1. Startup Visa Program Applicants To Get Open Work Permits for Up to 3 Years
The Startup Visa Program, designed to facilitate permanent residency for entrepreneurs who create companies and employ Canadians, will receive a boost. Minister Fraser acknowledged the challenges the program has faced due to overwhelming demand.
“The Startup Visa Program which creates a pathway to permanent residency for entrepreneurs who create companies that will hire Canadians has been suffering from certain challenges. This is a program with extraordinary potential. We’ve not been able to realize it simply because it was a flawed program design. We receive more applications than we have spaces available,” said Fraser.
To address this, the government will prioritize applications based on factors such as capital commitment and endorsements from trusted partners. Additionally, applicants and their families currently in the queue will be granted open work permits for three years, enabling them and their families to reside in Canada while their applications are processed.
Improvements to the Start-up Visa Program:
- Increased application intake planned for 2024 and 2025.
- Applicants will be able to apply for a work permit that is up to three years in duration instead of one year.
- Applicants will be able to apply for an open work permit instead of one that limits them to working for their own start-up.
- The three-year open work permit will be available to each member of the entrepreneurial team instead of only those who are essential and urgently needed in Canada.
- We’re prioritizing applications that are supported by venture capital, angel investor groups and business incubators and have capital committed, along with applications that are supported by business incubators who are members of Canada’s Tech Network.