According to the latest research, Start-Up Visa has driven US immigrants to relocate to Canada. This recent research is in sync with the Start-Up Visa Program to entice US H-1B Visa holders to arrive in Canada. Interestingly, Canada welcomed so many applications, and hence, it ended up reaching its maximum limit of 10,000 within 48 hours.
Start-Up Visa has driven US immigrants to relocate to Canada
The University of Pennsylvania comprises the Wharton School, and two researchers from here have conducted a new study. Saerom Lee and Britta Glennon researched if immigration policies offering visas to skilled entrepreneurs determine the location option for entrepreneur immigrants.
Furthermore, the study claimed that the Start-Up Visa program enhanced the possibility for US immigrants to set up a start-up in Canada. This possibility increased by nearly 9 percent.
The study derived its conclusion from data between 2006 and 2021. Around 1.2 million US immigrants started a company in Canada during this period.
According to this research, US immigrants from Asian countries had the highest chances of starting a business in Canada. The study also found that Asian immigrants showed greater participation in this policy change. This is in comparison with other ethnic groups.
The writers state that the above outcomes differ based on the prior location of the Asian immigrants. That is, the likelihood that Asian immigrants from the United States will relocate to Canada to establish a business is inversely correlated with the size of the Asian immigrant enclaves in the place of origin.
They conclude that the immigration policy influences the founding location decisions concerning entrepreneur immigrants. However, this decision also includes a variety of factors such as social connections and co-ethnic communities in origin and destination locations.
Eligibility for a Start-Up Visa
The primary objective of the Start-Up Visa program is to hire foreign national entrepreneurs who will bring forth new employment opportunities and enhance the Canadian economy.
The Start-Up Visa applicants must fulfill the following requirements to gain eligibility:
- Fulfill the essential requirements in French and English and score a CLB of five in all skills.
- Possess adequate funds to settle in Canada.
- Clear medical clearances and Canadian security checkups.
- Intend to settle in other provinces apart from Quebec.
- Demonstrate that your business has sufficient support from designated firms.
- Display that your business can fulfill ownership requirements.
IRCC has recognized several angel investor groups, venture capital funds, and company incubators involved in the Start-Up Visa initiative. Successful applicants must obtain minimum funding for their startup. The investment must come from a designated Canadian venture capital fund and be at least $200,000. Should it originate from an angel investor group, it ought to be a minimum of $75,000. No personal funds are essential to be invested by applicants. Individuals with permanent residence through this scheme will resume their status as permanent residents even if their Canadian start-up is unsuccessful.
If you seek information on the Start-Up Visa, you can talk to our MakeHomeCanada experts at 1-800-979-0509, or you can drop us an email at [email protected].
