Possibly one of the most under-rated immigration pathways, the Canada Start-up PR Visa program offers a unique opportunity to obtain permanent residence as an entrepreneur. Yet, it can still be termed as a Canada Investment Visa – because, in some instances, the designated organization (DO) agrees to support your business and makes the investment.
To be eligible for this Canada Start-up Visa, you must have the potential and skills required to build an innovative, globally-competitive business in Canada that creates jobs for Canadian citizens and permanent residents. Additionally, acquire the support for your business idea from a designated organization (DO), a business group authorized to support or invest in potential start-ups. Up to 5 people can apply for this visa as co-owners of a single start-up.
- Create a qualifying business
When receiving support from a DO, the applicant must hold a minimum of 10% of voting rights for all outstanding shares of the corporation.
When receiving permanent residence, the applicant must be actively managing the business from within Canada. An essential part of the business operations must occur within Canada, and the Business incorporation must take place in Canada.
- Obtain a letter of support from a DO
There are three types of designated organizations. Applicants must gain support from any one of the DO’s mentioned below:
- Venture Capital Fund – you must convince a venture capital group to invest at least $200,000 in your business idea.
- Angel Investor Group – you must convince an angel investor group to invest at least $75,000 in your business idea.
- Business Incubator Group – you only need a business incubator group’s support; they do not need to invest in your idea.
Each DO have different requirements for pitching, reviewing, and assessing business ideas. You must contact a DO to determine the eligibility criteria for receiving support and convince the DO that your business idea is worth supporting. If convinced, the DO will issue a Letter of Support to you and a commitment certificate to Immigration, Refugees, and Citizenship Canada (IRCC).
- Meet the language requirement
You must score at least Canadian Language Benchmark 5 in each test component of an approved English or French language test.
- Have sufficient settlement funds
The government will not provide financial support, so you must prove that you have enough money to support yourself and your accompanying family members after arriving in Canada. The fund requirement depends on how many people are accompanying you to Canada. The amount required is updated annually.
Step 1: Fill out the application forms, collect the required documents, and pay the processing fee (CAD 2,075 for the primary applicant). And mail the application package to IRCC.
Step 2: The average processing time for the application is 12-16 months. While the application is in process, you can start building your Start-up business in Canada by obtaining a temporary work permit.
Step 3: You and your accompanying dependents will be required to provide biometrics, police clearance certificates, and medical exam results. If the IRCC approves your application, you will receive a PR visa, including a PR Confirmation. You must enter Canada before the CoPR expires.
It is possibly the most convenient route for moving to Canada as an entrepreneur without investing your business funds. The fertile business environment and broad consumer base support Canadian Entrepreneur visa holders’ growth across diverse sectors. To plan your Canadian business and get started on the application process, or explore other Canada investment visa options, contact our expert consultants at 8595338595 or [email protected].