Bloomberg Businessweek: US Stands to Lose Immigrant Entrepreneurs to Canada!
A recent Bloomberg Businessweek article, authored by Nick Leiber, underscores just how much the U.S. stands to lose by its inaction on the comprehensive immigration reform (CIR) front with Canada’s new visa program geared towards attracting foreign-born entrepreneurs, which will be rolled out on April 1, 2013.
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According to the article, Canada’s Citizenship and Immigration Minister, Mr. Jason Kenney, outlined a new start up visa program on January 24th, which grants immediate permanent residency to foreign entrepreneurs who are able to persuade Canadian venture capitalists or business incubators to support them. Kenney has stated that the goal is to woo “bright young prospective immigrants, some of whom are going to create massively successful companies in their lifetime”. Through this program, an initial allotment of 2,750 visas will be made available for foreign entrepreneurs and their families.
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U.S. Lags Behind
Over the past several years, there have been numerous battles in the U.S. Congress regarding a variety of programs, which could be implemented to attract more immigrant entrepreneurs to the U.S. A case in point is the StartUp Visa Act of 2011, which would allow immigrant entrepreneurs to obtain two-year visas if they are able to show that a qualified U.S. investor is willing to invest in their start-up ventures. Unfortunately, the proposal remains on the drawing board while Canada has launched full speed ahead with its own start-up visa program, which will most likely attract immigrant entrepreneurs who are unable to successfully explore immigration options here in the U.S.
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Concluding Remarks
As the U.S. Congress is preparing itself for another attempt at comprehensive immigration reform, which could take several months to resolve, Canada wastes no time in making every effort to further boost its economy and international competitiveness with an influx of promising immigrant entrepreneurs. It goes without saying that the need for CIR is a pressing one. The MSA team truly hopes that there will be expeditious progress on this front.