Canada Startup Visa is considered the most popular and coveted startup program globally. There are more than 20 countries that offer startup visas to both aspiring and experienced business professionals. Among all these countries, the Canadian startup program is the most successful program in the business immigration vertical. The minimal eligibility requirements are the attractive features of the startup program.
Almost everyone can apply for the program who has a unique business idea that can generate employment and revenue in Canada. Below are those who can apply for Startup Visa Canada:
- Get a letter of support from the Canadian designated investment body
An applicant must acquire a letter of support from the designated investment body by pitching the unique business concept. These bodies are Venture Capital Funds, Angel Investor Groups, and Business Incubators. Each designated body has its own pros and cons, and applicants must identify them to support their business idea. They do not help on how to apply for a startup visa but provide complete guidance on business establishment, strategic support, office space, and products and services.
- Identify the designated body according to your business concept
- Contact the designated body and pitch and convince your Canadian business idea to the investors
- Acquire a letter of support from the designated body
- The designated body will send the Commitment Certificate to the IRCC
- Applicants who have a qualifying business in Canada
It means applicants must move to Canada primarily on a work permit associated with the Canada startup visa. On a work permit, applicants can establish a business in Canada by acquiring investment and strategic support from the Canadian investment bodies. A Canadian business must meet the below factors:
- A total of 5 members can apply for the program.
- At the time of acquiring a Letter of Commitment from a designated organization, each applicant must have 10% or more of the voting rights associated with the shares of the company.
- Applicants and designated investment bodies must together hold more than 50% of the total voting rights
- At the time of applying for permanent residence, the applicant must demonstrate active involvement and daily management of the business
- Need to demonstrate that applicant is the significant part of the business operations in Canada
- Meet the minimum language requirements
All applicants are required to suffice the language requirements in order to start a business in Canada. Applicants must be able to communicate well in either English or French to conduct business activities. Your language proficiency will play a crucial role in liaison with the authorities, designated bodies, other business professionals, and competitors. Under the program, applicants must score a minimum of CLB 5 under the four components (Speaking, Listening, Reading & Writing) to mark the eligibility for the program. Below are the accepted Language proficiency exams:
- English (CELPIP G-Test) by Paragon Testing Enterprises Inc.
- English (IELTS) by Cambridge Assessment English, IDP Australia, and The British Council
- French (TEF Canada) by The Paris Chamber of Commerce and Industry
- French (TCF Canada) by France Education International (FEI)
For English CELPIP
|10 and Above||10+||10+||10+||10+|
For English IELTS
|9 and Above||8.0 – 9.0||7.0 – 9.0||7.0 – 9.0||7.0 – 9.0|
- Meet the proof of funds requirements
To settle in Canada, applicants must have sufficient financial capacity and funds. Applicants must prove the funds by providing evidence of bank statements, assets, and investments. Your funds must be legally acquired from legal sources. It should not be a loan or borrowed money. According to the size of the family, the Canadian immigration authority has mentioned a detailed list of minimum funds. You can also hire a professional immigration consultant on how to apply for a startup visa.
|Number of Family Members||Funds Required|
|For each additional family member||CAD 3,560|
If you wish to grab this opportunity to settle in Canada with your family, you can reach us @ 8595338595 or on [email protected] for free immigration counseling and guidance on Canada Startup Visa.