Canada has been rated as the most appealing destination in 2023 by the Organization for Economic Cooperation and Development.
Canada has acquired the top ranking as the most desirable nation among all OECD nations by the OECD for immigrant start-up founders and entrepreneurs.
The United States, France, the United Kingdom, Sweden, and Australia are among the 24 nations that make up the OECD.
According to OECD research, these nations are becoming more interested in luring international entrepreneurs in order to foster innovation, the creation of jobs, foreign investment, and the growth of their economies.
A combination of initiatives is vital to foster entrepreneurial ecosystems. Moreover, these measures encourage research and innovation. They guarantee that potential founders have access to money and the necessary human resources. The capital and resources are crucial to foster the growth of new and innovative enterprises.
Canada has been rated as the most appealing destination in 2023
By considering both general criteria and particular immigration laws targeting potential international start-up founders, the OECD’s Indicators of Talent Attractiveness ranking system focuses on luring overseas entrepreneurs. The system has seven fundamental components, including market size and reach, capital access, degree of digitalization, and connectivity.
With the exception of “skills environment,” the OECD concluded that Canada was in the top 25% across all of the framework’s dimensions. Australia and Canada are the only two nations that provide successful start-up visa applicants permanent residence right away. Additionally, Canada has a hospitable community for immigrants. It has a favorable regulatory environment for launching and operating a business and a good living standard.
The rankings show that nations with a strong culture of innovation and entrepreneurship, like Canada, are in an excellent position to draw start-up founders and entrepreneurs.
Moving to Canada as an Entrepreneur
For business owners, investors, and independent contractors, Canada provides a range of immigration options as well as work permits.
Immigrant entrepreneurs can acquire a permanent residence as they establish themselves in Canada through the Start-Up Visa program. The program aims to bring in forward-thinking foreign entrepreneurs who will boost Canadian economic growth and add new jobs.
Candidates for a Start-Up Visa must fulfill the following requirements to be eligible:
- Satisfy the language requirements in either French or English.
- Possess enough money to relocate to Canada.
- Aspire to relocate to a province besides Quebec.
- Pass clearances for security and health in Canada.
- Prove that a designated firm endorses your business.
- Demonstrate that your company satisfies the ownership requirements.
A number of investment funds, angel investor groups, and business incubation organizations have been authorized by IRCC to take part in the Start-Up visa program. Successful candidates must raise a minimum amount of capital for their Canadian startup.
Other essential factors
Citizens of the US or Mexico who engage in new or prevalent businesses in Canada may qualify to apply for Investor work permits. They will be able to run their Canadian businesses under the Canada-United States-Mexico Agreement (CUSMA). In Canada, the investor is frequently the single or significant stakeholder of the company. However, it is likely that the company would contribute to the local economy in other ways. This could be by creating jobs, and not just benefit the investor.
Additionally, business owners who intend to expand in Canada while still running an existing overseas company may qualify for an Intra-Company Transfer work visa. This work permit option might be a perfect fit for entrepreneurs looking to launch a new firm in Canada. Also, this work permit is a frequent option for multinational organizations with plans to transfer key personnel between branches.
The option of an entrepreneur/self-employed work permit is also available for the following:
- For entrepreneurs who are the majority or only owner of a Canadian business,
- Or in situations where the person in charge of the Canadian business desires to live principally outside of Canada.
The applicants must prove that their venture would significantly advance Canada’s economy, society, or culture.
