Canada’s Start-up Visa Program is for individuals with the entrepreneurial skills required to build a business that creates jobs. Entrepreneurs with a potential business idea that is innovative and can compete with firms globally can apply for Canada’s entrepreneur visa.
Eligibility Criteria for Canada’s Start-Up Visa
Individuals who want to apply for the Start-up visa program must meet specific eligibility requirements. The following are the essential requirements for Canada’s business visa.
Have A Qualifying Business Idea
The foremost requirement for getting Canada’s Investor Visa is to have a qualified business. The applicant must hold at least 10 percent voting rights to the shares of the company.
A maximum of 5 individuals can apply as owners of the business. All applicants should jointly hold the majority shares of more than 50% of the organization’s voting rights.
To get permanent residence in Canada through the Start-up Visa Program, the applicant should have active and ongoing management of the business. Moreover, it is essential to incorporate the company in Canada, and a significant part of the business operations should be in the country.
Support from a Designated Company
A central requirement for the business visa is to obtain support from a designated organization in the country. Applicants must get a letter of support from an approved business group that support start-ups in Canada, including:
- Angel investor groups– Applicants must get at least one of the designated angel investor groups to invest at least $75,000 in your business.
- Venture capital funds– Applicants have to convince at least one of the designated venture capital fund company to invest a minimum of $200,000 in your business.
- Business incubators– Approved business incubators must agree to support the start-up business idea of the applicant.
Each of the above groups has its criteria for supporting business start-ups in Canada. The designated organization may require a business outline or a comprehensive business plan to assess the business program’s feasibility.
The designated organization will review the business plan to determine the potential of the applicant’s start-up idea and the chances of success.
If the designated organization approves the business plan, it will issue a letter of support for the approved business. The applicant has to attach the document with the visa application. The designated organization will also send a separate letter to the immigration authority about support for the business.
Pass Canadian Language Benchmark (CLB) 5
An eligibility requirement for Canada’s investment immigration is the Canadian Language Benchmark (CLB) 5 programs in English or French. Applicants must pass the language competency test in all four areas, including:
Have enough Money in your Bank Account
Applicants must have enough money in your bank account to support yourself and your family once you arrive in Canada. The Government of Canada does not offer any financial assistance to start-up visa immigrants. You are also not allowed to receive a loan from another person or company.
The funds required to settle in Canada depends on the size of the applicant’s family. The amount is updated every year. Contact a licensed Canadian immigration consultant for expert advice regarding the money required to support yourself and dependents in Canada.
How to Apply for Canada’s Start-up Visa
Applicants must fill an application form to apply for the Start-up Visa program. The applicant has to send the application along with a document checklist form and supporting documents to the immigration authority.
All the documents should have the correct information. If any false information or details are left out, the immigration authority may reject your application and deny you from applying for a Canadian visa for five years. That is why it is essential to contact an experienced immigration consultant for expert advice when filling out the application form and direction regarding gathering the visa program’s appropriate documents.
Canada’s immigration authority will evaluate the business visa application once all the business partners submit their applications.
The applicants must update the immigration authority about any new information after applying, such as a change address, email, telephone, and child’s birth, as soon as possible.
After Applying for Canada’s Start-up Visa
After applying for the business visa, the applicant will receive a letter from the immigration authority requesting biometrics.
Biometrics is a requirement for individuals between ages 14 and 79 mentioned in the visa application. It is essential to send the required biometric data within 30 days of receiving the message. To avoid delays, the applicant should pay the biometric fee when applying for the visa program.
Everyone mentioned in the business Start-up Visa should have a medical exam before arriving in Canada. The medical exam is required for every family member, whether they have applied or not.
The immigration agency will reject the application if the applicants’ health is a danger to Canadians or require extensive support from Canada’s social and health services.
Apply for a Temporary Work Visa
As the business visa application is in process, the applicant can apply for a temporary work permit to start the business. Contact a licensed immigration consultant to understand the process of applying for a temporary work permit.
If the application for Canadian Start-up Visa is approved, you will receive a permanent resident visa. The visa will include an entry visa and a Confirmation of Permanent Residence (COPR). Applicants must arrive in Canada within the date mentioned in the COPR since the authority does not extend the specified deadlines.
Contact our licensed immigration consultant for Canadian immigration through the Start-up Visa Program. We can help you through each stage of the business visa program from the start to your arrival in Canada.