Entrepreneurs looking to launch new businesses should look beyond New York City and Silicon Valley—to Canada.
Canada created the Start-Up Visa program in hopes of bringing in “brilliant young people” and the jobs that follow them.
If a foreign national gets funding from Canadian investors, he or she can submit an application for the visa, which, if approved, provides immediate permanent residency—a rarity among immigration programs. It’s a bit of a risky bet, which is why most countries make entrepreneurs wait a few years for residency to prove that their businesses will make a positive impact on the country.
Jason Kenney, head of Canadian immigration, told Bloomberg Businessweek that many of the young entrepreneurs Canada hopes to woo are currently living in the U.S. but can’t get permanent residency here. “We’re very conscious of the presence of thousands of brilliant young IT specialists and entrepreneurs in the States who are on temporary visas, running out of runway,” he said.