Tech sector urges ‘start up visa’ scheme
Canada, 19th September: Several technology businesses in Canada have called for ‘start up visa’ program to help the nation become an international business hub.
This is keeping in view the fact that several other countries are attracting increased number of foreign entrepreneurs with relaxed immigration norms while Canada seems to be loosing out by not doing anything worthwhile for benefiting the economy.
Allure foreigners with technology and science skills to Canada—Canada must work towards allowing eased Canada immigration process for foreigners with science and technological skills to move to Canada for setting up businesses here, stated an advocacy group based in BC (British Columbia).
The group has certain proposals in this regard. They have urged the federal government to pass a ‘Startup Visa Bill’ for bringing reduction in the requirement of personal funds(current amount is $300,000) needed by foreign entrepreneurs for becoming Canadian residents.
In addition, the business group has also called for reducing the minimum work experience of two years required by foreign entrepreneurs for beginning any business in Canada.
New proposals for Canada Startup Visa—As per the new proposals made by the group, the federal government must fix the personal funds requirement by foreign entrepreneurs to $150,000 apart from creating a minimum of three full-time jobs over the period of two years while being actively involved in managing the company.
Canada seems to be lagging behind in the global competition for attracting and inviting more foreign investors to come to Canada and begin businesses here.
On the other hand, several nations including Chile, the UK and Singapore have introduced easier immigration laws for making the process of immigration easier for foreign entrepreneurs.
Moreover, the neighboring nation United States also has a bill likely to make the nation a destination for immigrant investors.
Already, the US has a significant number of engineering and tech firms established by immigrant entrepreneurs.
So, the need of the hour is to have active support from Canadians as well as the federal government, states Eric Brooke, an official spokesperson of the group.
People of Canada have already expressed their support for a ‘Startup Visa Bill’ in Canada through a recent survey. And now, the onus lies on the government of Canada to put this initiative into a legislation.