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Canada most attractive country for start-up founders
UK and U.S. are leading start-up nations, but Canada’s framework to attract migrant start-up founders works in its favor.
A research conducted by the Organisation for Economic Co-operation and Development (OECD) has found Canada as the top country in terms of attractiveness for start-up founders. The research states that Canada’s policy to offer permanent residence to all successful start-up visa applicants from day one has contributed to its popularity.
Aside from being accommodating to start-up owners, Canada has also scored high on providing favorable living conditions, a welcoming environment for migrants, and a favorable regulatory framework for starting and running a business.
As per the Canadian government’s website, the processing time for a start-up visa program is over three years. The program was designed to attract entrepreneurs with the skills and potential to build innovative businesses in the country that can help with job creation and can compete on a global scale.
It costs CAD $2,140 (US $1,581) to submit the application. As of October 14, 2022, the government mandated the application to be submitted online. Those unable to do so for any reason, including disability could request for other formats including paper, braille, or large print.
The U.S., France, UK, and Ireland followed Canada on the list. The U.S. and UK are leading start-up nations with a strong entrepreneurial culture and several unicorn companies in the past decade. However, the migration policy framework is yet to be developed in a way to attract start-up founders.
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