Startup Visa program for entrepreneurs with extraordinary potential, which has been facing some challenges and receiving more applications than available spots will get new improvements
Going forward Iwill prioritize applications which have capital commitment or funding from a recognized Canadian venture capital fund, angel investor group, or business incubator.
Apart from this, for the applications which are in normal queue, will get open for the applicants and their family members for 3 years to work in Canada, while their application is under processing.
IRCC will alter the temporary work permit option for Startup Visa Program applicants and will now permit them to apply for an open work permit of up to three years, rather than a one-year closed work permit.
As a result, these entrepreneurs will be able to work for other Canadian employers, rather than only for their startups.
Recently, increased number of spaces from 1,000 per year to 3,500 per year.
As a result, founders will find it simpler and more enticing to relocate to Canada while they wait for their application for permanent residency to be approved.
Additionally, each person on the business team will have access to the work permit, rather than only the members of entrepreneurial team who are identified as essential and urgently needed in Canada by the designated organization supporting the start-up.
Applications for permanent residence that are now on hold as well as those that have just been filed will both be subject to the prioritizing.
