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April 29, 2024

IRCC Updates Startup Visa and Self-Employed Persons Programs | Federal Business Immigration

Dear future neighbour,

Today, April 29th, 2024, the Immigration Minister, Marc Miller, announced changes made to Start-up Visa and Self-Employed Persons Programs under the Federal Business category of the immigration levels plan.

Update on Start-up Visa

Starting on Tuesday, April 30, 2024, IRCC will roll out new policies for processing Start-up visa applications.

The Start-Up Visa program offers immigrant entrepreneurs the opportunity to obtain permanent residence while providing support to establish themselves in Canada.

To bolster the Start-up Visa Program, IRCC urges designated venture capital firms, angel investor groups, and business incubators to prioritize the most promising proposals by:

  • capping the permanent residence application numbers that IRCC will accept for processing every year to those associated with no more than 10 start-ups per designated organization.
  • granting priority processing to entrepreneurs whose start-up receives financial backing from Canadian capital or a Tech Network-affiliated business incubator. This includes both pre-existing and newly submitted applications in the inventory.

Foreign entrepreneurs seeking admission into the Start-up Visa Program are required to secure committed backing from either of the following:

  • a specified venture capital fund (minimum investment of $200,000)
  • an angel investor group (minimum investment of $75,000)
  • a business incubator (entrance into their incubation program)

Update on Self-Employed Persons Programs:

On same day, April 30, 2024, IRCC intends to suspend the intake of applications for the Self-Employed Persons program until the end of 2026. This decision comes as processing times have extended beyond four years due to the high volume of applications in the program inventory.

Even during the ongoing suspension, IRCC will persist in processing overdue applications while also assessing potential program reforms and safeguarding its integrity.

Canada’s Self-Employed Persons Program enables eligible foreign nationals with experience in cultural activities or athletics to establish themselves as permanent residents in Canada.

Need help obtaining a visitor visa to visit Canada, or professional help putting in a study visa application, work permit application, Expression of Interest, creating an express entry or provincial nomination profile, preparing your application after receiving an invitation to apply or even just reviewing an application you prepared yourself? Book a consultation or send us an email on info@eseumohimmigration.com

 

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