Canada Ranks as top choice for immigrant Entrepreneurs in 2023 – OECD Report

The report from OECD highlights the rising interest among these countries to appeal foreign entrepreneurs, targeting to foster innovation, job creation, foreign investment, and economic growth. For the development of flourishing environments favourable to fresh and innovative businesses, a combination of tactics is essential, encompassing the cultivation of entrepreneurial ecosystems, stimulation of research and innovation, and making certain the access to funding and relevant human resources.

The OECD has designed a ranking system called the Indicators of Talent Attractiveness, which focusses on attracting foreign start-up founders by considering both general factors and specific immigration policies targeting potential world-wide start-up founders. This system contains seven core dimensions, encompassing factors, i.e. market conditions and reach, access to capital, and the level of digitalization and connectivity.

A study from OECD tells that Canada achieved scores within the upper quartile across all dimensions defined in the framework, excluding the 'skills environment'. Considerably, Canada, alongside Australia, remains the sole country offering Permanent Resident (PR) Visa to all successful applicants of the start-up visa program from the very beginning. Also, Canada boasts a encouraging regulatory environment for founding and operating businesses, a welcoming stand toward migrants, and favourable living conditions.

This ranking highlights the capacity of countries like Canada, which have cultivated a robust culture of innovation and entrepreneurship, to invite start-up founders and entrepreneurs successfully.

Immigrating to Canada as an Entrepreneur

Canada extends a wide range of immigration routes and work permits custom-made for entrepreneurs, investors, and self-employed individuals.

Also read- How to Apply for Canada Start-up Visa from India

Canada Start-up Visa

The Start-Up Visa program offers Permanent Resident (PR) Visa to immigrant entrepreneurs as they setup themselves in Canada. The program's objective is to hire innovative International entrepreneurs who will drive economic growth and job creation in Canada.

Eligibility for the Start-Up Visa - specific criteria

• Fulfilling language proficiency requirements in English or French.
• Having sufficient funds to settle in Canada.
• Aiming to settle in a province other than Quebec.
• Clearing Canadian security and medical checks.
• Indicating business support from a designated organization.
• Fulfilling ownership requirements for the business.

The Immigration, Refugees and Citizenship Canada (IRCC) has selected several venture capital funds, angel investor groups, and business incubators to participate in the Start-Up Visa program. Successful applicants must secure a minimum investment for their Canadian start-up.

Furthermore, entrepreneurs who wish to maintain an existing foreign business while expanding into Canada might be eligible for an Intra-Company Transfer (ITC) work permit. While mainly used by multinational corporations transferring key personnel between branches, this work permit can also be custom-made for entrepreneurs founding new businesses in Canada.

An Entrepreneur/Self-Employed work permit is also available, appropriate for entrepreneurs who either principally own a Canadian business or where the owner of the Canadian business aims to primarily reside outside Canada. Applicants must show that their business will considerably contribute to Canada's economic, social, or cultural welfare.

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To know more and apply for immigration to Canada this year on Permanent Resident (PR) Visa, you may contact Visas Avenue Canada immigration Advisor and expert on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@visasavenue.com. 

- Rajneesh Kumar