Top 10 Reasons why Canada’s Start-Up Visa is best suited for entrepreneurs
There is no question about the popularity of the Canada Start-up Visa in the global startup vertical. While many countries compete to helm the title of most preferred startup destination, Canada is proving that the Top Spot reserves for them every year. Currently, Canada is the most preferred startup immigration destination globally. Both aspiring and experienced business professionals and entrepreneurs prefer the country for various reasons, such as startup ecosystem, business-friendly policies, and ease of setting up a business.
Here, we will shed the spotlight on the Top 10 key reasons why Canada’s Start-Up Visa is best suited for entrepreneurs:
- Direct Unconditional Permanent Residency
Without a doubt, the primary benefit of the program is the access to direct permanent residency to all the applicants and family members. Unlike the Canada Entrepreneur Program run by provinces, a startup visa is a federal program that allows the chosen applicants to attain direct PR.
- Access to Social Benefits under Canada PR
Obtaining the Canada PR Visa under startup visa opens doors to the provision of social benefits to all family members such as free healthcare & education, retirement benefits, family benefits, business insurance, and other benefits.
- No direct investment or no minimum investment
Under the program, you can set up your startup business in Canada without investing your own money. It is possible when you acquire a letter of support from either Venture Capital Funds or Angel Investor Groups. These investment groups invest in your business and provide guidance. However, if you acquire a letter of support from Business Incubator, you need to invest in the business. But, they will provide complete help in setting up business in Canada and other legal help.
- Faster Processing timing
Similar to Canada Investor Visa, the startup visa’s average processing time is 12 to 16 months. However, you can enter Canada on a temporary work permit while your startup visa application is in process. The work permit allows you to enter Canada and set up your startup business in the country.
- Set up your business anywhere in Canada
Since it’s a federal program, you can set up your business anywhere in the country and settle in any province. You can even move to another province with your business as per your business needs. However, provincial business entrepreneur programs do not allow their selected applicants to set up their business other than their chosen province.
- Can apply as a business team
Under the Canada Start-up Visa, you can apply with your partners or a business team up to a maximum number of five. You can develop your business idea and pitch your concept to the investment bodies as a team. However, each team member must have a minimum of 10% of voting rights in the business.
- Low IELTS requirement
As per the program guidelines, all the applicants are required to score a minimum CLB of 5. The parameter is considered as one of the lowest to demonstrate language proficiency in an immigration program. This feature alone makes the program very desirable as everyone will be able to apply for the program.
- Acquiring funding and guidance from investment bodies
Applicants have the provision to acquire investment from the designated bodies. These bodies will provide all the strategic support in establishing the business in Canada. It also helps in bypassing the legal complexities of employment and business laws of the country. This provision cannot be found in the high prolific Canada Investor Visa.
- Access to the robust startup ecosystem
Canada is home to one of the best startup ecosystem hubs in the world. It hosts renowned business startups and gives opportunities for the new foreign startups to flourish in the country. According to various reports, Canada is considered one of the best countries to start a business.
- You can establish your business on a work permit
When your startup visa and permanent residency application are in process, you can apply for a temporary work permit. This work permit will allow you to enter Canada and set up your startup business anywhere in the country. Unlike Canada Entrepreneur Program, you open your business in any province. Once you set up your business, you will receive your Canadian permanent residency.
Do you wish to attain Canada PR Visa? Choose Canada Start-up Visa for a seamless process, expert documentation, and smooth business incorporation. Reach us at (+91) 859 533 8595 for immediate free counseling or write to [email protected] for assistance on Business Immigration.
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