Canada’s minister of immigration, refugees and citizenship, Marco Mendicino has categorically expressed that Canada is just getting started with their startup visa program.
Canada is one of the several nations, including the U.K. and Singapore, that have launched this idea and are currently doing well to convince everyone.
Canada’s startup visa program started as a five-year experimental run program in 2013, and was made lasting in 2018. Since its launch, foreign business visionaries representing nearly 200 new companies have become perpetual inhabitants in the country.
The success story behind this is: Edtech unicorn ApplyBoard, established by siblings Martin, Massi and Meti Basiri, who moved from Iran to Canada for school, now employ in excess of 500 people.
As per Mendicino, by bringing in international student, the probability that some of them will become tech founders, as well as entrepreneurs is high, and Canada will uphold its economic growth and development.
This startup drive is to pave way for that talent to remain in Canada. This is the drawn out segment pressure that the nation face from declining birthrates and an aging populace.
Mendicino himself is an immigrant who hails from a family of Italian migrants who landed in Canada. According to him, Canada needs immigration to sustain their long-term covenants around universal healthcare, public education and retirement security.
Canada’s push for immigrant Entrepreneurs is essential for a more extensive strategy to invite 401,000 new perpetual occupants this year. That represents a 14% expansion from a past target of 351,000 preceding the pandemic – and the country plans to continue to up those numbers over subsequent years.