Government planning ‘startup visa program’

The federal government will hold consultations on a new “startup visa program” designed to attract foreign entrepreneurs with big ideas, Immigration Minister Jason Kenney said Wednesday. If implemented, the new program would prioritize immigration applicants who apply with a business plan in hand but would not require them to invest their own money in their ideas. The program would seek to reward aspiring entrepreneurs who team up with Canadian investors, Kenney said, and prioritize people with ideas that have the ability to create Canadian jobs and that have high growth potential. Once in Canada, entrepreneurial immigrants would be teamed up with organizations that have worked with startups to receive tips on Canadian business practices, Kenney said. “Linking immigrant entrepreneurs with private-sector organizations that have experience and expertise working with startups will be important, as newcomers often require outside assistance to successfully navigate the Canadian business environment,” Kenney said at an announcement in Toronto Wednesday. "We need to proactively target a new type of immigrant entrepreneur who has the potential to build innovative companies that can compete on a global scale," Kenney added in a statement. Kevin O’Leary, a popular venture capitalist who is on the TV show Dragon’s Den, accompanied Kenney at the announcement and said the program would give Canadian investors access to a “global pool of talent.” "Building fast-growing, globally competitive companies is tough," O’Leary said in a statement. "You really do need every advantage you can get. The startup visa will give entrepreneurs and venture investors like me access to a global pool of talent." Citizenship and Immigration Canada will discuss the proposed program with investors and startup “incubators” over the next few months before finalizing plans, a release said.

Government planning ‘startup visa program’

Brief | April 20, 2012

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