In a groundbreaking announcement, Immigration Minister Marc Miller has unveiled sweeping changes set to revolutionize Canada’s startup landscape. Effective April 30th, 2024, the Immigration Refugees and Citizenship Canada (IRCC) will implement transformative policies aimed at invigorating the nation’s entrepreneurial ecosystem.
Under the revamped Start-Up Visa program, IRCC will prioritize applications from entrepreneurs backed by Canadian capital or business incubators affiliated with Canada’s Tech Network. Additionally, a cap on the number of permanent residents accepted under the program will ensure focused support for promising ventures, fostering innovation and economic growth.
Simultaneously, the Self-Employed Persons program faces a temporary pause in application intake, slated to extend until 2026. This strategic move comes as a response to prolonged processing times, exceeding four years, due to a surge in applications within the program inventory.
Minister Miller emphasized the critical need for efficient processing to bolster the success of entrepreneurs leveraging federal business programs. These bold measures signify a concerted effort to streamline processes, reduce backlogs, and propel Canada to the forefront of global innovation.
Feel free to contact MICS Global and arrange an initial private consultation. During this session, we’ll explore your needs in-depth and offer personalized insights to guide your journey. We look forward to connecting with you.
Stay tuned for further updates as Canada paves the way for a dynamic and thriving startup ecosystem.
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