Launch Academy’s startup visa module gives entrepreneurs permanent residency in Canada

As a U.S. seems to be hell-bent on creation itself reduction appealing to immigrants and visitors, a neighbors to a north are intuiting an opening and going a other approach in an bid to attract a smartest tech entrepreneurs. The nation launched a startup visa module a few years ago and even yet expansion was delayed (maybe too slow) in a early years, it’s now ramping up. To request for a startup visa, entrepreneurs had to initial secure a smallest investment of during slightest $200,000 from a Canadian try collateral account or $75,000 for a Canadian angel investor.

Launch Academy, the Vancouver-based not-for-profit startup accelerator, is starting a new module in partnership with a Canadian supervision that does divided with this requirement. Instead, Launch Academy and a advisers will oldster field and suggest them to a Canadian supervision for a visa and permanent residency process. Because of this, it’s not usually an choice for startups yet also for founders of some-more mature companies that wish to put their roots down in North America.

Successful field — and their families and core group — will be immediately authorised to request for work visas and permanent residency. Those visas should arrive within weeks (and potentially faster) and a residency routine should take about 6 months.

The group is generally looking for companies that work in AI, VR/AR/MR, blockchain, fintech, information science, quantum computing, healthtech and cybersecurity, yet others can apply.

Entrepreneurs will also get entrance to a Launch Academy network of mentors and support and services from companies like Microsoft, Amazon and Google (mostly in a form of cloud credits). Sadly, entrepreneurs will not accept a lifelong supply of tasty poutine.

The fact that both family members and core employees are enclosed here is key, generally given that many U.S. visas usually concede a primary applicant to work. For many entrepreneurs, that can be a understanding breaker, both since they wish their spouses to be means to work and since they wish to stay tighten to their team. This also means that if a startup fails for whatever reason, they can still stay in Canada.

The Launch Academy group tells me that it perceived about 100 pre-applications with some-more than 20 earnest candidates. Geographically, they accost from all over a universe and embody Harvard, Yale and MIT grads, as good as former Google and Facebook employees.

It’s value observant that this is a paid module that is paid by a applicant company. As Launch Academy CEO Ray Walia tells me, a cost of a module will be $30,000 (Canadian, of course). “In that time support we assistance a module participants acclimate their business to a North American marketplace and confederate their business into a village and bond them with resources to also assistance their families settle in to their new lives in Canada,” he explained. Launch Academy says it will reinvest all of a program’s deduction behind into a Canadian tech and talent ecosystem and it won’t take a interest in a companies.

Featured Image: Ivaylo Dimitrov / EyeEm/Getty Images

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Posted by on Jun 2 2017. Filed under Startups. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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