NACO Stands by Newcomer Entrepreneurs Amid Visa Changes
The National Angel Capital Organization (NACO) is reaffirming its dedication to supporting newcomer entrepreneurs and ensuring the ongoing success of the Start-up Visa Program, especially in light of recent changes announced by Immigration, Refugees and Citizenship Canada (IRCC).
Recently, IRCC made the decision to refrain from establishing new contracts with the two industry association partners, including NACO, that support the Start-up Visa Program. This move follows a pause in designating new business incubators, angel investors, and venture capital funds, as well as an ongoing review of the Program.
In a communication to NACO, IRCC noted that the current pause on designating new support entities has temporarily hindered essential functions that were previously supported by industry associations. Furthermore, the Department is reviewing the Program, which may affect the requirements for contracted organizations in the future.
Despite these hurdles, NACO is unwavering in its commitment to the goals of the Start-up Visa Program and will continue advocating for meaningful enhancements. With over ten years of collaboration with IRCC and a significant role in shaping the Start-up Visa Program, NACO is focused on improving support for designated organizations and newcomer entrepreneurs.
NACO will persist in assisting its member organizations that meet the designation criteria. This includes providing updates to IRCC regarding their membership status, issuing letters of support, and reporting performance data related to their involvement in the program. This crucial information will be shared annually with IRCC, highlighting NACO's advocacy and alignment with the program's objectives.
Claudio Rojas, CEO of NACO, highlighted the importance of newcomer entrepreneurs: "Newcomer entrepreneurs contribute an extraordinary wealth of innovation, diversity, and determination to our economy. The Start-up Visa Program has played a vital role in establishing Canada as a global leader in entrepreneurship and innovation. We believe in the immense potential of this Program to attract the brightest talents from around the world. NACO is committed to ensuring the ongoing success of the Start-up Visa Program."
About the National Angel Capital Organization
The National Angel Capital Organization (NACO) has facilitated investments totaling $1.54 billion into over 2,000 Canadian companies. Founded in 2002, NACO serves as Canada’s professional association for angel investors and is the sole national platform for angel collectives and innovation hubs that support Canadian entrepreneurs. NACO boasts an extensive network of 4,000 angel investors and 100 member organizations, representing the most active incubators, accelerators, and angel networks across the country.
For interview scheduling, please reach out to:
Claudio Rojas
CEO, National Angel Capital Organization
Email: media@nacocanada.com
Frequently Asked Questions
What is the primary focus of NACO?
NACO is dedicated to supporting newcomer entrepreneurs and improving the Start-up Visa Program in Canada.
What recent changes have impacted the Start-up Visa Program?
The IRCC has paused the establishment of new contracts with industry associations, which has affected key support functions for the Start-up Visa Program.
How does NACO assist organizations involved in the Start-up Visa Program?
NACO helps by providing updates on membership status, issuing letters of support, and submitting annual performance reports to IRCC regarding designated organizations.
What are NACO's goals concerning the Start-up Visa Program?
NACO aims to advocate for improvements to the program and ensure its success in attracting innovative entrepreneurs to Canada.
Who should be contacted for more information about NACO?
For more information, you can contact Claudio Rojas, CEO of NACO, via email at media@nacocanada.com.
