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Canada looks to attract overseas startups
The Canadian government has announced a unique plan to attract foreign startups.
Under the new Startup Visa Program innovators and entrepreneurs who have received the support of a Canadian angel investor or venture capital fund will have the opportunity to obtain permanent resident status which can then lead to Canadian citizenship.
According to Canada’s immigration minister, the Startup Visa “will help make Canada the destination of choice for the world’s best and brightest to launch their companies”.
Commentators have already contrasted the Canadian plan with the approach in the USA where tough immigration laws make it difficult for overseas innovators to establish themselves and have led to calls for a streamlined US startup visa.
Canada’s Startup Visa program will initially be a 5 year pilot commencing on 1 April 2013. The Canadian government will allot 2,750 startup visas per year and if there is demand and the program proves a success, it will be made permanent.
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