Canada launches Startup Visa for Immigrants

According to The Organisation for Economic Co-operation and Development (OECD), Canada is ranked 3rd in the list of top Countries for Entrepreneurship just above United States. The government support, the entrepreneurial eco-system, and the societal perspective on Entrepreneurship have contributed to this ranking.

The latest program that the Canadian government has added to encourage Entrepreneurs is the ‘Startup Visa’ program. Policy makers in Canada have understood that Entrepreneurial immigrants are the foundation on which the US economy has thrived. To replicate this model, the Canadian government owned Bank – BDC is inviting applications from Immigrant Entrepreneurs for Financing and consulting services. Not all Businesses qualify for the visa program.

The selection process is rigorous, and BDC Venture Capital reviews over 1000 Business plans every year. Criteria for Businesses are:

1) It should have a distinct and sustainable competitive advantage

2) It’s intellectual property, and knowledge should provide a strong barrier to entry for competitors

3) It should have a suite of technology development in a broader set of markets.

4) It should have skilled and committed team.

5) It should have a clearly defined Business plan with realistic targets

6) It should be in a market that has the opportunity for sustainable growth

7) It should be a dominant player in the market place, and should have the potential to increase in value through mergers, acquisition or Initial public offering.

8) It should have a well-defined exit strategy within a 3-5 year exit window

Immigrant Entrepreneurs whose company meets the above requirements can get the first round of financing in the range of $250,000 to $3,000,000 and subsequent financing rounds can infuse funding in the range of $1 million to $10 million USD. The candidates who will be considered for the ‘Startup Visa’ should have at least $25,000 of initial investment from an approved and qualified Canadian investor.

For more details visit Startup Visa