Last Updated on January 24, 2019
Canada has been named the top country in the group of G-7 countries for starting a business, according to the World Bank. The open immigration policy, strong economy and high quality of life are among the reasons for the top ranking.
This announcement comes as good news to the Conservative government who has increasingly been under scrutiny for wide-ranging and controversial immigration policy changes in recent years.
One of the more lauded changes is the Start-Up visa program intended to lure entrepreneurs from around the globe in an increasingly competitive market. The launch of this new class of immigration is likely to strengthen Canada’s reputation as a top destination for innovators, as it is one of the few of its kind to offer the incentive of immediate permanent residency to those who qualify.
“Spend at least a year in Canada before you start a business because if you’re going to replicate the business you did back home without seeing if there’s a demand for it, you’ll lose everything you brought,” says Naeem Noorani, himself a successful immigrant entrepreneur who sat in on the Immigration Department round tables for the new Start-Up Visa program.
Noorani also advises newcomers to find local mentorship programs in their new communities, saying that the hands-on experience and networking are invaluable to investors who may not be very familiar with Canada banking and tax rules.
Additionally, being able to communicate in one of Canada’s two official languages is paramount and new arrivals are encouraged to explore their local options in terms of language classes.
Source: Ottawa Citizen