The Canadian Start-up visa program offers immigration opportunities to entrepreneurs who are seeking permanent residency in the country.
The Canadian Visa program offers the opportunity to entrepreneurs who are seeking to advance the Canadian economy by creating jobs, working on a global and economic scale, and being innovative enough to add to Canada’s economic development.
This program targets entrepreneurs passionate about their craft and willing to take their business to the next level. Individuals who have innovative business ideas and have pitched to a Canadian company and gotten approval are encouraged to apply. The immigration process is faster when they have received an invitation to apply.
The Canadian Startup visa program, therefore, targets aspiring and budding entrepreneurs and helps them establish networks in the private sector, therefore, building up their start-up business. There are various requirements needed to be able to apply for this visa and have a successful application.
Potential candidates however can only come into Canada through a Canadian-based investor who will work with them until they are ready to set up their permanent business when everything is running smoothly.
This program aims to attract entrepreneurs seeking permanent residency in Canada, and will set up a viable and functional business in the country will the help of Canadian investors.
The Canadian investors seeking to support them may be either through the business incubator, angel investors, or a venture capital fund. A designated business incubator aims to accept the business into its incubator program. An angel investor should aim to invest at least $75000 into the business. Candidates can have more than two angel investors as long as the minimum investment is at $75,000.
A venture capital fund should aim to invest a minimum of $200,000. Candidates can also get more than one venture capital as long as the minimum investment remains the same.
Eligibility details for a Startup visa program
Several factors make the applicant eligible to apply:
- Innovative business
The applicant needs to have an innovative start-up business idea or have a business model that will qualify them to be part of the immigrants chosen. The applicant must have at least 10% voting rights in the company by the time you get a commitment letter. Both the applicant and the investor should also behold at least more than 50% of the company.
When the applicant gets their permanent residency, the business should be able to be incorporated and actively run in Canada. Most of its operations should be based in Canada.
- Proficiency in English and French
Applications must be willing to take a Canadian Language Benchmark exam 5 which comprises speaking, reading, listening, and writing. A pass in these languages, gauged by meeting the minimum language skills, will help the immigration office be confident in processing their credentials as they will be able to conduct business without a language barrier. The test results should be submitted with the immigration application.
- Commitment certificate and letter of support from a designated entity.
The business group or investors looking to work with the applicant must send a commitment letter to show support of the immigration. The applicant should have previously contacted the designated company and pitched to them the business idea, and ask them to send you a letter of support.
An individual can pitch a business idea to different business organizations. They must just find out the different business models each organization has and whether they align with theirs. Therefore, every pitch is different as it yields different results.
After acquiring the commitment letter, the applicant should attach it to the application and send it to immigration. The business investors or organization will also send a certificate of commitment to prove its acceptance.
- Settlement money
The applicant should have enough money to settle into Canada without being a liability. The government is not liable to the applicant or any of their dependants. To find out the right amount of money to bring, the applicant should identify where they would like to live to determine the budget.
It is also best to carry as much money as possible to prevent being stuck and ensure that you find a home as easily as possible. The Canadian immigration department has a catalog of required amounts which is updated yearly, showing the amount of money one can travel with depending on the number of dependants.
Qualifications for a permanent residency
For the applicant to qualify for a permanent residency, they must be able to show that the business they intend to run must be incorporated in Canada. The operations of the business must also take place in Canada for a permanent residency to be issued. Lastly, the candidate must be involved in the management of the business in Canada, and hold at least 10% of the company’s voting rights. Both the investor and the applicant cannot own more than 50% of the voting rights.
After applying, a permanent residency will be processed and sent to the applicant. However, the applicant can apply for a temporary work permit and get to Canada and begin setting up the business as they wait for the processing of the permanent residency. This will help to hit the ground running and establish connections with the investors before starting on a business schedule.
The application process is taken through rigorous checking and candidates who are found eligible are accepted and given the start-up visa program.
In the event the business venture fails and isn’t able to continue, the applicant does not lose their permanent residency status. The risk of the success of the business is shared between the investor and the applicant.
How to know whether you are inadmissible
If you are admissible to enter Canada, it can be either due to security, medical or criminal reasons. Submitting documents that have been falsified may cause you to be inadmissible.
Inadmissible individuals will not be allowed to enter the country. However, if there is a justifiable reason as to why the individual might need to enter the country, he/she will be issued with a temporary resident permit.