Start-Up Visa Program. November 2014 Jennifer Liu

Transcription

1 Start-Up Visa Program November 2014 Jennifer Liu

2 Benefits for International Students Short application process time six months Receive permanent residency before graduation (1) No international differential fee (2) No study permit and work permit (3) Access to financial assistance that is not typically open to international students Opportunity to immigrate with family and friends Be a part of the vibrant entrepreneurship ecosystem Build a strong professional network 2

3 Citizenship and Immigration Canada (CIC) s Start-Up Visa Program The program is intended to attract foreign entrepreneurs who wish to establish new, high-growth businesses in Canada that will support innovation and job creation. A five-year pilot program since April 2013 Three Industry Associations: National Angel Capital Organization (NACO) Canada s Venture Capital and Private Equity Association (CVCA) Canadian Association of Business Incubation (CABI) Oct

4 Citizenship and Immigration Canada (CIC) s Start-Up Visa Program (cont d) Intend to reside in a province or territory (excluding Quebec) No more than 2,750 visas available per year across Canada No more than five persons per business proposal Meet or exceed the minimum language proficiency Have completed at least one year of post-secondary education Have sufficient settlement funds to establish themselves Support from a Canadian business entity, in the form of a commitment certificate 4

5 Citizenship and Immigration Canada (CIC) s Start-Up Visa Program (cont d) A corporation that is incorporated in and conducting business in Canada is a qualifying business if, at the time the commitment is made: (a) the applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time; and (b) no persons or entities, other than qualified participants, hold 50% or more of the total amount of the voting rights attached to all shares of the corporation outstanding at that time. 5

6 Innovacorp Strategy We deliver venture capital investment and incubation to Nova Scotia companies in early stages of development. 6

7 Innovacorp Criteria Stage: Early stage, knowledge-based Nova Scotia company People: Industry knowledge and management experience, commitment to venture Market: Large, growing international market Competition: High barrier to competitive entry Execution: Credible plan to reach key milestones 7

8 Innovacorp Commitment (cont d) Infrastructure modern, professional infrastructure, appropriate for the needs of the targeted client sectors, and on-site support to help build the new, immigrant entrepreneur company. Can also be an affiliate client located outside of HRM. Left: Innovacorp Enterprise Centre Right: Technology Innovation Centre 8

9 Innovacorp Commitment (cont d) Access to Capital and Support introduction to sources of capital and the support needed for start-ups Mentoring a managed and active network of relevant, seasoned entrepreneurs, lawyers, accountants, start-up specialists who can provide advice to new immigrant entrepreneurs Networks introduction to proven networks within the local and national community 9

10 Current Process 1. Pre-Screen Expression of Interest Form Invitation to apply (template is provided) 2. Early Due Diligence Internal weekly short list meetings 3. Interview Conduct Skype interviews Decide if applicants are accepted 4. Decision Applicants are informed of results 5. Prepare Peer Review Package More information may be required from applicants 6. Document Delivered Letter of Support: entrepreneurs Commitment Certificate: CIC *Additional information and Skype calls may be required at any stage. Typically, the full process could take 8-12 weeks, not including the preparation time the entrepreneur may need. Once the entrepreneur receives the letter of support, he/she will apply directly to CIC ( 10

11 Current Process (cont d) 11

12 Start-Up Visa Program