Date: July 9th, 2024 as published on InvestmentMigrationCouncil.org
Canada’s business migration programs, vital for global entrepreneurs and companies, have facilitated innovation and economic growth. On April 29, 2024, Immigration, Refugees and Citizenship Canada (IRCC) announced changes to the Start-up Visa Programme to address backlogs and improve processing times. These changes include reducing the number of startups supported by designated organizations to diversify business entrants and expedite approvals, streamlining applications with online submissions and AI-assisted approvals, and slowing new applications until 2026 to reduce backlog. Additionally, the program will now prioritize high-potential startups with significant economic impact.
Historically, Canada’s Immigrant Investor Programme (IIP), active from 1986 to 2014, was closed due to application integrity concerns and lesser-than-expected economic benefits. The closure led to the development of more targeted programs like the Start-up Visa. The UK and Australia have also seen similar transitions, with the UK replacing its Tier 1 (Entrepreneur) Visa with Innovator and Startup visas, and Australia replacing its Business Talent Visa with the Business Innovation and Investment Programme.
Potential applicants should take advantage of the growing support of the Start-up Visa Programme and stay up-to-date on policy revisions. These updates are intended to improve the business migration environment in Canada to be more efficient and impactful.
To learn more information on the updates on Canadian Business Immigration, read the article by Slava Apel, CEO of Startup Visa Services, featured in the Investment Migration (IMC) Crossing Boarders Bulletin Issue 1, 2024 on July 2nd, 2024.
Link: https://investmentmigration.org/newsletter-archive/crossing-borders-issue-1-2024/
Article: https://investmentmigration.org/articles/is-canada-still-accepting-business-immigration/