As per the latest report released by the Organization for Economic Cooperation and Development (OECD), Canada ranked the best country for immigrant entrepreneurs and startup founders in 2023 compared to the other OECD countries.  

In total, there are 24 OECD countries. The United States, France, Sweden, the United Kingdom, and Australia are some notable countries among them. The OECD report states that these countries are more interested in enticing international entrepreneurs to encourage innovation, job creation, foreign investment, and economic growth. 

The report further mentions that there must be a combination of policies and measures to develop entrepreneurial ecosystems, stimulate research and innovation and ensure that future founders have access to funds and relevant human capital in order to foster conducive environments for new and innovative businesses to grow, advance and propel to new heights.  

The Ranking system of OECD. 

The Indicators of Talent Attractiveness is a ranking system of the Organization for Economic Cooperation and Development (OECD)  

that focuses on luring international startup founders and entrepreneurs by considering two crucial aspects that target potential foreign startup founders, i.e., the general factors and the specific immigration policies. There are seven core dimensions in the system that are used for the assessment, including market conditions and reach, availability of money, level of digitalization, and connectivity. 

According to the OECD, except for the ‘Skills environment,’ Canada scored in the top 25% across all the parameters of the framework. Notably, Canada and Australia are the only countries that give permanent residency to all successful startup visa candidates from the beginning.  

Furthermore, Canada provides a beneficial regulatory framework for establishing and running a business, a welcoming society, and favorable living conditions for immigrants. The ranking reveals that countries with a healthy culture of innovation and entrepreneurship, like Canada, are well-positioned to draw startup founders and entrepreneurs. 

How to immigrate to Canada as an entrepreneur? 

There are various immigration pathways and work permits in Canada that allow entrepreneurs, investors, and self-employed individuals to immigrate to Canada.  

Start-up Visa Program  

The Start-up Visa Program of Canada allows immigrant entrepreneurs who establish themselves in Canada to gain permanent residency. The program aims to attract innovative international entrepreneurs who are able to drive economic growth and develop new job opportunities in the country. 

The following are the eligibility criteria for Canada’s Start-Up Visa, which applicants must satisfy. 

  • They must satisfy the minimum language requirements, either in English or French 
  • They must have adequate funds to settle in Canada 
  • They must settle in a province other than Quebec 
  • They must pass Canadian security and medical clearance tests 
  • They must show that their business is supported through a designated organization 
  • They must demonstrate the business satisfies ownership conditions 

The IRCC, Immigration, Refugees and Citizenship Canada, has several venture capital funds, business incubator organizations, and angel investor groups who can take part in the Start-up Visa program. Applicants who are successful must secure a minimum investment for their start-up in Canada.  

Investor work permits 

The citizens of the United States or Mexico who invest in a new or existing Canadian business may qualify to apply for Investor work permits in order to handle their Canadian business. This is possible under the Canada-United States- Mexico Agreement (CUSMA). Generally,  

the investor is the sole owner or the majority shareholder of the business in Canada. However, it is expected that the company will create new job opportunities or provide other benefits to the local economy rather than simply supporting the investor.  

Intra-Company Transfer work permit  

Furthermore, entrepreneurs may be eligible for an Intra-Company Transfer work permit who intend to maintain an existing foreign business while expanding in Canada. This work permit is mainly utilized by multinational organizations looking to relocate their crucial staff between branches. However, this can also be customized for entrepreneurs looking to start a new business in Canada.  

Entrepreneur/self-employed work permit 

In addition to these work permits, Canada also offers an Entrepreneur/self-employed work permit. This can be utilized by entrepreneurs who are the sole owner or majority of shareholders of a Canadian business or the owners of a Canadian business who primarily resides outside Canada. Applicants for this work permit are required to show that their business will provide an essential social, cultural, and economic benefit to Canada.