Canada Expands Startup Visa Program with Longer Duration Open-Work Permits

Canada's startup visa (SUV) program has undergone significant changes, offering enhanced flexibility to entrepreneurs seeking permanent residence in the country. Sean Fraser, the immigration minister, has announced several updates to the program, including extended work permit durations and open-work permits for all team members.

Under the new regulations, applicants can now apply for work permits with a duration of up to three years, compared to the previous limit of one year. Furthermore, instead of being restricted to working solely for their own startup, entrepreneurs will now be eligible for open work permits. This expansion allows each member of the entrepreneurial team to benefit from a three-year open work permit.

The recent changes have sparked increased interest among aspiring entrepreneurs from India, who see this as an opportunity to pursue their business ventures in Canada. To support this growing interest, the Canadian government plans to strengthen the SUV program, with immigration level targets set at 3,500 spots for the current year, 5,000 for 2024, and 6,000 for 2025.

Notably, the SUV program offers a straightforward pathway to permanent residence for entrepreneur-applicants. Unlike other programs, it does not mandate applicants to invest their own funds or possess a minimum net worth. However, they must demonstrate sufficient financial resources to support themselves and their families upon arrival in Canada. Additionally, applicants must secure support from designated partners such as venture capital funds (VCF), angel investor groups (requiring a minimum investment of Canadian $200,000 and $75,000, respectively), or acceptance into a business incubator program.

Source: The Economic Times