Canada launches Startup Visa for foreign online entrepreneurs

The Canadian Migration and Citizenship Service published the final list of requirements for candidates and began accepting documents from Internet entrepreneurs under the new Startup Visa immigration program. The participant of this program receives the status and card of the permanent resident of Canada (Permanent Residency).

Requirements for obtaining Startup Visa:

1. Take a test in English or French Benchmark 5 .
2. Higher or incomplete higher education (one year of post-secondary education).
3. Agree with one of the venture funds to finance your startup in the amount of more than 200 thousand Canadian dollars or with one of the private investors (angels) to finance from 75 thousand CDN. See here for a list of funds and investors.

Only Canadian venture capital funds and investors certified by the Canadian Venture Capital Association and the National Association of Business Angels participate in the program.
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The first five years is supposed to test the program, during which the number of applications from entrepreneurs will be limited.

Thus, in order to obtain a Canadian visa and a residence permit, you first need to contact one of the local investors, show him your project and receive guarantees of financing. It seems that the Canadian authorities want to create the northern branch of Silicon Valley.

Experts call Startup Visa for foreign startups a unique program for the whole world. For comparison, in the United States a similar EB-5 visa issuance program for entrepreneurs has not yet been adopted , although it has been discussed since 2010 .