Canada’s Business Immigration Programs Undergo Specific Changes From April 30, 2024

Canada’s Business Immigration Programs Undergo Specific Changes From April 30, 2024

 

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Canada recently announced some updates to the country’s federal business immigration programs. These changes, announced by Marc Miller, the Minister of Immigration, will start on April 30, 2024. The goal is to decrease the number of application backlogs and accelerate processing times.

As a part of these changes, the government will consider only the best proposals for the Start-up Visa Program. It will accept a fixed number of permanent residence applications each year. These proposals will be linked to 10 start-ups per designated organization. 

Start-ups that receive financial support from Canadian capital or a Tech Network-affiliated business incubator will receive priority processing.

The government has stopped accepting new applications for the Self-Employed Persons Program and will focus on processing existing applications and decreasing processing times.

However, the government will keep working on overdue applications and look at potential program changes.

The government has a clear strategy to manage the backlog and reduce wait times. They plan to limit new applications until the end of 2026 and increase admissions for the federal business category from 2024 to 2026. 

Foreign entrepreneurs who want to enter the Start-up Visa Program must have support from a venture capital fund, an angel investor group, or a business incubator. Since its start in 2013, this program has helped over 300 start-ups and around 900 entrepreneurs become permanent residents.

The government will focus on processing applications from venture capital, angel investors, and business incubators.

When making these changes, they considered factors like access to money, tax rates, workforce skills, university quality, and immigration policies.

Currently, applications for the Canadian start-up visa program and the Canadian Federal Self-Employed program are processed in about 37 months and 52 months, respectively.

The post Canada’s Business Immigration Programs Undergo Specific Changes From April 30, 2024 appeared first on CI News | Latest Canada Immigration News.

 

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