If you are planning to migrate and establish your business in Canada, then this news is for you. Canada, the dream migration destination for thousands of investors and entrepreneurs, has been witnessing a steady rise in the number of newcomers gaining permanent residency status through the Start-up Visa program. In 2018, the total number of entrepreneurs obtaining Canadian permanent residency was 250, whereas in 2019 the number got nearly doubled and moved up to 510.
The popularity of the start-up visa program continues to go up in the past few years. The program offers eligible foreign investors with innovative ideas to set-up their business in Canada and get permanent residency after meeting certain requirements. The astonishing increase in the number of new immigrant entrepreneurs being admitted to Canada as permanent residents can be attributed to the program being made permanent in March 2018.
Canada’s start-up visa is the best pathway for many immigrant entrepreneurs who wish to set-up or establish their own business in Canada. The program attracts exceptional international talent and acts as a bridge between the prospective entrepreneur and private investors in Canada who provide the funding and resources to work on the start-up business idea.
The Start Up visa is an attractive option because it does not entail a minimum investment by the immigrant, and there is absolutely no net worth requirement. The entrepreneur can live anywhere in Canada and require only to score a five or higher on the English language or French language test. What’s more? After three years of living in Canada as a permanent resident, you can apply for Canadian citizenship too.
Types of Funding Options Available for Start-up Entrepreneurs
Start-ups typically need funding for various reasons during the different phases of development. Funding is necessary for any start-up business to enter into the Canadian market and meet the due diligence requirements of the federal government to initiate the business project.
Some of the private funding investment options are:
Angel investor- the aspiring entrepreneur must get the support of a government-designated angel investor group who is willing to invest at least $75,000 in your business project.
Venture Capital Fund- Get the support of a venture capital fund designated by the government who can invest at least $ 200,00o in your project.
Business Incubator- you must be accepted into a business incubator program who will work with you to execute your business idea. In order to do so, you must pay $ 100,000 to the incubator to get involved in your project.
If you meet the above-mentioned requirements, you will be issued a letter of support or a commitment certificate from the group that sponsors your business idea. It takes over 4-6 months to obtain the letter of support from a designated entity. The process will ultimately unlock the doors to your Canada immigration. It will take around 18 months to get your permanent resident immigration application reviewed completely under the start-up visa program.