The program was created in an effort to draw the world’s great business innovators to Canada. Launched on April 1, 2013, it grants successful applicants Canadian permanent residency.

Since launching, the program has yet to issue any permanent resident visas. This is largely due to the high level of interest in the program, as well as the fact that government officials have taken time to carefully assess each unique application.

“We are close to accepting the first people,” said Citizenship and Immigration Minister Chris Alexander earlier in November. “We always wish these things moved at the speed of business, which isn’t always the speed of policy making and government, but to be fair, this is one of the fastest implementation cycles for new immigration programs in Canadian history.”

In order to be eligible for this program, applicants must secure support from a designated venture capital, angel investor, or business incubator organization. These organizations have been hard at work choosing applications that have the highest chance of success in the competitive Canadian marketplace.

In total, a maximum of 2,750 visas will be issued to qualifying entrepreneurs during the first application cycle.