Canada expands Start-Up visa program for entrepreneurs
TORONTO - Canada is opening its doors to a new breed of economic immigrants who can help boost the economy with their viable business ideas.
The new Start-up Visa Program for foreign entrepreneurs has been expanded to include business incubators who can help nurture startups into successful Canadian companies.
Chris Alexander of the Citizenship and Immigration Canada said he expects most foreign entrepreneurs to come from outside North America with interests in high-growth industries such as technology, life sciences, and advanced manufacturing.
With the expansion of the Startup Visa Program, the Canadian government is working with the business sector to identify the right fit of economic immigrants who can help grow the economy. This may be interesting to Pinoy entrepreneurs who may have the bright business ideas but are short on funding.
Startups can get funding from angel investors or venture capitalists here in Canada or incubators can also help them look for possible sources of funding.
"Our role is in fact to provide the best quality business advisory support and other resources that we can to all businesses," said Michael Donahue, vice president of the Canadian Association of Business Incubation (CABI).
Jenni Salonga, a manager of an incubation facility in Edmonton, Alberta urges Pinoy entrepreneurs to avail of this new path to permanent residency.
"I'm inviting Filipinos to actually take advantage of this Startup Visa Program that's designed for them - the new entrepreneurs - to come to Canada," said Salonga.
To attract startups, Canada is championing its strategic advantages, such as low taxes and better quality of life.
"Canada, with our strong cities, with our strong business climate, with our low taxes, with our commitment to entrepreneurship, is open to business, is a good place, is a great place to start your business," said Alexander.
The Startup Visa Program is on pilot for five years and is limited to no more than 2700 applicants per year.