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Canada to create visa to attract start-up entrepreneurs

posted Sep 15, 2012, 4:43 PM by Milorad Borota   [ updated Sep 15, 2012, 4:43 PM ]
Wed Sep 12, 2012 2:31am IST Reuters

By Randall Palmer

OTTAWA, Sept 11 (Reuters) - Canada plans to create a new class of visa that it hopes will attract high-tech and other entrepreneurs to immigrate to the country to start new companies, officials said on Tuesday.

It has put a moratorium on issuing its existing entrepreneur visa, which only required an immigrant to hire one person for one year, and intends to initiate a visa that would be issued to people identified by venture capital funds as candidates to create start-up firms in Canada. The venture funds would be required to invest in the start-ups.