Ottawa to Devise New Visa Stream Aimed at Foreign Entrepreneurs

This article was last updated on April 16, 2022

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Citizenship and Immigration Minister, Chris Alexander, mentioned in a recent announcement that the federal government has planned to devise a new visa stream that will exclusively attract foreign entrepreneurs to Canada. Mr. Alexander alleged that the program, titled the Business Incubator stream, is anticipated to drive economic growth.

Mr. Alexander was addressing the audience at a breakfast hosted by the Canadian Association of Business Incubation in Toronto on Monday, when he proclaimed that “this government does support business incubation. We know it’s the only way to stay ahead of competitors.” It was elaborated that the business incubator stream will be shaped as a part of the existing Start-Up Visa program, linking immigrant entrepreneurs with companies that focus on working with start-ups. Eventually, the applicants will be allowed permanent residency after their proposals are accepted. The five-year pilot Start-Up Visa program, announced in the spring, has a ceiling of 2,750 applications a year.

CABI CEO, Ed Hobbs, alleged that Ottawa is going to partner with Canadian Association of Business Incubation to designate eligible business incubator and accelerator programs. It was added that five different programs are going to be announced from across the country on Saturday, when the program will begin accepting applications. Vice-president at CABI, Michael Donahue, stated that “this program is designed to attract high-growth potential firms to Canada that could reach both domestic markets and, potentially in time, international markets. We’re hoping to attract businesses that in fact will create jobs and opportunities for Canadians.”

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