The minimum investment needed to apply through the startup visa Canada program is $200,000. The investment can be in the form of cash, equipment, inventory, or other assets. The business must also create two full-time jobs for Canadian citizens or permanent residents. If a Canadian venture capital fund invests, you must obtain a minimum $200,000 commitment. If you’re raising money from a designated Canadian angel investor group, you must meet the following requirements: You must obtain at least $75,000 in investment. To participate, you must be accepted into a Canadian business incubator program. Your company does not need to be enrolled in a business incubator program to qualify.
About Startup Visa Canada Program
This program was established in 2013 and provides permanent residence and work permissions to qualified immigrant entrepreneurs. The program’s objective is to recruit entrepreneurs and connect them with private sector firms in Canada. Candidates and their families can apply for permanent residency after less than a year in Canada. The startup visa Canada program encourages foreign entrepreneurs to start businesses in Canada. You must have a viable business proposal and meet specific investment and job creation requirements to be eligible for the program.
Who Benefits From the Start-up Visa Program?
The program is beneficial for both foreign entrepreneurs and Canadian citizens. Foreign entrepreneurs can get a chance to start their businesses in Canada, and Canadian citizens can benefit from the creation of new jobs.
How to Apply for a Start-up Visa Program?
To apply for the program, you must first meet the eligibility requirements. You can then apply online or through a visa office.
First, you’ll have to meet the eligibility criteria to get a business visa in Canada. You must satisfy all the 4 following eligibility criteria and entry requirements into Canada. Your application would be rejected if you don’t provide the letter of support or meet any of the other criteria.
1. You Need to have a Qualifying Business Visa Canada
The first individual to receive a commitment from a designated group has 10% or more of the corporation’s total voting rights (up to 5 individuals can apply as owners). Furthermore, both applicants and the picked organization together have more than 50% of the aggregate voting rights connected to all firm shares outstanding at that time.
When you receive your permanent residency, you are in charge of this firm from inside Canada. Aside from that, a significant portion of the company’s operations takes place in Canada, incorporated with a valid business visa Canada.
2. Having a Letter of Support from a Designated Organization
You must obtain a letter of support from a recognized organization (one authorized to invest in or assist nascent enterprises). You’ll need to reach out to the designated agency for more information on how to obtain its assistance. You’ll be required to present a compelling case for why the organization should help you develop your business idea.
The method for submitting a proposal varies from business to business. Each organization has its own standards. You may be required to present your company concept in person or submit an entire business plan, for example. If you negotiate an agreement with a named organization, it will issue you a letter of support.
The organization will also send us a commitment certificate straight away. The immigration department will use both your letter of support and the charity’s commitment certificate to evaluate your application. Remember that your additional business information may be required to make a final decision on your application.
3. You Should Meet the Minimum Language Requirements
It’s critical to be able to communicate and operate in English or French, as well as a third language. The immigration department won’t process your application unless you take an authorized agency’s language test. You must achieve a Canadian Language Benchmark (CLB) 5 in English or French in communication, reading, listening, and writing.
4. Having Enough Funds to Settle
The government of Canada does not provide financial assistance to new start-up visa holders. You’ll have to prove that you have the funds necessary to support yourself and your family after immigrating to Canada. You cannot borrow money from someone else. The amount you’ll require varies depending on the size of your family. These figures are updated regularly.
|No. of Family Members
|For each additional family member
Since its inception in 2018, the startup visa Canada scheme has not been made permanent. If there is enough demand for this program and is successful, the Canadian government may make it permanent. The Canadian government will grant a maximum of 2750 start-up visas each year to work with an experienced immigration attorney.