Immigration, Refugees and Citizenship Canada (IRCC) will now only take applications from people associated with 10 startups a year selected by each incubator, angel and venture investor involved in the program. The department will also prioritize applications from incubators that are part of Canada’s Tech Network, an umbrella group. (The Logic)
Talking point: Launched in 2013, the Start-up Visa program is designed to bring promising founders and firms to Canada. Applicants looking to use it for permanent residence must be tied to companies funded by one of 26 venture firms or six angel groups, or backed by any of 53 incubators. While the program had a slow start, application volumes rose before the pandemic, resulting in longer wait times. A few incubators drove the increase, per IRCC data from 2016 to mid 2021 which The Logic obtained via access to information request. Immigration consultants and accelerator operators allege some designated organizations are taking applicants’ cash and offering them permanent residence via fake or flimsy startups. A per-backer cap of 10 startups a year could curb that activity.