In 2023, immigrant entrepreneurs choose for Canada as their top choice in 2023, securing the leading position among all OECD member countries, according to the Organization for Economic Cooperation and Development (OECD).
A noteworthy trend is developing within the Organization for Economic Cooperation and Development (OECD), a group of 24 countries that includes the likes of the United States, France, the United Kingdom, Sweden, and Australia. In an effort to promote innovation, job creation, foreign investment, and general economic growth, these nations are displaying an increased enthusiasm to attract overseas entrepreneurs.
A well-balanced mix of efforts is essential to creating a climate that supports the growth of innovative firms. Easy access to capital and the requisite human resources should be readily available to aspiring entrepreneurs, while simultaneously nurturing entrepreneurial ecosystems and promoting research and innovation.
The OECD’s “Indicators of Talent Attractiveness,” an evaluation framework created to draw international startup founders, is at the core of this attempt. This ranking system assesses both overarching factors and specific immigration laws geared toward incoming foreign business entrepreneurs. The framework has seven key elements that cover things like market dynamics, financial resource accessibility, and the degree of digitization and interconnection.
In every facet of the framework, with the exception of “skills environment,” Canada has achieved a place in the upper quartile (top 25%), according to the OECD’s results. Canada and Australia are the only nations that offer successful start-up visa applicants immediate permanent residence from the beginning, placing them in a unique category. Furthermore, Canada has a legislative framework that is helpful for starting and running enterprises, a welcoming environment for immigrants, and good living conditions.
This ranking demonstrates how countries with a strong culture of innovation and entrepreneurship, like Canada, are well-positioned to draw founders and entrepreneurs looking to enter the startup world.
Ways to move to Canada as an entrepreneur
For business owners, investors, and self-employed people, Canada provides a wide range of immigration options and employment authorizations.
One of these avenues, the Start-Up Visa initiative, offers immigrant entrepreneurs permanent status while they establish themselves in Canada. The main goal of the program is to draw forward-thinking overseas businesspeople who can support domestic job growth and economic prosperity.
The following requirements must be met by applicants in order to be eligible for the Start-Up Visa:
- Attain the stipulated language proficiency levels in English or French.
- Possess adequate financial resources to establish themselves in Canada.
- Intend to settle in a province other than Quebec.
- Successfully clear Canadian security checks and medical assessments.
- Show that a designated organization endorses their business.
- Verify that their business aligns with ownership criteria.
As part of the Start-Up Visa program managed by IRCC, the acknowledged venture capital funds, angel investor clubs, and business incubation organizations collaborate. Accepted candidates are required to secure a minimum amount of funding for their Canadian startup business.
In accordance with the Canada-United States-Mexico Agreement (CUSMA), anyone from the United States or Mexico who invest in fresh or established Canadian companies may be eligible to apply for Investor work visas to manage their Canadian operations. Typically, the investor owns the majority of the shares or operates the Canadian company alone. Instead of solely serving the investor’s interests, the vision entails the business playing a role in generating local employment opportunities or offering various economic benefits.
Additionally, business owners who intend to grow into Canada while still maintaining an existing foreign operation may be eligible for an Intra-Company Transfer work visa. While multinational organizations frequently use this permit to move important staff between their operations. Entrepreneurs aiming to initiate a new business in Canada can also adeptly tailor this option.
Additionally, there is a route for self-employed business owners who control the majority or all of a Canadian company called the Entrepreneur/self-employed work visa. This choice is also available in cases where the Canadian company’s owner plans to live abroad on a permanent basis. Applications must provide evidence that their venture will benefit Canada significantly on an economic, social, or cultural level.
