Enhancements and Adjustments to Canada’s Federal Business Programs Unveiled by Minister Miller

Enhancing the Start-up Visa Program

The Start-up Visa Program, a vital pathway for foreign entrepreneurs wishing to establish innovative businesses in Canada, will undergo enhancements to better support promising ventures. Here’s what’s changing:

1. Capped Application Numbers: To focus resources on the most promising proposals, the Immigration, Refugees, and Citizenship Canada (IRCC) will limit the permanent residence applications it processes each year to those associated with no more than 10 start-ups per designated organization.
2. Priority Processing: Entrepreneurs whose start-ups receive financial backing from Canadian capital or Tech Network-affiliated business incubators will receive priority processing. This prioritization extends to both pre-existing and newly submitted applications in the inventory.

Mitigating Backlogs and Shortening Wait Times

IRCC aims to address application backlogs and shorten wait times for talented and innovative newcomers through strategic measures, including:

• Limiting application intake for certain programs until the end of 2026.
• Allocating additional admissions for the federal business category based on the multi-year levels plan for 2024–2026.

Start-up Visa Program Requirements

Foreign entrepreneurs seeking admission to the Start-up Visa Program must secure committed backing from specified venture capital funds, angel investor groups, or business incubators. These entities are required to make minimum investments as follows:

• Venture Capital Fund: Minimum investment of $200,000
• Angel Investor Group: Minimum investment of $75,000
• Business Incubator: Entrance into their incubation program

Current Processing Times

As of now:

• Start-up Visa Program: 37 months
• Federal Self-Employed Program: 52 months

Canada: A Premier Destination for Start-up Entrepreneurs

Canada’s commitment to fostering innovation and entrepreneurship has been recognized globally. In a report by the Organization for Economic Co-operation and Development (OECD) in 2023, Canada was identified as the most appealing location for start-up entrepreneurs. Factors contributing to this recognition include access to capital, corporate tax rates, workforce skills, university strength and quality of life, and immigration policies for entrepreneurs and their families.

With these enhancements and adjustments to federal business programs, Canada reaffirms its commitment to attracting and supporting innovative entrepreneurs, further fueling the growth of its economy and fostering a vibrant business ecosystem.