Canada is implementing new visa reforms for start-ups and self-employed entrepreneurs to reduce wait times

In an effort to simplify Canada’s federal immigration programs for businesses, Minister of Immigration, Refugees and Citizenship Marc Miller has announced significant changes that will take effect today, April 30, 2024. These changes are intended to reduce processing times and address the application. backlog that worries many.

One of the key changes aims to improve the Start-up Visa program, which facilitates the immigration of innovative entrepreneurs to Canada, VisaGuide.World reports.

According to Immigration, Refugees and Citizenship Canada (IRCC), here’s what’s changing in simple terms:

Limited applications: Canada only processes a certain number of applications each year from start-ups affiliated with a maximum of ten organizations. It helps us focus on the most promising companies.

Faster processing: Entrepreneurs whose startups are backed by Canadian investors or certain incubators will have their applications processed more quickly. This applies to both existing and new applications.

In addition, Secretary Miller announced a complete pause in application intake for the Self-Employment Program to focus on processing applications from the inventory beginning April 30, 2024. The Self-Employment Program provides a pathway to permanent residency for people with notable experience in the arts, culture, recreation or sport who will contribute to Canada’s cultural vitality.

IRCC is implementing new measures to reduce visa waiting times

As the authority explains, it takes more than four years to process the applications since so many people have applied for this visa program. Although they are not taking on new applications, IRCC continues to work on the old ones. Ways to make the program better and fairer are also being looked at.

To speed things up, the IRCC will not accept new applications until the end of 2026. The same will further let in more people through another program, the federal business category. This plan should help them process applications faster and reduce waiting times.

In addition, if a foreign entrepreneur wants to apply for the Canadian Start-up Visa Program, he will need support from special groups:

• A venture capital fund with an investment of $200,000.
• An angel investor group with an investment of $75,000.
• Or a business incubator should include you in their program.
• Since 2013, approximately 900 entrepreneurs have become Canadian residents through this program. They have started more than 300 companies.

Applications backed by venture capital or angel investors will be given priority. The same goes for those backed by a business incubator, as long as there is an investment of at least $75,000.