In 2016, Canada's business immigration Start-Up Visa program is expected to become a more popular financing option for start up companies across Canada.
Over the past few years, Canada's long standing federal business immigration programs were largely eliminated with the cancelation of the former Federal Immigrant Investor program and the Federal Entrepreneur program. Its replacement programs include the Start-Up Visa Program and the much smaller Immigrant Investor Venture Capital (IIVC) Pilot Program launched in early 2014. The latter program is geared to ultra high net worth individuals but remains uncompetitive in the market.
Industry insiders believe the federal Start-Up Visa Program with an annual quota of 2750 applications could realize a potential annual market capitalization exceeding $800 million during the next 3-5 years and become a major alternative to the Quebec Immigrant Investor Program.
The Federal Start Up Visa Program issues Canadian permanent residence to qualified immigrant entrepreneurs. The program seeks to attract innovative entrepreneurs to Canada and link them with Canadian private sector businesses via government approved (angel investor groups, venture capital funds or business incubators) who will act as facilitators for the establishment of their start-up business in Canada.
The program operates under three stages. Under the first stage, an investor is matched with a suitable qualifying business. Under the second stage, the successful applicant will quickly receive a temporary work permit. Under the final stage, the approved investor and family members will receive Canadian permanent residence. Current processing delays are approximately six (6) months to receive visas.
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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer
