Start-Up Visa Program Expanded To Include Business Incubators

TORONTO – Canada’s Citizenship andImmigration Minister Chris Alexanderannounced a new visa stream to attractforeign entrepreneurs to Canada.”As part of our government’s focus onjobs, growth and long-term prosperity, itis critical for Canada to attract the bestentrepreneurs and innovators fromaround the world,” said Alexander. “Thisnew stream will partner Canada’s worldclass business incubators with immigrantentrepreneurs, driving economic growthand placing Canada ahead of its competitorsin the global economy of the21st century.”The launch of a new Business Incubatorstream under the Start-up Visa (SUV)Program to recruit dynamic foreignentrepreneurs will complement existingventure capital and angel investorstreams. It will attract early-stage andhigh growth businesses,and entrepreneurswho can contribute toa culture of innovationand commercializationin Canada.Business incubatorsprovide promisingentrepreneurs withvaluable mentorship,and help them toattract investors andgrow their start-upsinto sustainable businessesthat can create jobs in Canada.”We are honoured to partner withCitizenship and Immigration Canada onthis exciting new initiative,” said CABIPresident David McNamara. “Our missionis to help small businesses grow andsucceed. Connecting immigrant entrepreneurswith Canada’saccredited business incubatorswill broaden ourrespective networks andbring us all to the nextlevel. The possibilitiesare endless!”Citizenship andImmigration Canada willdesignate eligible businessincubator programsin consultation with theCanadian Association ofBusiness Incubation(CABI). The new stream will beginaccepting applications on October 26,2013.Alexander also announced that five additionalCanadian venture capital funds willsoon be designated as SUV partners. Anupdated list of all designated organizationswill be made available on the CICwebsite as of October 26, 2013.The SUV is a five-year pilot program andis limited to no more than 2,750 applicationsper year. It is designed to attracthigh quality and select entrepreneurs whocan advance the Government ofCanada’s innovation agenda. In additionto standard admissibility requirements,SUV applicants must meet certain programeligibility criteria.