Highlights of international tech start-ups in Ontario
- Ottawa invested $3 million last week to help the international entrepreneurs to get their permanent residence.
- 375 overseas entrepreneurs became permanent residents in 2021.
- 185 entrepreneurs became permanent residents in the first four months of 2022 through this Start-up Visa Program.
- Plans to welcome 555 new entrepreneurs through this program by the end of 2022.
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Last week, Ottawa has invested $3 million in the network of business incubators. This investment has been made to help the entrepreneurs to get their permanent residence. Last year, permanent resident status was given to 375 overseas entrepreneurs.
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Start-up visa program in 2022
In the first four months of 2022, the permanent resident status was given to 185 candidates. The government has planned to welcome 555 new entrepreneurs as permanent residents in Canada by the end of this year. The aim of the start-up visa program is to recruit the entrepreneurs and help them in gaining permanent residency. The program will also help the entrepreneurs to get in touch with the private sector businesses in Canada. These businesses include:
- Angel investor groups
- Venture capital funds
- Business incubators
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These businesses will provide facilities to the new entrepreneurs to establish their start-up businesses in Canada. The designated venture capital fund has to make a confirmation that an investment of $200,000 has been made for the new start-up business.
Candidates will also have the option to qualify with two or more commitments from designated venture capital funds. The total investment should be of $200,000. The angel investor group has to make investment of at least $75,000 for the qualifying business.
Willing to invest in Canada start-up program? Talk to Y-Axis, the world’s no. 1 overseas immigration consultant.
Also Read: What are the options for entrepreneurs to start a business in Canada?
Web Story: Ottawa invests $3 million to boost international Tech Start-Ups in Ontario