Canada's well-received startup visa program is launching a new stream to attract even more foreign entrepreneurs.
Officially called the Business Incubator stream under the Start-up Visa Program, the initiative aims to recruit dynamic foreign entrepreneurs and will complement existing venture capital and angel investor streams, according to the federal government. It will attract early-stage and high growth businesses as well as entrepreneurs who can contribute to a culture of innovation and commercialization in Canada, the government says.
Canada’s Citizenship and Immigration Minister Chris Alexander announced the stream.
“As part of our government’s focus on jobs, growth and long-term prosperity, it is critical for Canada to attract the best entrepreneurs and innovators from around the world,” said Alexander. “This new stream will partner Canada’s world class business incubators with immigrant entrepreneurs, driving economic growth and placing Canada ahead of its competitors in the global economy of the 21st century.”
“We are honoured to partner with Citizenship and Immigration Canada on this exciting new initiative,” said CABI President David McNamara. “Our mission is to help small businesses grow and succeed. Connecting immigrant entrepreneurs with Canada’s accredited business incubators will broaden our respective networks and bring us all to the next level. The possibilities are endless."
Citizenship and Immigration Canada will designate eligible business incubator programs in consultation with the Canadian Association of Business Incubation.
The new stream will begin accepting applications on October 26, 2013.