Canada has been recognized as the most appealing destination for immigrant entrepreneurs and startup founders in 2023, according to the Organization for Economic Cooperation and Development (OECD). This ranking places Canada ahead of 23 other OECD countries, including the United States, France, the United Kingdom, Sweden, and Australia.
The OECD’s report highlights a growing global interest among nations in attracting foreign entrepreneurs to drive innovation, create job opportunities, encourage foreign investment, and boost their economies. To foster an environment conducive to the success of new and innovative businesses, a combination of factors is necessary, including the development of entrepreneurial ecosystems, support for research and innovation, and ensuring that prospective founders have access to funding and skilled human capital.
The OECD’s “Indicators of Talent Attractiveness” is a comprehensive ranking system that focuses on attracting foreign startup founders. It considers a range of general factors and specific immigration policies targeting international entrepreneurs. The system assesses seven core dimensions, including market conditions, access to capital, and the level of digitalization and connectedness.
Canada performed exceptionally well in the OECD’s framework, ranking in the top 25% across all dimensions except for the “skills environment.” Notably, Canada, along with Australia, stands out as one of the few countries that offer permanent residence to all successful applicants of startup visas from day one. Canada also boasts a favorable regulatory environment for starting and operating businesses, a welcoming society for migrants, and a high quality of living.
This ranking underscores that nations with strong cultures of innovation and entrepreneurship, like Canada, are well-positioned to attract and support startup founders and entrepreneurs from around the world.