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Canada Voted Most Desirable Hub for Immigrant Entrepreneurs in 2023

Canada Voted Most Desirable Hub for Immigrant Entrepreneurs in 2023

Canada Voted Most Desirable Hub for Immigrant Entrepreneurs in 2023

August 28, 2023
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As per the Organization for Economic Cooperation and Development (OECD), Canada emerged as the most appealing destination for immigrant entrepreneurs and startup founders among all the OECD nations. The OECD encompasses 24 countries, including notable ones like the United States, France, United Kingdom, Sweden, and Australia.

The OECD’s recent report highlights the increasing interest of these nations in luring foreign entrepreneurs to catalyze innovation, job opportunities, foreign investments, and overall economic growth. To foster conducive environments for the growth of novel and pioneering enterprises, a blend of strategies is essential, including the development of entrepreneurial ecosystems, fostering research and innovation, and ensuring access to capital and relevant human resources.

The “Indicators of Talent Attractiveness” system, designed by the OECD, gauges the allure for foreign startup founders by assessing general factors and specific immigration policies targeted at potential international startup initiators. This comprehensive approach encompasses seven key dimensions, ranging from market conditions and reach to access to capital, digitalization, and connectivity levels.

The study conducted by the OECD revealed that Canada excelled in the top quartile across all dimensions within the framework, except for the ‘skills environment’ category. Notably, Canada, alongside Australia, stands out as the sole nation offering permanent residency to all successful applicants of the startup visa program right from day one. Furthermore, Canada’s regulatory landscape is conducive for establishing and operating businesses, its society is welcoming to migrants, and the living conditions are highly favorable.

In essence, the OECD’s evaluation underscores Canada’s remarkable performance as a magnet for foreign entrepreneurs and startup founders, positioning it as a premier destination that provides fertile ground for innovation, growth, and prosperity.

The ranking underscores that nations like Canada, boasting a robust culture of innovation and entrepreneurship, are strategically positioned to attract startup founders and entrepreneurs.

Navigating Entrepreneurial Immigration to Canada

Canada provides an array of immigration routes and work permits tailored for entrepreneurs, investors, and self-employed individuals.

The Start-Up Visa initiative confers permanent residency to immigrant entrepreneurs, aiding their establishment in Canada. The program’s objective is to enlist inventive foreign entrepreneurs who will propel economic growth and foster job creation across the nation.

To qualify for a Start-Up Visa, applicants must satisfy the subsequent criteria:

  • Attain the prescribed language proficiency in English or French.
  • Possess ample financial resources to settle in Canada.
  • Intend to establish residency in any province except Quebec.
  • Successfully clear Canadian security and medical assessments.
  • Validate business support from a designated organization.
  • Demonstrate conformity with ownership prerequisites for your business.

Immigration, Refugees and Citizenship Canada (IRCC) has designated specific venture capital funds, angel investor groups, and business incubator organizations to actively participate in the Start-Up visa program. To qualify for this program, successful applicants must secure a minimum investment for their Canadian startup venture.

Under the framework of the Canada-United States-Mexico Agreement (CUSMA), individuals who are citizens of the United States or Mexico and make investments in new or existing businesses within Canada may be eligible to apply for Investor work permits. These permits enable them to oversee their Canadian business operations. Typically, the investor holds the majority ownership or is the sole proprietor of the Canadian enterprise. However, there is an important stipulation that the business should create job opportunities or contribute to the local economy, rather than solely serving the interests of the investor.

Furthermore, entrepreneurs with plans to simultaneously manage an established foreign business while expanding operations within Canada could qualify for an Intra-Company Transfer work permit. This type of permit is commonly utilized by multinational corporations to transfer key personnel between different branches. However, it can also be adapted effectively for entrepreneurs aiming to establish a fresh business presence in Canada.

Additionally, there exists an Entrepreneur/self-employed work permit option tailored to entrepreneurs who are either the principal or exclusive owner of a Canadian business. This option also applies when the owner of the Canadian business intends to primarily reside outside of Canada. Applicants seeking this permit will need to demonstrate that their business will offer substantial economic, social, or cultural benefits to Canada.

How ASI Immigration can help?

ASI Immigration is committed to assisting entrepreneurs in their journey to come to Canada. Our dedicated team understands the complexities of the immigration process and is well-versed in the various pathways available for entrepreneurs. Whether it’s navigating the Start-Up visa program, exploring Investor work permits under CUSMA, or considering options like Intra-Company Transfer and Entrepreneur/self-employed work permits, we provide expert guidance every step of the way. From evaluating eligibility criteria to compiling necessary documentation and submitting applications, ASI Immigration ensures a seamless and efficient process. Our goal is to empower entrepreneurs with the knowledge and support they need to establish and expand their businesses in Canada, contributing to the country’s economic growth and prosperity.

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