The popular Startup Visa Scheme of Canada is, reportedly, set to be a common element in its immigration plan. Introduced as a pilot five years back in 2013, the Budget text presented lately in the Canadian Parliament reportedly says that come March 31 and it will be a “permanent pathway for immigration”. As per the information that we have on the subject, the administration also intends to make the procedure simpler for candidates.
Via the pilot, entrepreneurs obtained more than Canadian 3.7 million Canadian Dollars as investment from the chosen individuals. Close-to 28% of the accepted candidates was the nationals of India. With the opportunities increased further, several more are reportedly getting in line.
The advantages are various — Permanent Residency (PR) status, no mandatory condition to cough-up your own capitals for investment, a flourishing environment for startups and nearness to the HUGE markets of the neighbouring US. Actually, an ever increasing protective government in the US is allegedly motivating several to take more interest in the neighbouring Maple Leaf Country.
As per one of the entrepreneurs, who, reportedly, surrendered his US H-1B Visa only to shift to the Maple Leaf Country in 2016, claims that the Startup Visa Plan of Canada has few parallels in the world with the reason being the same provides PR status to the founding group and their families. Other nations, on the other hand, have not done much, with the Startup Visas being rather obstructive in nature, in the process, compounding the strain and risk of the founding group.
To drive the messages home, he gave the examples of the Startup Visas offered by France, Singapore, New Zealand, and the US which, he added, are exceedingly provisional, and are proffered or snatched at the will of the administration. The time frames of these visas are also much smaller, vis-à-vis what a startup needs to attain grip and expansion.
The entrepreneurs interested in Startup Visa of Canada require getting a minimum backing from one or more of the over 50 designated partners comprising Canadian angel investor groups or venture capital funds (VCFs), or they require to be admitted in a Business Incubator Scheme of the Maple Leaf Country.
Sharing a somewhat similar feeing another concerned person reportedly stated that a major draw of the Startup Visa Plan is the comparatively low minimum investment condition that the visa candidates require to secure. A minimum investment of 200,000 Canadian Dollars is required in case the investment is from a chosen VCF or 75,000 Canadian Dollars in case the same comes from angel investor groups.
In addition, there is no need whatsoever of the bare minimum investment threshold in case the investment is well protected from a business incubator. What’s more: the Startup Visa candidates also do not have to make an investment of any of their own funds or possess a bare minimum net worth.
The sole obligation is that the aspirant must possess suitable assets, to take care of his and family’s needs upon landing in the country, he concluded.