If you are an entrepreneur with an innovative business idea and willing to immigrate to Canada, a Canada start-up visa is for you. The government of Canada introduced the startup visa program to attract foreign entrepreneurs across the globe in exchange for funding from designated investors to thrive in their business in Canada. In return, immigrant investors must prosper in their business, boost the Canadian economy, and create employment opportunities.
The startup visa application will be fast-tracked as the goal is to prioritize processing for those with eligible applications. The startup visa entrepreneurs get permanent residence status, leading to citizenship.
What is a Canada start-up visa?
- The program caters to innovative entrepreneurs and links them with private investors in Canada who support them in establishing their business presence in Canada.
- Initially, business immigrants can come to Canada on a work permit before qualifying for permanent residence once their business starts operating.
- There are three types of private investors in Canada:
- Angel investor.
- Venture capital fund.
- Business incubator.
What are the eligibility requirements?
To qualify for the startup visa, an applicant must:
- Have a qualifying business
- Secure a Commitment Certificate and Letter of Support from a designated authority.
- Have sufficient funds to settle in Canada
- Demonstrate proficiency in English or French at minimum Canadian Language Benchmark level 5.
- Prove that your business meets ownership requirements
Once you submit your business idea and secure a letter of support from one of the designated authorities in Canada, they will send IRCC with a completed Commitment Certificate. The certificate will feature the business agreement and commitment between the entrepreneur and the designated body.
If you receive support from more than one investor, in that case, both organizations will submit a joint Commitment Certificate to IRCC.
All applicants must secure a minimum investment for their startup visa application. The investment amount is as follows:
- 200,000 CAD for securing an investment from a Canadian VC,
- 75,000 CAD if the investment comes from an angel investor,
- No investment is needed if your business is accepted into a business incubator program
Start-up visa- Processing time
Canada startup visa processing time is 12 to 16 months. It takes around four to six months to secure a letter of commitment. You may also need to provide biometrics for a fee of $85 and pass a medical test from IRCC approved physician. You must pay $2,140 for your application.
To know more about starting a business and the process for Business Immigration, you can sign up for free counselling. You can call us at 8595338595 or [email protected]. To know more about Immigration visit www.abhinav.com.