Canada is the Best Destination for Immigrant Entrepreneurs in 2023 - OECD Report

by Rajneesh Kumar Published on 21/Aug/2023
Best Destination for Immigrant Entrepreneurs

The latest outcomes from the Organization for Economic Cooperation and Development (OECD) underline Canada's position as the foremost choice for immigrant entrepreneurs seeking to establish start-up. Overtaking all other 23 prominent OECD member nations, i.e. the United States, France, the United Kingdom, Sweden, and Australia, Canada's appeal to foreign start up founders has surged ahead.

The newly published OECD report highlights the joint drive among these nations to appeal foreign entrepreneurs, with a focus on boost innovation, job opportunities, foreign investments, and overall economic advancement. The draft for fostering booming environments conducive to new and inventive businesses entails a multifaceted approach covering the cultivation of entrepreneurial ecosystems, the encouragement of research and innovation, and ensuring seamless access to funding and skilled human resources.

Behind this assessment is the OECD's innovative ranking mechanism known as the Indicators of Talent Attractiveness. By considering both universal factors and targeted immigration strategies geared towards world-wide start up initiators, this system covers 7 core dimensions. These dimensions include critical factors such as market conditions and reach, capital accessibility, and the extent of digitalization and connectivity.

Within this structure, Canada's performance across all dimensions, excluding the 'skills environment', earned it top-tier rankings. A noteworthy achievement is that Canada, along with Australia, remains the solitary nation to extend Permanent Residency (PR) to all successful candidates of the start-up visa program right from the outset. Interestingly, Canada also nurtures a supportive regulatory landscape for setting up and operating businesses, a welcoming standpoint towards migrants, and an overall environment beneficial for living.

This appreciation underscores the competence of nations like Canada, which have nurtured robust cultures of innovation and entrepreneurship, to efficiently lure start up founders and entrepreneurs.

Canada's Start-Up Visa

Canada's vibrant Start-Up Visa program offers immigrant entrepreneurs the opportunity to secure a Permanent Resident (PR) Visa while founding their ventures within the maple leaf country. The program's aim is to attract inventive global entrepreneurs who can push economic growth and foster job creation within Canada's borders.

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