New Canada visa programme to attract international entrepreneurs

Speaking at a Toronto news conference, Mr Kenney said the new Canada visa programme would be for foreign entrepreneurs who have a sound business plan, and the Canadian investment to see the idea through.

"There is no doubt immigrants are among our most creative and successful entrepreneurs and investors," said Mr Kenney. "They are people who left behind what's familiar to them in order to take a huge chance on an uncertain future to pursue their dreams."

"Entrepreneurs need to dream big and they can't be afraid to take risks. We'd like to attract more of these bright innovators and entrepreneurs who can create companies, hi-tech and other value-added businesses that have the potential to create hundreds of jobs."

Mr Kenney has repeated in recent weeks his intention to bring widespread reform to the Canadian immigration system and has already implemented several changes including eliminating the extensive application backlog by returning almost 300,000 applications and granting states and provinces the power to handpick immigrants to meet their own individual labour needs.

Mr Kenney's latest change, to the investor programme, is an update to a scheme first introduced in the 1970s whose thresholds are relatively low and therefore often result in small businesses which generate little for the economy.

The current entrepreneur programme has an eligibility threshold of just CA$300,000 (£190,000) for a business venture in operation for at least two years.

The new programme however, is expected to require no investment as long as the venture has the backing of Canadian investors and the scheme will also be limited to less than 3,000 applications per year.

Mr Kenney said the details were still being finalised, for instance whether new entrepreneurs would arrive in Canada with permanent residency or just a temporary visa is still to be decided, although Mr Kenney hopes the scheme will be implemented by the end of the year.

The new scheme has the backing of several investors including Kevin O'Leary, venture capitalist and dragon on the Canadian version of TV show Dragons' Den, who announced the scheme alongside Mr Kenney.

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The Canadian Visa Bureau is an independent migration consultancy specialising in helping people make their application to the Canadian Embassy.