"What Will Recent Changes to Canada's Start-up Visa Program Lead To?"
The latest changes to the Canadian Start-up Visa program, which came into effect on April 30, 2024. What will the new restrictions lead to?
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About Canada
Best country
to GROW
Canada is often chosen as a country for business immigration due to the opportunities that this state can offer to foreign entrepreneurs. The basis of this statement is a number of indisputable facts:
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In the world, the Canadian economy ranks 14th in terms of GDP when it comes to purchasing power parity, and GDP per capita is almost $ 47,000;
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Proximity to the US has become an incentive to sign free trade agreements between countries;
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The Canadian economy is based on industry and services, which employ about 75% of the population;
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Sources of substantial income include tourism –
Canada is one of the five most visited countries; -
A foreigner from any country has the right to register a business. The procedure takes from 24 hours to five business days. However, some types of entrepreneurial activities, for example, the provision of medical services, can only be done by Canadian citizens who have documented their level of professionalism;
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Local tax authorities are loyal to the mistakes of beginning businessmen and help entrepreneurs correct them in a timely manner.
Business immigration to Canada is the best way to grow and reach success for entrepreneurs from other countries. Developed infrastructure, low level of corruption and crime, natural and more importantly, valuable human resources contribute to the development of business in this country. The vast territory allows choosing the most suitable region for business. And the support of compatriots will help minimize the period of adaptation to living in new realities.
Economics
ECONOMICS
A TRADING NATION
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Canada has always been a trading nation; commerce remains the engine of Canada’s economic growth.
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In 1988, Canada enacted a free trade agreement with the United States, with Mexico becoming a partner in 1994 in the broader North American Free Trade Agreement (NAFTA). In 2008, NAFTA encompassed over 444 million people and over $1 trillion in merchandise trade.
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Today, Canada has one of the ten largest economies in the world and is part of the G7 group of leading industrialized countries with the United States, Germany, the United Kingdom, Italy, France, and Japan.
Canada’s economy includes three main types of industries:
Service
The service sector includes industries such as transportation, education, health care, construction, banking, communications, retail services, tourism, and government. More than 75% of working Canadians now have jobs in service industries.
Manufacturing
Manufacturing industries produce a large variety of products sold both domestically and internationally. Manufactured products include paper, high technology equipment, aerospace technology, automobiles, machinery, food, clothing, and many other goods. Canada’s largest international trading partner is the United States.
Natural Resources
Natural resource industries include forestry, fishing, agriculture, mining, and energy. Today, the economy of many areas of the country still depends on natural resources, and a large proportion of Canada’s exports are natural resource commodities.
Demograpgics
DEMOGRAPHIC
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Canada is a truly multicultural country with rich ethnic diversity.
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Canada provides substantial support to immigrants and minorities. It recognizes dual citizenship, supports multicultural and multilingual enterprises, encourages minority representation in the workforce and educational institutions, and provides full support for newcomers to Canada.
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Canada supports you.
Multiculturalism and tolerance
Canada is a truly multicultural country with rich ethnic diversity. Multiculturalism is adopted in Canada as a national policy.
Canada recognizes dual citizenship, supports multicultural and multilingual enterprises, encourages minority representation in the workforce and educational institutions, and provides full support for newcomers to Canada (translation services, immigration advice).
Environment
ENVIRONMENT
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Canada’s biodiversity is the cornerstone of the Canadian way of life. Canadians, and the Indigenous Peoples, in particular, depend on the natural resources and environment to support their cultures, health, and economy.
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Canada has established domestic and international biodiversity goals to respond to population growth, industrial development, urbanization, and global climate change. These goals include conserving a quarter of Canada’s lands and a quarter of its oceans by 2025 and working toward conserving 30% by 2030. The Government of Canada invested an additional $2.3 billion over five years in Budget 2021 to meet these goals.
Innovation
INNOVATION CANADA
The innovative landscape and business in Canada have been developing at an unprecedented pace. Business immigration has become a key component of Canada’s immigration system and has attracted investment in start-ups. An immigration program called Start-Up Visa was opened in order to develop new projects in Canada.
WHAT START-UP PROJECTS ARE UNDER THE START-UP VISA PROGRAM?
First of all, these are innovative projects that coincide with the strategic objective of Canada. The government encourages start-ups that create or significantly improve products and services.
WHAT ARE THE KEY REQUIREMENTS FOR A START-UP IN CANADA TO PARTICIPATE IN THE START-UP VISA PROGRAM:
• Innovative technologies in any field
• A strong proprietary technology or business model
• Strong personal and professional characteristics of the start-up founder
• A desire to develop business in Canada and a clear understanding of how to do this
The prospects of your business proposal and start-up development model will be evaluated by an authorized Canadian organization you have reached an agreement with and you received a letter of support from. In other words, this is a company to attracts investment in a start-up. It can be a business accelerator, a business incubator, or an investment fund. After you reach an agreement with an authorized investor for a start-up in Canada, this organization will issue you a letter of support. These documents as well as some others will be used to issue an entry visa to Canada. IRCC reviews all business immigration applications and conducts an independent peer-review process. BVC provides the full range of services during the process of obtaining a Start-up Visa in Canada!
From funding to expert advice to driving new collaborations, our flagship programs and services are designed to help businesses innovate, create jobs and grow Canada's economy.
Government
Support Programs
Private Investors
and Funds
Canadian
Start-Up
Ecosystem
Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that:
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are innovative
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can create jobs for Canadians
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can compete on a global scale
Do you have an innovative business idea? If you can get support for your idea from one of the designated organizations, you may be able to immigrate to Canada.
The private capital industry enhances productivity, increases competition, and creates high-paying jobs.
BVC helps to support a healthy, functioning private capital system that works for the economy and for our clients.
The startup ecosystem consists of a group of people, startups, and related organizations that work as a system to create and scale new startups.
Startup ecosystems are formed often in a relatively limited area with a center of gravity like a university or a concentration of technology companies.
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