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Canada's Startup Visa Program: Opportunities For African Entrepreneurs To Fast-track Permanent Residency

The Startup Visa Program in Canada is a government-sponsored initiative that provides a pathway for foreign entrepreneurs to establish their businesses in Canada and ultimately gain permanent residency.

Purpose of Startup Visa Program

This program was created to attract and retain global talent to Canada’s entrepreneurial ecosystem. By providing a fast track to permanent residency, the program aims to encourage foreign entrepreneurs to bring their skills, experience, and innovative ideas to Canada.

Eligibility

To be eligible for the Startup Visa Program, entrepreneurs must receive a qualifying offer from a designated organization. These organizations are typically venture capital firms, angel investor groups, or business incubators.

The qualifying offer is essentially an endorsement of the entrepreneur’s business idea, which must have high growth potential, be innovative and able to create jobs and economic benefits for Canada.

In order to receive a qualifying offer, entrepreneurs must present a solid business plan that demonstrates the potential for growth, innovation, scalability, and job creation.

Experience And Skills

The business plan should also detail the entrepreneur’s relevant experience and skills, as well as their understanding of the Canadian market and their target audience. Once the entrepreneur has received a qualifying offer, they can apply for a work permit through the Startup Visa Program.

The work permit will allow the entrepreneur to legally start and operate their business in Canada.

The entrepreneur must also demonstrate that they have the necessary funds to support themselves and their family while they establish their business in Canada.

Criteria

To be eligible for permanent residency, the entrepreneur must demonstrate that their business has been making progress towards creating jobs, contributing to the economy, and fulfilling other criteria established by the government.

The Startup Visa Program offers a number of benefits to foreign entrepreneurs who are looking to establish their businesses in Canada. Perhaps the most significant benefit is the fast track to permanent residency, normally permanent residency is granted in as little as 18 months, although currently due delays caused by COVID, processing time is around 2-3 years.

Another benefit is the ability to receive a temporary work permit, which allows the entrepreneur to move to Canada prior to being granted permanent residency - the work permit can be obtained in as little as three months from receiving a letter of support. Additionally the Startup Visa Program provides entrepreneurs with access to Canada’s entrepreneurial ecosystem, including its support networks, funding sources, and mentorship opportunities.

Benefits For Entrepreneurs

This ecosystem provides entrepreneurs with the resources and support they need to launch and grow their businesses, which can help to increase their chances of success.

The designated organizations play a crucial role in the journey of startup visa applicants by giving them access to the above resources. One of the leading incubators in Canada over the past three years is the Manitoba Technology Accelerator (MTA).

Manitoba Technology Accelerator (MTA).

MTA runs a business accelerator program based in Manitoba, Canada that provides support and resources to early-stage technology startups. The goal of the MTA program is to help these startups grow and scale their businesses, by offering them mentorship, network opportunities, and access to funding and other resources.

The MTA works closely with startups to help them identify their strengths and weaknesses, and provides customized support and guidance to help them overcome challenges and achieve their goals. The program is designed to be flexible and adaptable, so that it can meet the unique needs of each participating startup. In addition to providing direct support and resources, the MTA also works with a network of partners and stakeholders to help startups connect with investors, customers, and other important players in the tech community. Many successful startups came out of the MTA program, arguably the most notable being the Canadian food delivery company Skip The Dishes, which sold to Just Eat for a staggering $200M in 2016.

Currently, over 450 international startups are part of the MTA SUV program, many from Africa, and that number is growing rapidly every year. Upon joining the program, startups are paired up with an advisor who guides them through the initial stages of building a successful startup.

The advisors at MTA come from a diverse range of backgrounds and industries, ranging from MedTech to the entertainment industry. One MTA advisor, Chris Erhardt, not only has a business background, but also an immigration background, having immigrated to Canada through the Startup Visa program himself in 2016. Marshall Ring, the CEO of MTA says: “The Startup Visa program can become a very important part of the economical growth of Winnipeg. We have worked with over 750 startups already, but there is no limit to the number of startups we can help to come to Canada. If the startup has the potential to become a unicorn, we want to help them establish their operation in Canada and gain permanent residency.”

Source: Business Insider Africa