Canada Start-Up Visa

What is Canada Start-up Visa programme?

Canada’s Start-up visa program invites entrepreneurs to immigrate to Canada and establish their own business empire that are innovative, acquires competency in global scale and that can create job for Canadians.

What are the requirements for Canada Start-up Visa?

The new Start-Up Visa favors entrepreneurs starting their businesses in Canada. This is in alignment with the country’s plan to invite qualified entrepreneurs who stimulate the Canadian economy by creating employment opportunities for the residents of the country. Canada, in return, banks on the businesses of immigrants.

Here are the four requirements an entrepreneur should meet in order to be eligible for a Canada Start-up visa.

• Have a qualifying business or should be an experienced professional.
• Obtain a letter of support from a designated organization. You must be able to demonstrate that you have the support of a venture capital fund, angel investor group or business incubator.
  • a.In order to do this, you must pitch a business idea and convince the organization that it is worth supporting.
  • b.The process of pitching your business idea will be different for each organization.
  • c.If your pitch is successful, you will receive a letter of support from the organization which must be included in your start-up visa application.
  • d.The minimum investment required for your entrepreneurial venture depends on the type of designated organization that endorses your business ideas.
  • e.If the investment comes from a designated Canadian venture capital fund, you must secure a minimum investment of $200,000.
  • f.If the investment comes from a designated Canadian angel investor group, you must secure a minimum investment of $75,000.
  • g.You don’t need to secure a financial investment from a business incubator. You must be accepted into a Canadian business incubator program
• You must meet a minimum language requirement of CLB 5.
• Proof of funds.

While you apply, you’ll need proof that you have the money to support yourself and dependants after your arrival. The amount you need depends on the size of your family.

How to apply for a Start-up Visa?

Below mentioned is the step-by-step process for Canada Start-up Visa application:

• You must have a qualifying business to establish in Canada.
• You must have a detailed business plan outlining the nature of the business, innovation potential, and proposed economic benefits to Canada.
• You must obtain a letter of support from a designated organization (designated venture capital fund, angel investor group, or business incubator) by presenting the business plan. The support from designated organizations is a strategic partnership that will contribute to the success of your startup.
• You must clear the English language proficiency with as low as CLB 5
• Additionally, you must provide documents demonstrating your business experience, financial capacity, and compliance with program requirements.
• Once all requirements are met, you can submit the application to Immigration, Refugees, and Citizenship Canada (IRCC) for processing.
• Successful applicants, business team and their families receive Canadian permanent residency allowing them to live and work in Canada.

What are the benefits of Canada Start-up Visa?

• Canada Start-up Visa is a direct pathway for Permanent Residency for applicants with minimal requirements with a language CLB 5 and high school education as requirements.
• An entrepreneurial team of 5 members can immigrate together through Start-up visa program through single business.
• Low cost of business and beneficial for new start-up
• Canada Start -up visa program is beneficial for entrepreneurs who are looking forward to expand their business beyond Canada borders.
• The applicants can avail funding and guidance from a trusted source.
• Get an Optional work permit while you wait

If you already applied for permanent residence through the Start-Up Visa Program, you might be able to work in Canada while you wait if you

• show that your business will provide a significant economic benefit to Canada
• bring enough money to settle

List of Designated Organizations

Designated organizations are business groups that are approved to invest in or support possible start-ups through the Start-up Visa Program.
To apply for the Start-up Visa Program, your business idea or venture must get the support of one or more of the designated organizations listed below:

• Venture capital funds
• Angel investor groups
• Business incubators.