Canada has claimed the number one spot as the most attractive destination for immigrant entrepreneurs in 2023, according to the Organization for Economic Cooperation and Development (OECD). This prestigious ranking positions Canada ahead of 24 other OECD countries, including the United States, France, the United Kingdom, Sweden, and Australia.
Attracting Entrepreneurial Talent
The OECD report highlights the growing interest among these nations in attracting foreign entrepreneurs. This is driven by the desire to foster innovation, job creation, foreign investment, and economic growth. To create environments conducive to the success of new and innovative businesses, a combination of measures is needed, including the development of entrepreneurial ecosystems, support for research and innovation, and access to funding and relevant human capital.
OECD’s Indicators of Talent Attractiveness
The OECD’s ranking system, known as the Indicators of Talent Attractiveness, assesses countries’ appeal to foreign startup founders. It considers various general factors and specific immigration policies targeting prospective international startup founders. This system comprises seven core dimensions, including market conditions, access to capital, and the level of digitalization and connectedness.
Canada’s Success Factors
Canada excelled in the OECD ranking, scoring in the top 25% across all dimensions except for the ‘skills environment.’ Notably, Canada, along with Australia, offers permanent residence to all successful Start-Up Visa applicants from day one. The country boasts a favorable regulatory framework for starting and running businesses, a welcoming society for migrants, and favorable living conditions.
This ranking underscores that countries with strong cultures of innovation and entrepreneurship, like Canada, are well-positioned to attract immigrant entrepreneurs.
How to Immigrate to Canada as an Entrepreneur
Canada provides a range of immigration pathways and work permits for entrepreneurs, investors, and self-employed individuals.
Start-Up Visa Program
The Start-Up Visa program grants permanent residence to immigrant entrepreneurs as they establish themselves in Canada. To be eligible, applicants must meet criteria such as language proficiency, sufficient funds, and plans to settle in a province other than Quebec. They must also secure a minimum investment for their Canadian start-up through a designated organization.
Investor Work Permits
Under the Canada-United States-Mexico Agreement (CUSMA), citizens of the US or Mexico who invest in Canadian businesses may be eligible for Investor work permits to manage their Canadian ventures. This option requires the business to generate jobs or other local economic benefits.
Intra-Company Transfer Work Permits
Entrepreneurs aiming to operate an existing foreign business while expanding in Canada can explore Intra-Company Transfer work permits. This option is typically used by multinational corporations but can be tailored to entrepreneurs establishing new businesses in Canada.
Entrepreneur/Self-Employed Work Permits
For entrepreneurs who are the majority or sole owners of a Canadian business, or when the owner intends to reside primarily outside of Canada, the Entrepreneur/Self-Employed work permit may be suitable. Applicants must demonstrate that their business will provide significant economic, social, or cultural benefits to Canada.
Canada’s welcoming environment, coupled with these immigration pathways, makes it a prime destination for immigrant entrepreneurs looking to contribute to the country’s vibrant business landscape.
