Canada Start-up Visa Program
With the US planning to quash the start-up provision of its International Entrepreneur Rule, potential entrepreneurs are turning their attention towards Canada. Many international entrepreneurs have been directly affected by the move initiated by the Donald Trump government and are no longer able to start their businesses in the US. Canada Start-up Visa Program is becoming hugely popular among such entrepreneurs. A total of 200 candidates have already obtained Canada permanent residence under the program since February this year. These candidates have also started 130 new businesses in Canada. Proximity to the US and a nurturing environment for start-ups are the major factors that attract entrepreneurs to Canada.
Canada Start-Up Visa program
Canada launched the Start-Up Visa program as a five-year pilot project in 2013. It became a permanent program on March 31, 2018. Under the program, eligible immigrant entrepreneurs can obtain permanent residence in Canada. The program also connects these entrepreneurs with the private sector businesses in Canada such as angel investor groups, venture capital funds or business incubators.
Eligibility requirements for entrepreneurs
In order to qualify under the program, the entrepreneurs must meet the following basic eligibility requirements:
- A Commitment Certificate or Letter of Support obtained from a designated entity
- Sufficient settlement funds that are transferable
- Have completed minimum one year of post-secondary education
- Required level of language proficiency (English or French)
Eligibility requirements for businesses
- The business must be incorporated
- They must be running the business in Canada at the time of making the commitment
- The applicant must own minimum 10% of voting rights in the corporation
- No other person must hold 50% or more of the total amount of voting rights in the corporation.
Under the Canada Start-Up Visa Program, up to five persons can apply for permanent residence visa supported by the same business investment.
Contact us for more information on starting a business in Canada