Startup Visa- The Fastest and Most Effective Path to Permanent Residency in Canada
Canada’s startup visa is undoubtedly one of the fastest ways to obtain permanent residency status in Canada. If you wonder how to get Canadian citizenship quickly, a startup visa is your answer. The program was initially launched as a pilot program in 2013 and made permanent in 2018 by the government of Canada. Since its initial establishment, the Canada startup visa program has been making waves of impact by granting permanent residencies to thousands of foreign entrepreneurs. The number of applications under the business visa stream has been skyrocketing with each passing year.
What is the Startup visa program in Canada?
The startup visa program allows foreign nationals to launch their business in Canada with innovative, competitive, and scalable ideas. To apply, a foreign national must meet the following eligibility requirements:
- Be 18 years or above
- have a qualifying business
- Must have obtained a commitment from either a designated business incubator, a designated angel investor group, or a designated venture capital fund;
- have attained a certain level of language proficiency; and
- Have sufficient financial funds to move and settle in Canada.
Failure to meet the conditions mentioned above results in application refusal.
As a Canada business visa program, the startup visa welcomes immigrant entrepreneurs with the potential to build scalable businesses and create jobs for Canadian citizens and permanent residents. Startup visa applicants may either apply as a single applicant or apply as a team of five members. Every applicant must submit a separate application if you are applying as a team. Please note that IRCC will not process the application until they receive all applications.
What does it mean to be a qualifying business?
A business is considered qualifying if it meets the following conditions:
- At the time when an applicant secures a letter of commitment from a designated organization:
- Each applicant must hold at least 10% of the ownership of the business
- The applicant(s) and the designated organization hold over 50% of the ownership rights attached to all the corporation’s shares outstanding at that time.
- At the time when an applicant gets the PR
- The applicant must provide active and ongoing support to the business
- All critical business operations must happen in Canada; and
- The company is incorporated in Canada.
Temporary work permit
While awaiting their permanent residency status approval under the startup visa program, business immigration candidates may apply for a temporary work permit. The permit will allow them to enter Canada and start their business. To be eligible for a temporary work permit, a candidate must:
- Be genuinely committed to living in a specific province or territory (other than Quebec)
- Pay the employer compliance fee
- Have secured a letter of support from a designated organization, highlighting their reasons for coming to Canada.
- Meet the fund requirement criteria
After getting a work permit, an applicant may start working on their business plans in Canada. They can also bring their family members to Canada.
Startup visa Canada- What are the benefits?
- Permanent residence in Canada for eligible entrepreneurs and their family members in Canada.
- Right to live, work, and study anywhere in Canada
- No minimum investment requirement
- Quick processing time
- You and your family can access the Canadian healthcare and education systems
- Get funding and guidance from trusted designated authorities.
Is a Canada startup visa on your mind? If yes, we’ve got you covered. Before taking the big step, call us to discuss your business prospects and kick-start your process for a startup visa in Canada.
Are you interested in applying? Don’t wait. Visit us for a free evaluation, and let’s together begin your life-long journey to Canada. You can call us at 8595338595 or [email protected]. To know more about Immigration visit www.abhinav.com.