Canada is searching for talented entrepreneurs who want to develop enterprises to help its economy grow and provide jobs for its citizens. If you plan to move to Canada and are an entrepreneur with a unique business concept, you may be qualified for the Startup Visa Canada. The Start-up Visa Canada program in Canada is also known as the Canada Startup Class (SUV).
Many business owners outside North America feel that the ‘Great White North’ provides a perfect work-life balance, a safe and stable standard of living, and proximity to the US and Latin American markets. And, for socially and ecologically conscious enterprises, Canada offers several opportunities to network and collaborate with like-minded change-makers.
Here are the details that you may find useful about the Start-up Visa Canada program, including how to apply. We’ll start with a simple four-step outline of the procedure. If it’s still intriguing after going through these four stages, go ahead and do it.
Aim of the Startup Visa Program:
The Startup Visa Canada program in Canada allows entrepreneurs to move to Canada to start a new business. Immigrant entrepreneurs must show that their company is creative, that it will generate new employment for Canadians, and that it can compete globally.
Requirements for the Start-up Visa Program:
You must fulfill all four eligibility requirements to enter Canada and be eligible for the Start-up Visa Program.
You must own a business that qualifies:
Entrepreneur candidates must have a business in which each applicant for immigration owns at least 10% of the voting rights linked to all corporation shares to be regarded as a qualified business. Up to five newcomers can apply together as owners. In addition, the applicants and the designated enterprise must jointly own more than half of the voting rights.
If you want to be eligible for permanent residence in Canada under the Start-up Visa Program, you need to show that your firm is formed in Canada and that fundamental operations are carried out in Canada under the active control of foreign entrepreneurs.
Acquire a designated entity’s commitment:
Foreign entrepreneurs must get the commitment of a designated organization that will support the business’s development in Canada before applying for the Start-up Visa Program.
Designated organizations are divided into three categories:
- Angel investor groups
- Venture capital funds
- Business incubators
The commitment of a designated organization is proved by a Letter of Support. It has to be provided with the application. The validity of letters of support is six months from the date of issue.
Demonstrate proficiency in English or French:
All applicants for the Start-up Visa Program must demonstrate proficiency in one of Canada’s official languages, either English or French. Candidates must demonstrate results from an approved language exam indicating ability at Canadian Language Benchmark (CLB) Level 5 or above. Test results that are not more than two years old are considered at the time of application.
Canadian immigration authorities accept IELTS and CELPIP test scores.
Meet the IRCC’s proof-of-funds requirements:
When you arrive in Canada, you must establish that you have enough money to sustain yourself and any dependents. The amount you’ll need is calculated based on the people in your family.
To be eligible for these programs, you must have a net worth of at least $500,000. Also, as an entrepreneur, you must be willing and able to establish, invest in, or acquire a company in Canada that will create or preserve employment in the country.
If you and your family meet the criteria for an entrepreneurial program, go ahead and apply for a permanent residency visa in Canada (PR) through the Provincial Nominee Program (PNP).
The agreement of the designated entity determines the minimum amount you’ll require:
- If the investment is from a Canadian venture capitalist, you will need 200,000 CAD
- If the investment is from an angel investor, you will need 75,000 CAD
- If your business is accepted into a business incubator program in Canada, it will be 0 CAD.
Benefits of a Startup Visa in Canada:
Following are the benefits that you can get with a startup visa for Canada:
- Successful entrepreneurs and their families are awarded permanent residency in Canada.
- Permanent Residency Visa Canada also serves as a work permit;
- Canadian citizens are permitted dual citizenship.
- This is a federal program of the country, so you can live in any Canadian province.
- There is no age restriction for the primary applicant; and
- It has a quick turnaround time.
A team of business immigration experts can offer timely and cost-effective help to anybody interested in applying for the program. They will help you with all paperwork and assist at every step of the Startup Visa Canada program.