Canada has become a prime destination for innovative global entrepreneurs and tech professionals. The Canadian government has made significant efforts to continue attracting top talent and foster innovation to fuel the economy over the last few years.
On June 27, at Collision 2023, deemed “North America’s fastest growing tech conference” – Sean Fraser, Minister of Immigration, Refugees and Citizenship unveiled Canada’s first-ever Tech Talent Strategy. This solidifies Canada’s commitment to becoming a global tech hub.
Here are the six measures from this strategy:
- Improvements to the Startup Visa Program: Three-Year Open Work Permit
The Startup Visa (SUV) Program was designed to provide Permanent Residency (PR) to innovative entrepreneurs outside of Canada looking to launch their business here and create jobs for Canadians. The program has become one of the most popular business immigration programs, yet it’s faced challenges to meet its demand, which Fraser acknowledged during the announcement.
One of the most significant improvements to the program includes access to a three-year open work permit, which will allow applicants and their families to move to Canada while their applications are being processed. This permit was previously restricted to one year, was only for essential team members, and limited them to only work on their startup.
Other changes to the program include:
- More seats allocated to meet the demand for this year, 2024, and 2025.
- The government is prioritizing applications supported by venture capital, angel investor groups and business incubators, and have capital committed, along with applications that are supported by business incubators who are members of Canada’s Tech Network.
2. 14 Day Processing Time for Applications under the Global Skills Strategy
The Global Skills Strategy provides faster application processing times, work permit exceptions, and improved customer service for employers looking to hire top talent.
Minister Fraser announced that they will dramatically reduce the processing time for applications under this strategy to help companies hone into international talent.
3. Introduction of Canada as a Destination to Digital Nomads
The government recognizes the attractiveness of Canada as a destination for digital nomads and is committed to supporting foreign employees with remote work benefits. These will allow them to integrate into the Canadian economy, learn about our work culture, and support the local economy.
4. A New “Express Entry” Category Focused on STEM Workers
Foreign STEM professionals will have their own dedicated pathway towards PR under the Express Entry program. The end goal is to continue providing opportunities for STEM talent to come to Canada and contribute to fuel innovation and economic growth.
5. Creation of Open Work Permit Stream for H-1B U.S. Workers
Canada recognizes the hurdles temporary foreign U.S. workers are facing and is creating an opportunity for H-1B visa holders to apply for open work permits. This gives a unique opportunity to many tech talents that have been impacted by layoffs in the U.S. to continue leveraging their expertise.
6. A New Innovation Stream Under the International Mobility Program
This could be one of the most disruptive features of the Tech Talent strategy. With the aim of attracting top tech talent to Canada, the government is developing a stream for highly talented individuals, regardless of whether they have a job offer. This is a unique opportunity for companies to find the talent they urgently need.
Without a doubt, the announcement by Minister Fraser highlights Canada’s commitment to fostering innovation and attracting global tech talent, as well as becoming a leader in global tech talent. You can find the full announcement here.
Spring is a designated organization for the Startup Visa Program and is committed to continue supporting high-impact innovative entrepreneurs to come to Canada and fulfill their dreams. As a certified B-corp, Spring has spent the last 9 years empowering entrepreneurs to build better businesses through incubation, acceleration, and ecosystem development.
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