Our friendly neighbors up north have created a new Canada Start Up Visa that allows entrepreneurs to immigrate to the country with significantly less red tape than in years past.Thinking about starting a new business? You might want to think about starting it in Canada.
Odd as it may sound, the Canadian government is taking big steps to try and foster new businesses throughout the country, businesses started by immigrants. Our friendly neighbors up north have created a new Canada start up visa that allows entrepreneurs to immigrate to the country with significantly less red tape than in years past.
Under the new visa, entrepreneurs who have raised $200,000 in investments from designated Canadian venture capital funds or $75,000 from designated Canadian angel investor groups can obtain the new visa to start their business within the country.
So if you’re thinking about starting a new restaurant, British Columbia would be happy to try your famous pot pies. And if you would like to try your hand at carpentry, Manitoba is in the market for a new armoire.
Canada Hoping to Bolster Economy by Encouraging Entrepreneurship
The Canadian government hopes that the new Canada visas will encourage more people to start businesses and bolster the country’s economy. Statistics show that the recent visa program is promising and is only going to expand. For example, in 2012, about 700 startup visas were issued under Canada’s old visa regulations. However, under the new startup visa, as many as 2,750 entrepreneurs could begin new businesses in Canada throughout 2013.
Canada is choosing to focus on immigrants because, according to the US Small Business Administration, immigrants are 30% more likely to start businesses than non-immigrants. While it took a lot of hard work and coordination for the Canadian government to get the new visas approved and available to the public, it seems likely that the hard work will pay off.
Perhaps the United States and other countries with strong economies will take a note from Canada and try to improve their own economic circumstances with better visa programs? Only time will tell.
As for now, whether you’re trying to start a business in Canada or want to take a safari in Tanzania, the team at Swift Passport Services can help you navigate all of your visa and passport needs. Contact us today to learn more about Canadian visas or about the visa requirements for whatever destination you plan to travel to. We look forward to helping you travel easier, or as our Canadian friends would say, we’re all aboot helping people!