For years, Silicon Valley has been the center of the tech world, where anyone involved in science, technology, and the world’s most well-known entrepreneurs wanted to be. However, the once shiny Silicon Valley has begun to fade as the technology industry, and its workers look for a more socially conscious option—and Canada is ready to help. Business immigration in Canada is welcomed and encouraged.
Canada is one of the most diverse and beautiful countries in the world. Its rich culture, natural conservation areas, parks, excellent healthcare, and top-of-the-line educational resources are primary reasons people consider immigrating to Canada.
Start-ups and innovative technology companies are now setting their visions farther north than before. As a result, Canada draws in some of the most talented employees in the tech industry, provides programs and funding options for new start-ups, and has one of the fastest-growing tech markets in the world. Here are a few of the reasons that business immigration in Canada is growing exponentially.
Wanted in Canada
One reason start-up companies and entrepreneurs are looking to Canada is Canada really wants them. Canada is actively seeking business leaders, investors, self-employed entrepreneurs, and start-up companies.
The Canadian government and tech groups have gone way out of their way to draw in technology-based businesses and employees. One technology group went so far as to spend $100,000 on billboards in California, encouraging those in Silicon Valley to consider Canada amid the stricter immigration laws in the U.S.
Different provinces are also actively seeking workers in the tech industry. For example, the BC PNP Tech program invited skilled workers and entrepreneurs to apply for permanent residency, including over 100 in October of 2021 alone.
Business Immigrants Creating More Jobs
One of the reasons Canada goes to such lengths to attract more business immigration is their deep understanding of the value of those businesses for the whole country. So, for example, more immigrant business owners create jobs than those born in Canada.
Specifically, jobs in the tech industry had a 3.6 percent increase in 2019 and are projected to keep growing. That growth is partially due to incoming start-up and technology businesses. And in Toronto alone, there has been a 43 percent growth in tech jobs since 2015.
Less Red Tape and No Hoops to Jump Through
Over the last few years, it’s been more challenging for anyone to immigrate to the United States. Big tech companies in America use the H-1B visa to help fill the gap with tens of thousands of workers. However, in recent years it has faced changes, delays, and restrictions. Canada has gone in the opposite direction, knowing that immigration adds to the diversity and economic growth of the country.
Along with encouraging businesses to consider Canada, they have streamlined some immigration processes, making them easier to understand.
Start-Up Visa Program Benefits and Requirements
One of the popular pathways for new technology companies is the start-up visa program. The start-up visa program makes it easier than ever to immigrate to Canada to start a new business.
On top of a more straightforward immigration process with a start-up visa application, businesses can work towards their goals while waiting with a temporary work permit.
The start-up business immigration program has three primary requirements. First, it requires a commitment from a designated Canadian venture capital fund, an angel investor group, or even a business incubator. These are all approved established Canadian start-up organizations.
There are over twenty designated venture capital funds that companies can turn to for investments. There are also multiple angel investor groups and business incubators. Each of these options has different investment requirements. Still, access to these organizations is one of the benefits of using the start-up visa program.
The following requirement for the start-up visa program is to communicate in French or English. The last step for qualifying for the start-up program is to prove that you can financially support yourself. With a start-up visa, you can also bring your family to join you in your move to Canada, including your spouse and children. Once accepted to the start-up visa program, you, and your family gain permanent residency status.
Through this program, you are not required to invest your money into your own business, nor are you required to have a specific high net worth value.
Another core benefit of using the start-up visa program for business immigration is gaining access to Canada’s support and resources for new businesses. Some of those resources include funding and connections to mentorships.
Socially Conscientious and People Focused
Ethics and politics are becoming more prominent factors when choosing where to start a new company. Silicon Valley has been in the media for all the wrong reasons over the last few years. Those considering starting more values and vision-based businesses that will still thrive and profit see the value of choosing Canada.
Canada is particularly supportive of innovation. Along with the campaigns to bring in more technology and innovative companies, they have government-backed funding for new companies, notably for research and development.
Canada also offers a more welcoming environment where diversity is celebrated rather than a hurdle to overcome. Canada also has a better balance that tends to put people and the best interests of those people first. Of course, that includes things like public healthcare and excellent educational resources, but it goes deeper than that. Canada is also working hard to create a sustainable and environmentally considerate technology industry through different programs and incentives.
The Future of Technology at Home in Canada
Overall, the technology industry is going to continue to see profound growth worldwide. Canada has made consistent and considerable efforts to ensure that they are a part of that growth. For example, Canada actively chose to simplify and deliberately cultivate their business immigration. As a result, it encourages the most pioneering companies to choose newer technology hubs like Toronto and Vancouver over more established areas like Silicon Valley.
Canada offers an ethnically diverse landscape and accepting culture rich with a vibrant community. Business immigrants will also notice more affordable living costs than most high-tech areas with all the same benefits. So, it’s no surprise that prominent companies and upcoming start-ups alike choose to do their business in Canada.