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Business class immigration

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Business class immigration
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  As of June 2014 Citizenship and Immigration Canada (CIC) has closed two of the business class immigration programs the Immigrant In!estor "rogram (II") and the #ederal $ntrepreneur "rogram ($%) (CIC 2014a)& 'he old II" sstem reuired that in!estors ha!e o!er *1&+ million in net worth and that the in!est *,00000 in a Canadian business (Canada -usiness Immigration . In!estor Categor n&d&)& 'his in!estment was then refunded b the Canadian /o!ernment after !e ears at 0 interest& 'he $% program reuired a net worth of *00000 or o!er and ou either own and manage our own compan or will purchase at least a & share in a Canadian compan and manage it (Canada -usiness Immigration3 $ntrepreneur n&d&)& Canadas new -usiness Class immigration sstem is designed to be fast and 5e6ible to tr and eliminate the bac7log of applicants that was hamstringing the old sstem& 'he new program will in!ol!e the new 8tart39p :isa program which will connect immigrant entrepreneurs with Canadian pri!ate sector organizations to helpentrepreneurs adapt to the Canadian economic sstem& $ntrepreneurs present theirideas and businesses to Canadian angel in!estors and !enture capitalists and if therecei!e support the will be able to appl for "ermanent ;esidenc (CIC 201) & 'hedetails of the new Immigrant In!estor :enture Capital "ilot (II:C") ha!e not et beenreleased but Immigration <inister Chris Ale6ander has said that the new program will reuire in!estors to in!est more mone for a longer period of time than in the pre!ious program but language reuirements would be less stringent& In the new program in!estor immigrants will not be able to choose where the will in!est their mone and instead will be put in a single fund that will be managed b Canadian :enture Capitalists&  =ne of the ma>or problems with the old sstem was that it was !er slow at processing immigrants& ?hen it was cancelled there was a bac7log of more than +2000 people waiting to be appro!ed to come into Canada& 'he /o!ernment is tring to streamline the immigration sstem the new $6press $ntr program for #ederal 87illed ?or7ers is designed to be fast and 5e6ible to reduce the time it ta7esto get foreign nationals permanent residenc (CIC 2014b)& =ne can e6pect that the new business class programs will ha!e the same focus on speeding up applications& 9nder the old sstem business class immigrants performed signicantl worse than s7illed wor7ers and were less li7el to remain in Canada on the other hand pri!atel sponsored refugees ha!e signicantl better labour mar7et outcomes (8weetman and ?arman 201)& 'he /o!ernment is reacting to this b introducing the 8tart39p :isa program& 'he recognize that ha!ing a pri!ate organization essentiall mentor ou greatl impro!es performance in the labour mar7et& =ne of the factors in the closing of the II" was that it was essentiall a @soft loan to the /o!ernment that was repaid after onl !e ears with zero interest& 'he /o!ernment would rather see that mone sta in the sstem longer and pro!ide more benets to the Canadian econom& 'he changes to the $% program will help the Canadian econom as well as impro!e the performance of business class immigrants in the wor7force& 'he new 8tart39p :isa "rogram is a good wa for the /o!ernment to ensure the success of entrepreneurs coming to Canada& 'he data showed that pri!atel sponsored refugees were doing noticeabl well in the labour mar7et and setting up the same 7ind of program will impro!e the chances of new entrepreneurs that immigrate to Canada& 'he Canadian /o!ernment is tring to target immigrant entrepreneurs with  inno!ati!e ideas& If it wor7s the new program could create >obs and fuel Canadian economic growth b introducing new competiti!e and inno!ati!e companies into the Canadian mar7et& 'he II:C" is more dicult to ma7e a >udgement on as we are et to get the specics of the program& Although <inister Ale6ander has tal7ed about what it ma contain he has et to release the full details of the program& Bi7ethe old II" this is essentiall a wa for rich business men especiall from China to bu their wa into the countr but the price is now higher& ?hile the new program will reportedl more than double the pre!ious minimum in!estment and will be for alonger period of time <inister Ale6ander said that language and residenc restrictions will be less strict& 'he Canadian /o!ernment has been loosening up on foreign in!estment in Canadian companies especiall from China where man of the applicants in the old II" were from and the softer restrictions on language and residenc could be an attempt to ma7e it easier for rich foreign in!estors to becomeCanadians as the increase in minimum in!estment will be unli7el to matter much to super rich in!estors& ?hile the new 8tart39p :isa program is a promising addition to the Canadian immigration sstem the II:C" raises concerns& 'he funds from the program generates will benet the econom more but the ha!e done nothing about the program being a wa to bu our wa into Canada&,1 words  2002010201120122010D0010001D0020002D00000D00 %umber of "ermanent ;esidents from -usiness Class Immigration #ederal $ntrepreneur "rogram Immigrant In!estor "rogram  2002004200D200+200E200,2002010201120120100020000004000D000+000 %umber of %ew "ermanent ;esidents Intending to wor7 in -usiness ReferencesCampbell Cohen Law Firm. "Canada Business Immigration - Entrepreneur." CanadaVisa.com. http!!www.canadaisa.com!immigration-canada-entrepreneurs.html #accessed $eptember %&' %()*+.Campbell Cohen Law Firm. "Canada Business Immigration - Inestor Categor,." CanadaVisa.com. http!!www.canadaisa.com!canada-immigration-inestors.html #accessed $eptember %&' %()*+.Citienship and Immigration Canada. "ttracting the world/s best and brightest to Canada." 0oernment of Canada. http!!news.gc.ca!web!article-en.do1mthd2ad$rch3crtr.mnthndVl243crtr.dpt)52666*3nid278%%%43crtr.tp)523crtr.9w2startup:isa3crtr.,r$trtVl2%((*3crtr.d,$trtVl2)3crtr.mnth$trtVl2)3crtr.page2)3crtr.
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