Canada has emerged as the most attractive country for immigrant startup founders and entrepreneurs among 24 Organization for Economic Cooperation and Development (OECD) nations, including the United States, France, the United Kingdom, Sweden, and Australia. The OECD report highlights the growing global interest in luring foreign entrepreneurs to boost innovation, job creation, investment, and economic growth. To foster a thriving environment for new businesses, a combination of measures like entrepreneurial ecosystems, research stimulation, funding access, and human capital are essential. Considering all these criteria, Canada rated as the top location for immigrant entrepreneurs.
The OECD’s Indicators of Talent Attractiveness gauges foreign startup founder appeal by evaluating general factors and immigration policies targeting international startup founders. It examines seven dimensions, including market conditions, capital access, and digital connectivity.
Canada scores in the top 25% across most dimensions, except for ‘skills environment’. Canada and Australia are the only countries offering permanent residence to successful startup visa applicants from the outset. Canada’s favorable regulatory framework, welcoming society, and quality of life contribute to its ranking hence Canada rated as the top location for immigrant entrepreneurs.
This ranking showcases that countries like Canada, fostering innovation and entrepreneurship, are well-equipped to attract startup founders.
For entrepreneurs eyeing Canada, various immigration pathways and work permits are available. The Start-Up Visa program grants permanent residency to immigrant entrepreneurs, requiring them to meet criteria such as language proficiency, settlement funds, and business support. IRCC has designated funds and organizations to participate.
Under CUSMA, US and Mexican citizens investing in Canadian businesses can apply for Investor work permits. Entrepreneurs operating foreign businesses and expanding to Canada might opt for an Intra-Company Transfer permit. An Entrepreneur/Self-Employed permit is also available, requiring significant contributions to Canada’s economy, society, or culture. Canada’s diverse options empower entrepreneurs to contribute to its thriving business landscape.
