Canada Startup Visa is recognized as the leading startup program in the world that permits permanent residency for the entire family and business team. Since its inception, the program has had thousands of new startup founders, led the foundation for new businesses in Canada, and injected billions of dollars into the Canadian economy.
Who can apply for a Canada Startup Visa?
- Applicants must obtain a Letter of Support or investment commitment from one of the designated investment organizations in Canada, such as Venture Capital Funds, Angel Investor Groups, or Business Incubators.
- If you opt for the Venture Capital Funds route, you need to acquire an investment of CAD 200,000 from them, CAD 75,000 investment from Angel Investor Group, or a letter of commitment only from Business Incubators.
- You can apply as a business team of 5 members. Each applicant must have a minimum language skill of CLB level 5
- Must have sufficient funds and capital to settle in Canada (between CAD 12,960 – CAD 34,299, depending on the size of the family)
- Have a qualifying business setup in Canada wherein each foreign national must own a minimum of 10% of the shares in the startup. The business team and their designated investment organization must jointly have over 50% of the total shares in the startup.
Before applying for a Startup Visa, you and your business team can move to Canada on a work permit to set up your business. Once you set up your business and run the business operations successfully, you can obtain Canada Visa Apply Online under Startup Visa.
Can I work In Canada while waiting for my Startup Visa?
As explained earlier, you can apply for a short-term work permit under the Startup category associated with the International Mobility Program while you are waiting for your Startup Visa application. You can work for your business if you:
- Have demonstrated an Offer of Employment and paid the Employer Compliance Fee. This Canada visa process involves using the online Employer Portal to submit your offer of employment and pay the employer compliance fee if your business is registered under CRA.
- Have a Commitment Certificate and a Letter of Support from a designated investment organization.
- Have sufficient funds to meet the expenses for you and your family for 52 weeks.
What are the minimum investment requirements to apply for the Startup Visa Program?
The investment requirements depend on the type of designated organization that supports your business under the Canada Startup Visa:
- If you acquire the investment from the designated venture capital fund, you must secure CAD 200,000 CAD.
- If you acquire the investment from the designated angel investor group, you must secure CAD 75,000 CAD.
- If you want to take the designated business incubator route, you do not need to secure an investment but have their support. However, you must have funds to invest to start your business in Canada, depending on the nature of your business. You must enroll in a business incubator program approved by the Canadian government.
How do you get a letter of support for Canada’s startup visa program?
Getting a letter of support from a designated investment Organization can be a tiresome process, but if you know the process, you can easily obtain their support. You need to have an innovative idea, the required skills, a viable business concept, and capital to execute the business in Canada. These designated organizations will help you develop, validate, and scale the business in Canada.
- Prepare your Business Pitch or business concept or draft a Business Plan
- Before you get a Canada visa apply online, reach your chosen designated investment organization, and Submit your application for review and evaluation.
- Undergo an interview and sign an agreement with the designated organization.
- Pay the fees for the designated organization
- Obtain the Letter of Support from your chosen designated organization
- Submit your visa application for permanent residency and work permit
What happens if my startup business fails after I move to Canada?
Once you complete Canada visa process and achieve the Visa, you can move to Canada with your family and business teams to start your business. And, if your business fails after migrating to Canada, you can keep your permanent resident status. It is noted that there is no guarantee that every business will succeed, and this startup program is curated so that the risk is equally shared between the public and private sectors. If your business witnesses an unfortunate downfall, the public sector or government will bear the risk and take the necessary steps to incur the loss.
Can my family come to Canada on my startup visa?
Your family can move to Canada on your Canada Startup Visa, which includes your spouse and dependent children under the age of 22 who can apply for a work or study permit in Canada as a dependent. If your spouse and dependent children meet the eligibility requirements, they will receive a work or study permit with the same duration as your startup visa.
Do I need to use the services of an immigration consultant for my startup visa?
Applicants are not required to hire an immigration consultant as a part of the startup process; however, due to the complex nature of the process, you should choose to opt for business visa consultants. The recent data demonstrates that immigration applications to Canada have a higher rate of success when applicants choose business visa consultants for achieving Canada visa apply online.
If you have more questions and queries on Canada Startup Visa, you can choose to connect with our experts at 8595338595 or mail us at [email protected]