CANADIAN GOV’T ANNOUNCES THAT STARTUP VISA PILOT PROGRAM WILL BECOME PERMANENT
The Canadian government announced that the Startup Visa program would now become a core part of the country’s immigration policy starting in 2018.
Minister of Innovation, Science and Economic Development Navdeep Bains and Minister of Immigration, Refugees and Citizenship Ahmed Hussen made the announcement at the DMZ in Toronto.
The government first launched the visa as a pilot in 2013. The Visa allows entrepreneurs to become permanent residents in Canada if a Canadian venture capital fund or angel investor group makes a financial commitment in their business.
So far, 117 entrepreneurs have become permanent residents through the Startup Visa, and over 50 Canadian VC funds, angel investor groups, and incubators are designated to participate. Entrepreneurs received $3.7 million in investment capital during the first three years of the program.
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