Canada looking to garner a larger population of entrepreneurs
September 12, 2012
Entrepreneurs are often charged with driving the economy. Many industry veterans say that, particularly in the United States, smaller companies do the majority of the hiring and put the largest amount of money back into the economy, boosting the financial climate. As such, their neighbor to the north is hoping to get in on the action.
Canadian business people have recognized the need to build a strong class of small business owners. As such, the government is pairing with the business sector to make it much easier for foreign entrepreneurs to enter the country and start a company there without much of the legal and political red tape.
New visas provide better opportunities
According to Business Day Online, the Canadian government will be offering a new class of visa specifically to make the application and approval process easier for small business owners. Whereas to qualify for an entrepreneur visa in the past leaders had to hire at least one employee for a minimum of a year, the new offering will be available to any candidates chosen by a venture capital company, with no specific plans.
The source claimed after the investment is made, the visa will be cleared within weeks. The news provider also noted entrepreneurs and their families would be covered under these standards.
"The startup visa is an initiative that the government of Canada is exploring to assist in transforming our immigration system into a fast, fair and flexible system that will meet the needs of our economy and help grow our country," said the press secretary for the Citizenship and Immigration Minister, Alexis Pavlich, Business Day Online reported.
Potential effect on the economy
Allowing more entrepreneurs into Canada would most likely result in increased revenue for many industries. The business leaders would probably be consulting with financial institutions and other lenders to get a jump start on capital, computer companies would flourish because of the need for both hardware and software central to continuity, like payroll and accounting programs, and utilities providers would be used by more clients.
A number of experts believe this move will serve to transform Canada into a thought leader in the realm of entrepreneurship, as some of the most brilliant minds across the globe will be able to stay longer and focus on their projects, Version One Ventures founder Boris Wertz told Reuters. Moreover, the source said this may make Canada a more attractive market for investors in the near future.