The candidate should have a qualifying business and must acquire Letter of Support (LOS) from the designated organization. To get this letter of support, the applicant pitches his or her business idea to the Canadian designated bodies: Venture capital fund, Angel investor group or a designated Canadian business incubator program. Apart from this, the applicant has to qualify for the minimum English language proficiency benchmark and must have sufficient money to manage living expenses in Canada, till such time that the business starts making money.

With regards to the Start-up Visa, immigrant entrepreneurs need the support of one of designated organization to implement their innovative business idea. These organizations review the business proposal and assess the potential for success. Entrepreneurs whose proposals are selected receive a Letter of Support from the organization.

• Venture Capital funds are set up by firms of professional investors, where the money is sourced through various external sources.
• Angel investors are individuals who contribute their personal finances, advice and business experience towards the initial growth of a small enterprise.
• Business incubators are companies that help new business ventures by providing several services, like office space or management training.

• Venture capital fund: Must commit a minimum investment of $200,000.
• Angel investor group must the minimum amount of investment of $75,000.
• Business incubator program: Approval requires no minimum financial investment.

Both Angel investors and venture capitalists are key components of the start-up funding ecosystem. Angel Investors are wealthy and thus prefer to invest their own money into any start-up company. They invest their money very early when the start-up company is formed. They fulfil the larger financial and capital needs of the company.

On the other hand, venture capitalist funds invest other people’s money through a fund of pooled money. Venture capital firms invest in a number of companies at the same time.

• First, your business proposal will be reviewed by the designated organization – an angel investor, venture capital fund or business incubator. If approved, you will receive a Letter of Support.
• Subsequently, you must submit an immigration application to Canada’s federal government authority – Immigration, Refugees, and Citizenship Canada (IRCC) – which will check if you have submitted the application forms in the correct format, provided all relevant supporting documents, and paid the processing fees.
• IRCC will also confirm that you have the required support from a designated organization, and are qualified to become a permanent resident of Canada. At the final stage, the application may undergo an independent peer review that detects fraud and ensures that the designated organization is operating lawfully in accordance with industry standards.
• The application processing time varies between 12 and 16 months. Those who fulfill the eligibility criteria, demonstrate sufficient settlement funds, and provide proof of medical and police clearance will receive a decision on the application from IRCC.

No, to obtain a Letter of Support you need to contact a designated organization and understand their eligibility criteria. You must convince the organization that your business proposal is worthy of their support. Each organization has a different process for pitching a business idea, and distinct eligibility criteria. You may have to make a presentation in-person or offer an in-depth business plan. Once you reach agreeable terms with the designated organization, you will receive the Letter of Support, and send a commitment certificate to IRCC. The Letter must be included in your immigration application to IRCC – as proof that the angel investor, venture capital fund or business incubator supports your business idea. IRCC may demand additional information to determine the final outcome of your visa application.

The amount of money will depend upon the number of family members that are coming along with you to reside in Canada. While applying you will be required to furnish proof that you have enough settlement funds to support yourself as well as your dependents.  In case you do not have sufficient funds, you can get support from designated organizations such as Venture capital funds, Angel investor groups as well as Business incubators. These organizations are basically business groups that are approved to invest or assist possible start-ups via Canada Start up visa program.

Yes they can, up to 5 individuals can apply via the Start-up Visa Program in the form of owners of a single business. While assessing the proposal sent by you, the designated organizations will choose who is essential or non-essential in relation to the business.  An essential person on one hand is pivotal to the proposed start-up. Without the presence of this person, the designated organization would not invest or provide their assistance to the proposal. If there is a refusal of an essential person, then as a result all the applicants related to the application will also be refused.

Under Canada Startup Visa, all the eligible candidates are not required to invest any of their own money or savings. Another advantage is that you don’t need to declare their net worth for the start-up venture in Canada. Only requirement is to acquire minimum investment from a Canadian venture capital fund or angel investor group registered under the program, and proceed with the application. Upon acquiring the investment, you will be eligible for the program and will be ready establish the startup business in Canada.

However, the scenario may change where the presented and approved business idea requires significant investments and the designated organization may like to see some additional financial commitment from the promoters/applicants. It may also be the case, where the essential applicant may have an idea but lacks funds and other applicants bring on additional investments, besides providing key management inputs for the project.

Though, there is no direct investment or net worth requirement under the program, but you need to have minimum settlement funds to support your initial stay in Canada. Below is the requirement:

Number of Family members       Funds required (CAD)

1                                                              12,960

2                                                              16,135

3                                                              19,836

4                                                              24,083

5                                                              27,315

6                                                              30,806

7                                                              34,299

For each additional member       3,492

During the initial stage of the Canada Startup Visa application, applicants may try to approach multiple designated bodies in order to maximize the visibility and improve the chances. And, during this course many times applicants tend to receive support from multiple designated bodies such as (designated venture capital funds or angel investor groups). This phenomenon is known as syndication. Under this scenario, all the interested investment bodies must be identified and acquire their commitment certificate which will secure your Letter of Support. Syndication scenario explained:

• If a designated venture capital fund in interested in investing in your business proposal in Canada, then the minimum investment is to be acquired is CAD 200,000, even if a designated angel group also invests in your business.
• If minimum one designated angel group invests in your business but no designated venture capital fund in the partnership, then the minimum investment amount must be acquired is CAD 75,000.