If you are an entrepreneur with a unique company concept, you may be qualified for the startup visa program, which allows you to move to Canada.
Canada is seeking skilled entrepreneurs who want to create firms that will help the country’s economy grow while also providing jobs for its citizens.
The Canada Start-Up Visa program is intended to expedite permanent residency for foreign entrepreneurs who can acquire investment from authorized investors. This is in order to establish firms that are creative, capable of creating jobs for Canadians, and competitive on a global platform.
Keep reading to learn all you need to know about Canada’s startup visa program, including step-by-step application guidance.
What are the criteria for a startup visa in Canada?
In order to be eligible for a Canadian startup visa, you must satisfy four requirements:
Have a business that qualifies:
- It is mandatory to own a minimum of 10% of the voting rights linked to all of the company’s shares.
- You and the designated organization must own at least 50% of the voting rights connected to all of the company’s shares.
You should have a letter of support from a specific organization:
- You must show that you have received funding from a venture capital firm, an angel investor organization, or a business incubator.
- To do so, you must sell your company concept to the organization and persuade them that it is worthwhile to sponsor.
- Each organization’s procedure for presenting a business concept will be different.
- In the event that your pitch is successful, the organization will provide you a letter of support, which you must submit with your startup visa application.
Comply with the following linguistic requirements:
- You will need to take a language exam from an approved organization and demonstrate that you can speak, read, listen, and write at the standard threshold of the Canadian Language Benchmark (CLB) 5 in either English or French.
Evidence of funds
- When you arrive in Canada, you must demonstrate that you have enough money to sustain yourself and any dependents. The quantity you will require is determined by the size of your family.
How can an immigrant entrepreneur who wants to start a business get help from a recognized entity?
An immigrant entrepreneur who wishes to open a business in Canada must have or construct a credible business plan that meets the due diligence criteria of government-approved designated organizations.
In most cases, business advisors in Canada’s startup industry, as well as skilled corporate business immigration attorneys, will guarantee that the startup company plans to fulfill all of the industry’s requirements.
How long does the procedure take for an immigrant entrepreneur who wants to start a business?
If an entrepreneur has a solid startup company idea, obtaining a commitment certificate/letter of support from a specified body will take around 4-6 months. The application for permanent residency can be filed once a letter of support has been obtained. The entire process from application to visa issue will take about 18 months.