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US move to end Obama-era start-up Visa may help Canada |
The authorities in United States are thinking of eliminating the International Entrepreneur Rule, and at the same time Canada is making Start-Up Visa permanent. The United States and Canada appear to be moving
in opposite directions when it comes to visas for immigrant entrepreneurs
looking to build and grow highpotential start-ups.
Previously, the Department of the Homeland Security (DHS) is reportedly planning
to rescind the Obama era International Entrepreneur Rule which offer temporary
parole with promising start up idea.
The new visa plan has, reportedly, been long eagerly sought by the tech
investors and startup chiefs across the US. To make the cut for the planned
Startup Visa, as per the requirements, entrepreneurs must possess not less than
15% of a US startup and illustrate the firm’s growth possibility, investments
from the eligible American investors.
The program is interesting in that it furnishes fruitful applicants with
Canadian permanent living arrangement, paying little attention to whether the
start-up succeeds. Comparable projects in different
nations, including the U.S. Worldwide Entrepreneur Rule, just offer short living
arrangement towards the beginning.
The Start-Up Visa program is only one of the various choices for business
visionaries hoping to build up themselves in Canada. Numerous Canadian regions
and domains likewise have entrepreneur centered migration streams that are part
of Canada’s Provincial Nominee Program.
The regulation would allow those entrepreneurs who fit into those stipulations,
to live in the Maple Leaf country for maximum time duration of two years. After
that, they may apply for additional three years in case the firm encapsulates
continued development and the impact on the local US people (such as growths in
capital investment, employment creation).
The program is on the target by the administration of U.S. President Donald
Trump since 2017. The DHS has clearly said the proposal regarding ending it
comes from the belief that it lacks adequate protections for local workers and
investors. Furthermore, it is not a proper vehicle to attract and retain global
entrepreneurs.
The Start-Up Visa program is only one of the various choices for business
visionaries hoping to build up themselves in Canada. Numerous Canadian regions
and domains likewise have entrepreneur centered migration streams that are part
of Canada’s Provincial Nominee Program.
Expectedly, the proposal to rescind the International Entrepreneur rule was
condemned by the National Venture Capital Association and termed the same not
only short-sighted but a major mistake.
Another critic echoed the same feeling when she reportedly announced that the
decision to eliminate the International Entrepreneur Rule will spread a negative
vibe to the entrepreneurs and investors across the globe that the United States
is not concerned about them and doesn’t need them.
Furthermore, she added that when the U.S. has slipped to the 11th ranking in the
world in innovation. Additionally, the economic competitors like the United
Kingdom, Canada, France, and Singapore, have a dedicated entrepreneur visa for
attracting job creators. Such a decision marks a step backwards for the country.
Ottawa Makes Start-Up Visa Made Permanent
In the meantime, Ottawa has reputedly made startup visa permanent. The nation’s
start up visa scheme is a crucial instance of the dedicated entrepreneur visas
stated a while ago.
It was first launched as a pilot in 2013 and will make the transition to
becoming permanent on March 31, 2018. By August 2017, 68 companies were launched
in this program and attracted an investment of $3.7 million.
Expressing his Government’s liability to the cause, in-office Immigration,
Refugees and Citizenship Canada Minister, Ahmed Hussen, reportedly said that the
program helps the government to have an innovation and skills plan. Nurturing
entrepreneurship and the growing the start-ups are of great importance to the
economy of Canada. Furthermore, making the Start-up Visa Program permanent is a
part of the support of this agenda.
For those people who are not tuned in, Canada visa programme can enable their
admission in the Maple Leaf country for proficient people, desirous to set up
their business in the hotspot, that is innovative and effectuate job for local
people and may compete on an international level.
This Start-Up Visa needs securing support from a designated entity by the
government like a business incubator, an angel investor group, or a venture
capital fund. The support could be of financial nature or in accepting the
candidate into an incubator program. When other requirements are fulfilled, the
candidate gets Canadian PR. The aim of the program is to recruit innovative
entrepreneurs, in Canada, and linking them with the business in the private
sector in Canada and provide all facilities for establishing a start-up in
Canada.
The program has a unique feature and provides Canadian PR to successful
candidates despite the consequences of the success or failure of the venture.
Similar programs in other countries, only offer a temporary residence.
What’s more: the Canadian province of Quebec also has a 100% dedicated
entrepreneur category.
Conclusion
So, while the US is unwisely shutting down its doors to global entrepreneur,
it’s neighbor Canada is launching and expanding different visa programmes for
such proven assets and giving them permanent residence in the country to
innovate and prosper together.
TAGS:
Start-Up Visa,
Canada visa,
US visa,