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International Refugees and Citizenship Canada implemented new policies regarding its startup Visa as of 30 April 2024. On the same day, the department has put a full hiatus on the application intake for the Self-Employed Persons program.
Changes Introduced
Start-Up Visa
From April 30, 2024, Start-up Visa application processing is focusing on:
- Limiting the acceptance of permanent residents within this program by restricting eligibility to applicants tied to no more than 10 startups per designated organization and
- Speeding up the process for entrepreneurs supported by a Canadian capital fund or a business incubator that’s part of Canada’s Tech Network, relevant for both fresh and already filed applications.
Designated organizations are recognized Canadian business entities, such as venture capital funds, angel investor groups, and business incubators, that are authorized to back startup companies under the program. To be eligible for the Start-up visa, candidates need to obtain a commitment from one of these approved organizations.
Self-Employed Persons Program
The Immigration, Refugees and Citizenship Canada (IRCC) has declared a complete halt on the intake of applications for the Self-Employed Persons program. This suspension is expected to last until the conclusion of 2026. The reason behind this pause is the accumulation of a large volume of applications, which has resulted in the extension of processing times to over four years.
Quote
“Fast processing is critical to the success of entrepreneurs who come to Canada through our federal business programs. These necessary changes will set the Startup Visa Program and Self-Employed Persons Program on the path to faster processing times while we look ahead to further reforms to make these programs more sustainable and effective over the long term.”
The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship
Quick facts
- Immigrants make up roughly one-third of Canada’s business owners with paid staff.
- In a 2023 report by the OECD, Canada was named the top destination for start-up founders, considering factors like access to capital, corporate tax rates, workforce skills, university strength, quality of life, and immigration policies for entrepreneurs.
- Eligibility for the Start-up Visa Program requires support from a designated entity, such as:
- A venture capital fund (with a $200,000 investment),
- An angel investor group ($75,000 investment), or
- A business incubator (acceptance into the program).
- Since its inception in 2013, the program has facilitated about 900 entrepreneurs becoming permanent residents, leading to the creation of over 300 start-ups.
- Applications associated with venture capital, angel investment, or business incubators that report a minimum investment of $75,000 will be prioritized for expedited processing.
