Canada Tops the Chart In 2023 | Best Place for Immigrant Entrepreneurs

Canada Tops the Chart In 2023 | Best Place for Immigrant Entrepreneurs

The Organization for Economic Cooperation and Development (OECD) named Canada the most desirable nation among all OECD nations for immigrant start-up founders and entrepreneurs. The OECD report highlights the growing interest of 24 member countries, including the United States, France, United Kingdom, Sweden, and Australia, in drawing foreign entrepreneurs to their lands. The aim is to stimulate innovation, job growth, foreign investment, and overall economic advancement. To cultivate a conducive environment for innovative businesses, a combination of strategies is necessary, encompassing nurturing entrepreneurial ecosystems, encouraging research and innovation, and facilitating funding and skilled human resources for potential founders.

The Organization for Economic Cooperation and Development (OECD) has introduced the Indicators of Talent Attractiveness, a ranking mechanism designed to allure foreign startup founders. This approach assesses general factors and specific immigration policies targeted at international startup founders. It comprises seven essential dimensions, including factors like market dynamics, accessibility to capital, and the degree of digitalization and connectivity.

Except for the "skills environment," Canada excels in all these criteria and is a clear front-runner, scoring in the top 25% across the board. An unusual feature is that successful startup visa candidates receive immediate permanent residency from Canada. Additionally, Canada offers a welcoming community for immigrants, good living circumstances, and a regulatory environment that is conducive to starting and running businesses.

How to immigrate to Canada as an entrepreneur?

Canada provides a range of avenues for immigration and work permits aimed at entrepreneurs, investors, and those who are self-employed. Among these options, the Start-Up Visa program stands out, as it offers permanent residency to immigrant entrepreneurs who are in the process of establishing themselves in Canada. The primary objective of this program is to attract inventive foreign entrepreneurs who will play a pivotal role in fostering economic expansion and generating fresh employment opportunities within the country.

Eligibility Requirements – Federal Start-Up Visa

The eligibility requirements for the Federal start-up visa are:

• Attain the prescribed language proficiency in either English or French,
• Demonstrate adequate financial resources to establish themselves in Canada,
• Intend to reside in a province outside of Quebec,
• Successfully pass through Canadian security and medical screenings,
• Provide evidence that their business is endorsed by a designated organization, and
• Confirm that their business fulfills the stipulated ownership prerequisites.

The Immigration, Refugees and Citizenship Canada (IRCC) has selected specific venture capital funds, angel investor collectives, and business incubators to take part in the Start-Up Visa program. Prospective applicants who achieve approval must obtain a specified minimum investment amount for their Canadian startup venture. According to the Canada-United States-Mexico Agreement (CUSMA), individuals from the United States or Mexico who make investments in either new or established Canadian businesses could potentially qualify for Investor work permits to oversee their Canadian business operations. Generally, the investor is the principal shareholder or exclusive proprietor of the Canadian business. However, there is an anticipation that the business will have a positive impact on the local economy by generating employment opportunities or other advantages, rather than solely serving the interests of the investor.

Contact us if to know if you qualify to migrate to Canada. Check out Owlspriority Immigration’s Canada Settlement Resources to learn about finding employment in Canada, making your initial days stress-free, etc.