On June 27^th 2023, Immigration Minister Sean Fraser announced Canada’s first Tech Talent Strategy. The goal is to continue to attract individuals who have the vision and talent to establish Canada as the world leader in emerging technologies. One of the key features to the new strategy are strategic changes the Start-up Visa (SUV) Program.

Canada has already been ranked as the most attractive destination for entrepreneurs in 2023 by the OECD based on factors including access to capital, corporate tax rates, workforce skills, strength of its universities, quality of life, and immigration policies.

The Start-up Visa program is a pathway to Permanent Residence in Canada. It allows those with a viable business idea who are supported by a designated organization to build and develop their businesses in Canada to obtain Canadian permanent residence. Entrepreneurs are eligible for a temporary work permit to start building their business in Canada once they have been accepted by a designated partner organization, but before the Permanent Residence process is complete. Designated organizations include venture capital firms, angel investor groups and business incubators. 

The changes to the SUV program will now better align the program with the realities of being an entrepreneur and the flexibility required to bring a vision to life.  These include the following:

• Increased availability – the program is tripling its numbers in 2023 to approximately 3500 with further increases in 2024 and 2025;
• Work Permits will be issued for three years – this will allow for longer term business planning and a larger variety of financing options;
• Work permits will be issued as open and not be tied to a specific company – this will allow the company to restructure and change as it grows without concerns for updating work permits and provides capacity for supplemental income if needed;
• Work Permits will now be available to the full entrepreneurial team – allowing for better team collaboration and development; and
• The processing of applications will prioritize those supported by capital commitments, or incubators who are members of Canada’s Tech Network – giving investors faster and more reliable return on their capital.

The above changes to the SUV program are to be in place later this year and are part of a more fulsome digital talent strategy. Canada is in a global fight to attract top tech talent and the Ministry is taking the necessary steps to make Canada that much more appealing.

Please contact team members from MT>iplus or MT>Ventures for additional information.