Ottawa has put a moratorium on the existing entrepreneur visa and is working on introducing a new class of visa, itbusiness.ca reports.

The new visa would be issued to a number of applicants chosen by the Canadian venture capitalists. According to this new initiative, the venture funds would be required to invest in those new immigrants and their startups.

This move is one of many changes proposed by Immigration Minister Jason Kenney to make immigration more responsive to Canada’s economic needs.

For more information about the new visa please refer to Reuters, ITbusiness or the Globe and Mail