Canada’s new Start-Up Visa pilot program for entrepreneurs and investors officially begins receiving applications on April 1, 2013, announced Citizenship, Immigration and Multiculturalism Minister Jason Kenney.
Citizenship and Immigration Canada (CIC) calls the Start-Up Visa program “the first of its kind in the world”. The new program allows foreign entrepreneurs to apply for permanent residence if they are able to secure a significant investment commitment from a designated Canadian angel investor group or venture capital fund.
CIC has worked very closely with Canada’s Venture Capital and Private Equity Association (CVCA) and the National Angel Capital Organization (NACO) to identify and designate venture capital funds and investor groups who are interested in participating in the program.
CIC states that it hopes the program will help make Canada a destination of choice for start-up innovators which will help Canada remain competitive in the global economy.
The Start-Up Visa program will run as a pilot program for five years.
For additional information, please contact Green and Spiegel LLP.