You can start an innovative start-up and immigrate through Canada Start-Up Visa Program. A unique pathway for obtaining Canadian permanent residence as a foreign entrepreneur. Check your eligibility for the start-up visa program in Canada.
The Canada Start-Up Visa Program is a direct immigration pathway for innovative foreign entrepreneurs who plan to set up a new startup business in the country. This program was initially launched as a temporary immigration pathway in 2018. However, IRCC later made it a permanent program due to its success. In this guide, we will examine the eligibility requirements and the application process for the Start-up Visa Program Canada.
The Canada Start-Up Visa Program is a unique immigration pathway that caters to foreign entrepreneurs with innovative start-up ideas.
The Government of Canada encourages such start-ups because they contribute to Canada’s economic growth and help create jobs for Canadian residents.
Prospective Startup Visa applicants who are successful under this program can receive permanent resident status and continue operating their startup as intended.
This program could be a great choice for people who do not qualify for the Federal Skilled Worker program or the different Business immigration options under the Provincial Nominee Programs (PNPs).
Prospective foreign entrepreneurs who wish to apply for the Canada Start-Up Visa Program must meet the eligibility requirements in the following areas:
The Startup Visa Canada applicant must set up and operate a qualifying business to fulfill the program’s requirements. In addition to this, the entrepreneur must hold a minimum of 10% of the voting rights associated with the business’s shares. If multiple applicants intend to apply for Canada’s start-up visa using a shared startup, they must possess a minimum of 50% of the voting rights combined.
Other qualifying business requirements include:
Qualifying applicants are required to hold a Letter of Support from a valid designated organization. There are three types of designated organizations with different minimum investment requirements that qualify under this program.
The minimum requirement investment required from each designated organization is shown below:
Find the list of designated organizations in the next section.
Applicants must demonstrate their proficiency in English or French by scoring a minimum of CLB 5 or NCLC 5 on an approved language exam. They can score more points on their Selection Factors if their score is higher.
Our team will assist you to bring your start-up business to Canada with your family. Get in touch with our Canada Start-Up Visa Experts.
Applicants must also demonstrate that they possess enough funds to settle in Canada. These funds should cover living expenses for them and any dependents that will be coming to Canada with them.
The minimum funds required for different family sizes is shown below.
|
Total Family Members Coming to Canada |
Funds Needed (CAD) |
|
1 |
$13,213 |
|
2 |
$16,449 |
|
3 |
$20,222 |
|
4 |
$24,553 |
|
5 |
$27,847 |
|
6 |
$31,407 |
|
7 |
$34,967 |
|
Each additional member |
$3,560 |
The amounts mentioned above change each year. Please get in touch with Elaar Immigration to learn about the most up-to-date minimum fund amounts for the Startup Visa program.
These are the three types of designated organizations that qualify under this program.
The List of Venture Capital funds that qualified for the Canada Start-Up Visa Program:
The list of Angel Investors for the Canada Start-Up Visa Program:
The List of Business Incubators for Canada Start-Up Visa Program:
The application process for the Canada Startup visa program is straightforward. Applicants must first pitch their business idea to the designated organizations mentioned earlier. They must successfully convince them to support their venture.
If a designated organization chooses to support the startup, it will send a commitment certificate to IRCC and the applicant a letter of support. Once all the eligibility have been met, applicants can complete a Startup Visa application and submit it.
Place all paperwork in a 9×12 inches envelope, label it “startup visa,” and send it to the specified location.
Processing times for Canada Startup Visas vary between 12 to 16 months. Note that securing a commitment certificate and a letter of support can take several months on its own. Applicants should plan their settlement in Canada with these processing times in mind.
Applicants that have entered Canada and are awaiting their application decision can work if they possess a work permit. These work permits are vital for foreign entrepreneurs to start working in their startup business quickly.
Canada immigration provide short-term work permits for such applicants if they possess a commitment certificate from a designated organization. In addition to this, applicants must pay an employer compliance fee and intend to live in a province or territory outside Quebec.
Qualified immigration consultants such as ELAAR can assess applications for the Canada Startup Visa Program and ensure the various requirements are met. Our team of professionals is led by Keshav Sharma, a regulated Canadian immigration consultant who possesses extensive business management and immigration experience.
Our experts can assess business proposals and offer expert guidance to improve the likelihood of receiving support from a designated organization as well as the entire application process until the final decision is rendered. Please get in touch with ELAAR Immigration to learn more about the Start-Up Visa Canada application process and its other eligibility requirements
Immigrate to Canada by setting up an innovative start-up through SUV Start-Up Visa Program. Start your free assessment.
© 2023 Elaar Immigration Consulting Inc. All rights reserved
