One of the few countries that directly grants permanent residence to start-up entrepreneurs, Canada also provides a fertile environment for business establishment and growth. In order to be eligible for the Canada Startup Visa, foreign entrepreneurs must have the skills and ability to set up an innovative, globally competitive, employment generating business in Canada – and obtain a letter or support from an angel investor group, venture capitalist fund or business incubator.
Venture capitalists and angel investors must agree to invest at least $200,000 and $75,000, respectively, in the start-up. The main advantage of going through a business incubator is that there is no minimum investment requirement. The candidate simply needs to be accepted into a business incubator program that is approved to support potential business ventures through the Startup Visa Canada.
An incubator essentially accelerates business growth during the early stages of the start-up by offering a variety of services – including management training, opportunities for seed funding, mentorship, office space, etc. Being accepted by an incubator program indicates that the business idea is viable in the long-term. The government is more willing to approve the visa application for a business that has the backing of a Canada Startup Visa incubator.
The application and eligibility criteria for gaining the support of an incubator can vary, depending on the program. Some incubators offer support for start-ups in specific industries or locations, and some only support already profitable businesses. Candidates can submit a business proposal to any of the 30 accredited incubators.
If accepted, it is highly likely that the visa will be granted to the applicant(s) – within 12-16 months after application submission. Applicants can enter Canada and start the business after the visa is granted, or get a temporary work permit to start establishing the business in Canada while the visa application is still being processed.
Since incubator programs are highly competitive, our experienced consultants help you develop a business idea, identify and contact suitable incubators based on thorough research, and conduct the entire Canada Startup Visa documentation and application process on your behalf. With a wide array of successful precedents, we are best-placed to help entrepreneurs achieve their immigration goals in the most efficient and lawful manner – with the guarantee of authorized representation.
