How Do I Apply For The Canada Startup Visa Program?
Canada has established itself as a prime destination for entrepreneurs, business owners, and investors seeking to grow their ventures on a global scale. With its strategic location, talented workforce, and easy access to the US market, it's no surprise that Canada has become a popular choice for entrepreneurs.
And with the Start-Up Canada Visa Program, the country is now offering ambitious entrepreneurs the chance to make this beautiful country their home and launch their businesses to new heights. This program not only provides a fast-tracked application process but also an array of benefits that are designed to support and enhance your entrepreneurial journey in Canada.
Advantages of Obtaining a Canada Startup Visa
The Canada Startup Visa program offers numerous benefits that make it an essential option for entrepreneurs and innovators looking to establish and grow their businesses in Canada. The following are some of the key advantages:
- The Canadian startup visa application process is expedited
- Permanent residency and citizenship potential
- Financial support to establish and grow your business
- Access to Canada's social benefits
- The ability to apply with up to five co-owners
- No minimum investment or net worth requirements
- No upper age limit for applicants
- Open to all nationalities
- The option to obtain a work permit while your PR visa application is processed
- The flexibility to set up your business anywhere in Canada (excluding Quebec)
Eligibility Criteria For Canada Start Up Visa
The current Canada Startup Visa 2023 is one of the quickest paths to permanent residency in Canada. The following are the prerequisites for obtaining a startup visa in Canada:
- Applicants for business visas must obtain a letter of support from one of Canada's designated organizations.
- Applicants must own at least 10% of the voting rights in the prospective startup. Applicants must hold more than 50% of the total voting rights in the selected organization's business.
- Candidates must present proof of ability at or above Canadian Language Benchmark (CLB) Level 5 from an approved language test.
- Each applicant must have sufficient financial means to settle in Canada (a minimum of $12,960 to $34,299, depending on family size).
How to Obtain a PR Visa in Canada through the Startup Visa Program?
The following are the four steps to obtaining a PR through the Canada Startup Visa Program:
Step 1: Obtain a letter of recommendation from a reputable organization
It is necessary to obtain a letter of support from a designated Canadian-based investor. The letter is proof that the organization will fund your idea and help you establish your business in Canada.
The absolute bare minimum for your startup is:
- 200,000 CAD in case of Canadian venture capital funds
- 75,000 CAD if an angel investor pays.
- No investment is required if you get into one of the business incubator groups
Step 2: Meet the language requirement
You must show the Immigration, Refugees, and Citizenship Service that you can speak English or French. It means you must pass an approved language test administered by a designated agency with a CLB of 5 or higher.
Step 3: Business ownership requirements
To apply for a Startup Visa Canada, you must have a qualifying business. Your company must have at least five owners at the time of application. Each applicant must own at least 10% of the voting rights. Furthermore, applicants and the authorized organization hold more than half of the company.
Step 4: Bring sufficient funds to settle in Canada.
Since the Canadian government does not provide financial assistance to startup visa recipients, ensure you have sufficient funds to settle. You must demonstrate that you have enough money to support yourself and your dependents once you arrive in Canada.
The settlement amount for Canada startup visa incubator is described below:
| Number of Family Members | Funds Required (in CAD) |
1 2 3 4 5 6 7 For each additional family member | $13,310 $16,570 $20,371 $24,733 $28,052 $31,638 $35,224 $3,586 |
The Canada Startup Visa differs from the Canada Self-Employed Visa in that no minimum investment is required. You must, however, have sufficient funds to settle in Canada.
Average Processing Time For Canada Startup Visa
The Canada startup visa processing time varies depending on the instance, but the average documentation and processing time is 6-12 months. Furthermore, depending on the circumstances, the processing time for immigration authorities can range from 12 to 18 months.
What Are The Fees Required For Canada Startup Visa?
- Fee for a single applicant (CAD 1575) + Permanent Residence Fee (CAD 500) = CAD 2,075
- Additional Applicant (Spouse) Fee (CAD 825) + Permanent Residence Fee (CAD 500) = CAD 1,325
- Dependent Child Fee (CAD 225)
Miscellaneous Fees
Additional business incubation fees Canada startup visa may be needed as follows:
- Biometrics fees: CAD 85 for a single applicant and CAD 150 for a family of at least two (CAD 170)
- Police Clearance Certificate (INR 500) (Costs vary depending on country.)
- Language ability Fees for exams: IELTS (INR 13,250) and PTE (13,300)
Application Process
If you meet all of the prerequisites, your application will be processed in 12 to 18 months. The processing time for each stage is broken down as follows:
- 1-2 months for the business plan creation
- Letter of recommendation- 6-10 months
- 8-12 months for an application for a PR visa
Required Documents
Essential Documents for Your Canada startup visa business plan:
- A resume copy of the applicant
- Business draught copy
- A valid passport photocopy
- Certificate of Birth
- Marriage License (if married)
- Your native country's police clearance certificate
- Proof of Funds for the last 6 months
- Bank Reference Form
- Language Test Results
- Medical Examination Confirmation
- Letter of Support from a Canadian Designated Organization
Canada Startup Visa with Abhinav Immigration Services: Key to Success
Our expert Canada startup visa consultants are here to guide you every step of the way, leveraging extensive experience to ensure your success in Canada. Say goodbye to the stress of business immigration and hello to a hassle-free experience. Focus on growing your business and creating a new home in Canada. Take the first step towards your entrepreneurial vision, contact us today for a free consultation.
To know more, contact us through a call at +918595338595 or mail us at [email protected].
FREQUENTLY ASKED QUESTIONS
Q1. How can I apply for a Startup Visa in Canada?You can obtain a Canada Startup Visa by following the program's step-by-step instructions. To begin, you must have a unique business plan that can generate revenue and employment in Canada. You must then obtain a letter of support and investment from investment bodies with your business plan, establish a business in Canada on a temporary residency permit, and apply for permanent residency under the start-up visa.
Q2. How can I apply for a Startup Visa to Canada from India?
You can apply for a startup visa after obtaining a letter of support from the authorized investment body, acquiring financing from these entities, and establishing your firm in Canada. The processing period for a start-up visa in Canada is substantially shorter than that of other entrepreneur programs, which typically take 12 to 15 months. You can submit the application to the immigration authority by submitting all necessary documents.
Q3. How much money do I need to invest in order to obtain a Business Visa in Canada?
If you choose a Venture capital fund as your investment vehicle, you must obtain a letter of support and a CAD 200,000 investment with the help of your business plan in order to get a startup visa. A minimum investment of CAD 75,000 is required from the Angel investor group. Surprisingly, you do not need to obtain financing under the Business incubator program, but you do require clearance from the body under the Canada Startup Visa.
Q4. How do I establish my own business in Canada?
People frequently seek the assistance of business visa advisors due to their ignorance regarding what is a start-up visa Canada. Furthermore, the startup visa procedure is simplified from inception through documentation to a successful PR grant. Furthermore, with the help of their networks and associations with investment authorities, these consultants can assist you in establishing your own business in Canada. These recognized bodies give all strategic support and networking to help your company in establishing itself in the country.
