The Minister of Immigration, Refugees and Citizenship, Marc Miller, announced changes to Canada's federal business programs to reduce processing times and application backlogs.
These changes include capping the number of permanent residence applications accepted for processing each year to those associated with no more than 10 start-ups per designated organization, providing priority processing for entrepreneurs supported by Canadian capital or a business incubator that is a member of Canada's Tech Network, and pausing application intake for the Self-Employed Persons Program to focus on processing applications from the inventory.
The Self-Employed Persons Program, which provides a pathway to permanent residence for individuals with notable experience in art, culture, recreation, or sports, will have a full pause on application intake starting April 30, 2024. This is due to the high number of applications submitted, resulting in processing times of over four years. The pause will allow for the finalization of applications from the backlog and the assessment of options for reforming the program. By restricting application intake through the end of 2026 and planning increases in admissions for the federal business category, Immigration, Refugees and Citizenship Canada (IRCC) aims to reduce the backlog and bring down wait times while continuing to welcome talented and innovative newcomers.
The Start-up Visa Program will prioritize applications from the venture capital and angel investor streams, as well as any business incubator-supported applications that report an investment of at least $75,000. Since the program began in 2013, about 900 entrepreneurs have become permanent residents through this category, representing the launch of more than 300 start-ups.
The changes aim to set the Start-up Visa Program and Self-Employed Persons Program on the path to faster processing times, while looking ahead to further reforms to make these programs more sustainable and effective over the long term. Immigrants account for about one third of business owners with paid staff in Canada, and the country is ranked number one as the most attractive destination for start-up founders. To qualify for the Start-up Visa Program, a foreign entrepreneur must have the committed support of a designated venture capital fund, angel investor group, or business incubator.
Overall, the changes to the federal business programs are designed to improve processing times, reduce backlogs, and continue welcoming talented and innovative newcomers to Canada.
Source: https://www.canada.ca/en/immigration-refugees-citizenship/news/2024/04/changes-to-the-start-up-visa-and-self-employed-persons-programs-to-help-reduce-backlogs-and-improve-processing-times.html