Immigration has always been considered as the core element of Canada’s economical condition. Based on this fact several Business Immigration Programs were launched by Citizenship and Immigration Department of Canada (CIC). In 1978 the EN Program (The Immigration Entrepreneur Program) was designed in order to attract foreign entrepreneurs, who could contribute to the economic development of Canada, however, the optimistic predictions mentioned were not destined to become a reality – the program was too burdened by the requirements and number of conditions, which made it ineffective and endlessly long in processing. As a result, in 2014 it was cancelled.
After the experience achieved through the previous failure, on April 1, 2013, the Start-Up Visa Program was launched. The main goal of the program was the same, however with one additional condition – now the emphasis was put on the entrepreneurs who could meet the innovation needs of the Canadian economy.
The program has become not only more effective in terms of its implementation, but the costs connected with its administration were less in comparison with the previous one. In the three-year period 32 venture capital funds, 6 angel investor groups, as well as 14 business incubators, which participated in the Start-Up Visa Program, have allocated over $3.7 M! According to the statistics, entrepreneurs participated in the pilot program have made a positive progress in business growth, acquired additional investment, increased networks and business connections, or sold their business for a profit. As a result the Start-Up Visa Program has facilitated the immigration to Canada based on the timely processing, which takes approximately half a year!
From 2013 to 2016, IRCC (Immigration, Refugees and Citizenship Canada) received 113 applications and 80% of them were approved. Compared to the data of the EN Program where the majority of the applicants represented the age group from 45 to 64 (63%), almost all the participants of the Start-Up Visa Program tend to be younger – from 25 to 45 (77%). In addition, 74% of the SUV Principal applicants have post-secondary education, which forms the valuable human capital of the country.
After the evaluation of the results of the experiment the pilot Start-Up Visa Program will obtain its official program status on April 1, 2018.
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