Canada plans to create a new class of visa that it hopes will attract high-tech and other entrepreneurs to immigrate to the country to start new companies, officials said on Tuesday.
It has put a moratorium on issuing its existing entrepreneur visa, which only required an immigrant to hire one person for one year, and intends to initiate a visa that would be issued to people identified by venture capital funds as candidates to create start-up firms in Canada. The venture funds would be required to invest in the start-ups.
The start-up visa is one of several changes being undertaken by Citizenship and Immigration Minister Jason Kenney in what he says is an effort to make the immigration system more responsive to Canada’s economic needs.
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