, and high growth and early-stage businesses in Canada.

Promising entrepreneurs are provided with valuable mentorship by Business incubators. It will also help attract investors who can in turn help expand their start-ups into tenable businesses that can create jobs.

David McNamara, President of CABI (Canadian Association of Business Incubation) said that they are honored to partner with CIC (Citizenship and Immigration Canada) on this exciting new initiative, and their mission is to help small businesses succeed and grow. He also said that connecting foreign entrepreneurs with accredited business incubators in Canada will broaden their respective networks and bring Canada to the next level and the possibilities are endless!

In consultation with the CABI, CIC will designate eligible business incubator programs. From 26th October, 2013, the new stream will start accepting applications.

Alexander also announced that 5 more venture capital funds of Canada will soon be designated as SUV partners. As of 26th October, 2013, an updated list naming all designated organizations will be available on the CIC website.

Alexander said that they are excited about the expansion of the SUV and through this program they are looking forward to welcoming innovators.

The SUV is a pilot program for a period of 5 years and it is limited to take only 2,750 applications every year. It is crafted to attract select, high quality entrepreneurs who can advance the innovation agenda of Canadian Government. SUV applicants should meet certain eligibility criteria pertaining to the program apart from the usual requirements of admission.


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