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Did Canada Startup Visa Bloodbath Create a Loophole? · IMI Podcasts

• 0:00
  SPEAKER_00: How did the cap that was implemented on April the 29th of 2024 affected Canada Started Visa?
• 0:07
  SPEAKER_00: Well, it was brutal at first.
• 0:08
  SPEAKER_00: We didn't know what to do.
• 0:09
  SPEAKER_00: In the past, we used to do some of the designated organizations did three to four hundred business approvals.
• 0:15
  SPEAKER_00: Now it's been windled out to almost an insignificant number, which is 10.
• 0:19
  SPEAKER_00: So the best effect that we've seen in the industry, it brought us more qualified businesses, more qualified individuals, and the due diligence on that file went through the roof, the preparation went through the roof, and obligation of the clients also have increased to make sure they perform in the business.
• 0:33
  SPEAKER_00: So what government at Canada has done in this case, they weeded out all the weaker applications and they made sure that those people that are helping clients are more diligent in the work that they are providing in helping them.
• 0:46
  SPEAKER_00: So overall, I see it as a good for government, good for Canada, good for those people that are in queue and waiting for their businesses to be approved.
• 0:55
  SPEAKER_00: What it has done for the agencies or for the sellers or for the immigration professionals, of course, it reduced their income capabilities.
• 1:02
  SPEAKER_00: So what do I expect of changes?
• 1:04
  SPEAKER_00: A lot of people are saying that's the doomsday.
• 1:07
  SPEAKER_00: A lot of the companies went out of business, those that were supporting business applicants.
• 1:11
  SPEAKER_00: I see the other way around.
• 1:13
  SPEAKER_00: So the government of Canada did not just put caps on Canada's starting visa, but they've also eliminated, they've eliminated Canada's entrepreneurship-based migration, self-employed program.
• 1:23
  SPEAKER_00: They eliminated the points that were given before for those people that were coming through intercompany transfers.
• 1:29
  SPEAKER_00: They eliminated a lot of other programs.
• 1:31
  SPEAKER_00: Student programs got eliminated because of the large amount of students that were coming to Canada and staying there and overstaying there.
• 1:39
  SPEAKER_00: The positive on that I see, we now have extra bandwidth and capacity within those government of Canada officials that are checking and reviewing.
• 1:47
  SPEAKER_00: I estimate close to 30% more capacity because they're not dealing with everyone.
• 1:51
  SPEAKER_00: They're now more concentrated.
• 1:53
  SPEAKER_00: You have human capital that can verify and look at the files.
• 1:56
  SPEAKER_00: And because of that, I anticipate that the pathway towards permanent residency, the speed is going to increase.
• 2:02
  SPEAKER_00: Now, government of Canada also opened up additional channels.
• 2:05
  SPEAKER_00: Instead of everyone being treated the same, they opened up an express pathway.
• 2:09
  SPEAKER_00: They opened up a priority path.
• 2:11
  SPEAKER_00: 90% of the applicants that I'm working with today are going through that priority path, meaning instead of them waiting 15 months or more for permanent residency, they are going to be processed in a fraction of that time.
• 2:23
  SPEAKER_00: So the process became dual-tier.
• 2:26
  SPEAKER_00: Regular applicants, historic applicants that are going to be waiting quite a few years in order for them to be processed and to be approved.
• 2:32
  SPEAKER_00: And for those people that are coming in new, they understand that they can come in through the priority path.
• 2:37
  SPEAKER_00: They understand there is more capacity for vetting and approving of those files have increased.
• 2:42
  SPEAKER_00: So most of the people are choosing now going through the priority pathway.
• 2:46
  SPEAKER_00: And because of that, gaining access to permanent residency that much faster.
• 2:50
  SPEAKER_00: What would I recommend for agents that are dealing with applicants or with clients going through this pathway?
• 2:55
  SPEAKER_00: Look through the Government of Canada website for the priority stream.
• 2:59
  SPEAKER_00: Look for those that are administering, look for those that are helping in that stream.
• 3:03
  SPEAKER_00: And instead of waiting in queue, go for that premier faster pathway that is now became available.