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By Jessica Thakur
August 31, 2023
In a resounding endorsement of its appeal to startup founders and innovative minds, Canada has secured the coveted title of the most alluring destination for immigrant entrepreneurs among all Organization for Economic Cooperation and Development (OECD) member nations.
Among the 24 prestigious OECD countries, including major players like the United States, France, the United Kingdom, Sweden, and Australia, Canada emerged as the indisputable leader in attracting entrepreneurial talent from across the globe.
The recently published OECD report highlights a burgeoning interest among these nations to draw foreign entrepreneurs into their folds, amplifying innovation, job opportunities, foreign investments, and economic growth. The recipe for success involves crafting nurturing ecosystems for novel businesses, cultivating research and innovation, and ensuring that aspiring founders have ready access to funding and the right human resources.
At the heart of this acclaim is the OECD's "Indicators of Talent Attractiveness" ranking system, meticulously designed to magnetize international startup founders. This comprehensive evaluation accounts for overarching factors as well as intricate immigration policies aimed at luring potential foreign startup luminaries. The assessment comprises seven pivotal dimensions, including market conditions, access to capital, digitalization, and connectedness.
Diving into specifics, Canada shines brilliantly across all dimensions, except for the "skills environment," where it still remains firmly in the top quartile. Distinguished by its exceptional approach, Canada, along with Australia, stands alone in granting permanent residency to all successful start-up visa applicants from day one. Moreover, Canada boasts an investor-friendly regulatory landscape, a warmly inclusive society for migrants, and enviable living conditions that consistently charm immigrants.
This accolade underscores the prowess of countries like Canada, underpinned by their vibrant cultures of innovation and entrepreneurship, which attract and retain startup pioneers and visionary leaders alike.
Embarking on the Canadian Entrepreneurial Journey
Canada unfurls an array of avenues and permits tailored for entrepreneurs, investors, and self-employed individuals aspiring to grace its shores.
The Start-Up Visa program serves as a gateway to permanent residence for foreign entrepreneurs endeavoring to establish themselves in Canada. Designed to harness the energy of innovative global entrepreneurs, this initiative aims to infuse economic growth and job creation in the nation.
To qualify, Start-Up Visa applicants must meet specific requisites, including demonstrating proficiency in English or French, possessing sufficient settlement funds, planning to reside outside Quebec, clearing Canadian security and medical evaluations, showcasing a designated organization's support for their business, and meeting ownership criteria.
Canada's Immigration, Refugees and Citizenship Canada (IRCC) has identified numerous venture capital funds, angel investor groups, and business incubators to participate in the Start-Up Visa program. Successful candidates must secure a minimum investment for their Canadian startup to qualify.
Under the umbrella of the Canada-United States-Mexico Agreement (CUSMA), US or Mexican citizens investing in new or existing Canadian businesses might be eligible for Investor work permits. These permits facilitate the management of their Canadian ventures. While the investor is often the primary stakeholder or sole proprietor, there's an expectation that the business will contribute to the local economy's growth, extending beyond merely supporting the investor.
Entrepreneurs aiming to simultaneously operate an existing foreign business while expanding their operations in Canada can consider the Intra-Company Transfer work permit. This option, often utilized by multinational corporations, can be finely tailored to suit entrepreneurs initiating new businesses on Canadian soil.
Additionally, the Entrepreneur/Self-Employed work permit holds appeal for individuals predominantly owning Canadian businesses or Canadian business owners planning to reside primarily outside Canada. Applicants must demonstrate their business's substantial economic, social, or cultural contributions to Canada.
Canada's meteoric rise as the supreme haven for immigrant entrepreneurs is a testament to its commitment to innovation, economic growth, and fostering an environment where ambitious visionaries can thrive.
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