According to OECD, i.e., Organization for Economic Cooperation & Development, Canada is the most attractive destination for immigrant entrepreneurs as compared to all other OECD nations. There are over 24 OECD nations, including the US, France, the UK, Australia, & Sweden. According to the OECD report, there has been a growing interest from these nations in attracting foreign entrepreneurs. Well, this is to promote innovation, foreign investment, job creation, & driving economies. 

Moreover, in order to create favorable surroundings for new & innovative businesses to thrive, there should be a mix of measures to develop entrepreneurial ecosystems, stimulate research & innovation, & ensure that prospective founders have access to funding & apt human capital. 

The OECD’s Indicators of Talent Attractiveness ranking system focuses on attracting prospective immigrant entrepreneurs. The system consists of seven core dimensions, like market conditions & reach, digitization level, connectedness, access to capital, etc. 

The OECD found that Canada, the top destination for immigrant entrepreneurs, scored over 25% in all dimensions, except for ‘skilled environment’. Canada and Australia are the sole nations offering PR to all successful start-up visa candidates from the first day. Furthermore, the country has a favorable regulatory framework for beginning & running a business. 

The ranking showcases that nations like Canada, with a strong culture of innovation & entrepreneurship, are apt places to attract immigrant entrepreneurs. 

How To Arrive In Canada As An Entrepreneur      

Canada offers numerous immigration pathways & work permits for entrepreneurs, self-employed individuals, investors, etc. 

The Start-Up Visa program offers PR to immigrant entrepreneurs as they become established in Canada. The main aim of this program is to recruit innovative foreign national entrepreneurs who will drive economic growth & create fresh jobs in Canada. 

To be eligible/ suitable, candidates must meet the following criteria: 

  • Meet minimum language requirements in French/ English 
  • Having enough funds to settle in Canada
  • Plan to settle in a province, except for Quebec
  • Pass Medical & Canadian security clearances
  • Prove that your business is supported via a designated organization 
  • Show that your business meets ownership requirements

IRCC has designated several venture capital funds, business incubator organizations, & angel investor groups to participate in the Start-Up Visa program. Successful candidates must secure a minimum investment for their start-up. 

Under CUSMA, a Mexican or US citizen who invests in a new/ existing business in Canada might be eligible to apply for Investor work permits to manage their business. Generally, the investor is a significant shareholder or the business’s sole owner. However, there is an exception that the business will generate jobs along with other benefits to the local economy & will not purely support the investor.

Moreover, entrepreneurs who plan to continue to operate an existing business while expanding in Canada might be eligible for an Intra-Company Transfer Permit. Multinational companies who intend to move key staff between branches primarily use the work permit alternative. Still, it can also be well-tailored to immigrant entrepreneurs who want to establish a new business in Canada. 

Finally, there is also a self-employed work permit which can be an alternative for entrepreneurs who solely own the business & intend to primarily reside outside Canada. Candidates will also need to demonstrate that their business will have a significant social, cultural, or economic advantage to Canada.