Canada Startup Visa Program Now Offers More Flexibility With Open Work Permit For Longer Term: The New Canada’s (SUV) Startup visa program is set to a massive increase with the current announcements made by Immigration Minister Sean Fraser.
With this program, the Canadian immigration level is now set at around 3500 spots in recent years, with 5,000 spots in 2024 and 6,000 in 2025. But, the Government of Canada is now eager to strengthen this program.
In this article, we will discuss Canada startup visa program now offers more flexibility with open work permit for longer term.
Canada Startup Visa Program Now Offers More Flexibility With Open Work Permit For Longer Term
According to the SUV program announcements, all the applicants under this program can apply for work permits for up to 3-years rather than one year. Also, these applicants can apply for open work permits rather than limiting them to work for their startup. At last, the 3-year open work visa will be available for every entrepreneurial team member. Interest in this program among Indian students is on the rise.
The SUV program provides a straightforward way to obtain permanent residency in Canada. It does not require that entrepreneur-applicants invest any of their own money or have a minimum net worth. However, they must show sufficient funds to support themselves and their family upon arrival in the country.
Applicants must receive support from one or more designated partners to qualify for the program. These partners include angel investor groups and venture capital funds (VCF) (who must invest a minimum of Canadian $200,000 and $75,000, respectively) or acceptance into a program by a business incubator.
By providing a clear path to obtaining permanent residency and a work permit, the SUV program allows entrepreneurs to access the North American market. The Chair of the Toronto Business Development Centre, Vikram Khurana, states that even if the startup fails, the entrepreneur still obtains permanent residence.
According to Mana Hosseini, co-founder and general partner of Apex Innovative Investment Ventures, a designated venture capital fund, told TOI, the current announcement of allowing applicants to apply for a work permit that is valid for up to three years will provide entrepreneurs with certainty and a longer-term perspective to establish and grow their businesses in Canada.
Also, an open work permit is offered instead of one limited to working for their startup. It provides significant advantages such as flexibility to explore numerous chances, collaborate with other businesses, and acquire broader exposure to the Canadian market.
Ray Walia, the CEO of Launch Academy, a designated incubator and accelerator, explains how an open work permit can provide flexibility in certain situations. One example is when two startups decide to merge their operations, and during the transition period, having an open work permit can be beneficial.
Also, a startup’s co-founders initially come to Canada, but the responsibilities of one founder decrease over time. They can use their open work permit to find additional employment with another Canadian company. However, it would raise concerns if a startup founder immediately takes on another job upon arrival in Canada.
Hosseinit says that each member of an entrepreneurial team can now receive an extended three-year open work permit. This change reflects the collaborative aspect of entrepreneurship.
Khurana explains that the regulations for the SUV program are intentionally flexible. It allows genuine entrepreneurs to focus on managing the risks of their startup without worrying about immigration issues. However, it should not be seen as a passive investment opportunity.
Later this year, there will be changes to the temporary work permit option for Start-up Visa Program applicants. Additionally, a new application prioritization plan will be implemented. It typically takes 30-35 months to complete applying for permanent residence under the SUV program.
So, it is all about Canada startup visa program now offers more flexibility with open work permit for longer term.
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Source:- timesofindia.indiatimes.com
