Canada Launches Startup Visa Program for Foreign Internet Entrepreneurs



    The Canadian Migration and Citizenship Service has published the final list of requirements for applicants and has begun accepting documents from Internet entrepreneurs under the new Startup Visa immigration program. A member of this program receives the status and Permanent Residency card.

    Requirements for obtaining Startup Visa:
    1. Take a Benchmark 5 English or French proficiency test .
    2. Higher or incomplete higher education (one year of post-secondary education).
    3. Agree with one of the venture funds to finance your startup in the amount of CAD 200 thousand or with one of the private investors (angels) to finance from CD 75 thousand. See the list of funds and investors here .

    Only Canadian venture funds and investors certified by the Canadian Venture Capital Association and the National Association of Business Angels participate in the program .

    The first five years are expected to test the program, during which the number of applications from entrepreneurs will be limited.

    Thus, in order to get a Canadian visa and a residence permit, you must first contact one of the local investors, show him your project and get financing guarantees. It seems that the Canadian authorities want to create a northern branch of Silicon Valley.

    Experts call Startup Visa for foreign startups a unique program for the whole world. For comparison, in the United States a similar EB-5 visa issuance program for entrepreneurs has not yet been adopted , although it has been discussed since 2010 .

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