A single piece of legislation can change the economic and social landscape of a country, not only immediately but also in the long term, when the effects of the decision begin to be felt.
This is happening in the United States and Canada as a result of the policies established by U.S. President Donald Trump. Each country, under its own scenario, has experienced a different reality with the new measures. And it is the so-called "startups" or "emerging companies" that have most profoundly evidenced the changes.
These companies have become major sources of jobs in the United States. According to the article Trump's policies are sending precious startup jobs to Canada, the Kauffman Foundation counted that startups account for almost all new job generation and 20% of total U.S. jobs.
In addition, a quarter of them are owned by an immigrant and are dedicated to the area of technology and engineering. It is precisely the Trump administration's new regulations that have a significant impact on these foreigners who have dedicated themselves to setting up their own companies and who are vital to the U.S. economy.
New policies have made the United States an unwelcoming place for young entrepreneurs, who have turned their gaze to other geographic latitudes.
Migration policy: discouragement to growth
The "Startup Visa" was removed from U.S. policy. The measure allowed foreign entrepreneurs to stay in the United States on the condition that they set up and develop their business. To do so, it gave them a 30-month term with the possibility of extending their stay for an additional 30 months. The benefit did not include the possibility of applying for legal residency.
In return, the foreign entrepreneur had to meet certain requirements. For example, he had to demonstrate that his initiative contributed to the generation of new sources of employment and had to have invested at least 250,000$ in the creation of the company.
Without this law, there is no legal guarantee that allows the foreign entrepreneur to remain on U.S. soil to invest in a business. The situation has forced the young entrepreneur to cross the country's borders in search of better conditions. Canada has them.
Canada, a new support for startups in North America
In view of the new limitations imposed on entrepreneurs on U.S. soil, Canada is seen as a new possibility in the eyes of foreign investors. Since 2013, "start-up" visas have been promoted, which granted entrepreneurs the opportunity to stay in Canada and allowed them to opt for permanent residency, if they obtained economic resources from the so-called Canadian "business incubators".
To date, 60 companies have seen the light to open their doors in Canada. Similarly, the launch of the Global Skills Strategy supported the expedited procurement of work permits for qualified foreign nationals in an area of interest.
This space has opened the possibility for professionals from different specialties. The startup boom in Canada will undoubtedly require lawyers who can keep the guidelines and actions of young entrepreneurs in order. Keeping your curriculum summary up to date and building good networking are special tools to keep you informed about the various options in which you can contribute your knowledge and professional experience.
Good legal planning is a prerequisite for the success of any company, especially in the case of startups, which are run by young entrepreneurs with little experience in this area. It is for this reason that the advice of law firms is essential, as this consultancy will help to ensure the security of the investment.