Relish the Canadian lifestyle along with your family through the unique pathway of Canada startup visa. This is an excellent opportunity to become permanent resident of Canada, if you are an entrepreneur with innovative bent of mind who can create employment opportunities for Canadians and a globally competitive business. Yes, largely this is the only requirement to become Canada PR without making huge investments. If you become successful in selling your idea to the designated authorities in Canada, your permanent residency for Canada can be just a year away.
Attention must be paid to go to the right incubator with your business idea. Every year 2,750 applications will be accepted under this Canadian Immigration program.
Canada Start-up Visa Requirements
The basic requirement for Canada Business Immigration under the start-up category are –
1) A viable business idea that is innovative and can become globally competitive. It should also be able to create employment opportunities for the Canadians.
2) The idea should be supported by a designated entity in Canada which will provide Commitment Certificate and Letter of Support. These designated authorities are explained in detail further.
3) Enough funds are required that are entirely in the name of the applicant to sustain self and family (if accompanying) in Canada.
4) Language requirements need to be fulfilled. English or French proficiency with minimum Canadian Language Benchmark level 5 is required.
5) The business must be incorporated and operational in Canada
6) The candidate must have at least 10% of the voting rights and no other person can hold more than 50% of the voting rights in the business.
Canada Start-up Visa Processing Time
It may take 4 to 6 months to get the letter of commitment from the designated authority after convincing them of your business idea. Post that, the process to secure permanent residence of Canada through startup visa takes 12 to 18 months of time.
Canada Start-up Visa Process
The process to apply for Canada start-up visa starts from you. It is your innovative business idea that will help you get through the requirements under this visa. Please note that this is a federal program and there are Business PNP Canada whereby provinces operate their own dedicated programs to grant permanent residence to the eligible applicants. The process for start-up visa can be outlined as –
1) Prepare a business model that is in accordance with the requirements of the investor that you seeking. More importantly, you should know what kind of investor would be interested in your business plan. The business should fulfil the respective terms and conditions of the industry.
2) Meet the investor and convince them of how your business will bring growth, development and profit to Canada and its people. Pitch your business plan and thereafter, secure Letter of Support from the designated body.
3) This Letter of support is directly forwarded to the IRCC by the designated authority.
4) After this, you are required to apply for Canada startup visa Arrange for the documents as per the document checklist of the application kit. You will find detailed information of the documents and process with this kit.
5) This application can be filed only after acquiring the Letter of Support. Once the application is submitted, it will be reviewed thoroughly by the immigration authorities. They may ask further details or clarifications from the designated bodies or you, if needed.
6) Once they are satisfied, they will approve your application.
Canada Start-up Visa Fees
The primary applicant has to pay CAD 2,075 that includes application fee (CAD 1,575) and the right of permanent residence fee (CAD 500).
For spouse, the fee is CAD 1,325 inclusive of application fee (CAD 825) and right of permanent residence fee (CAD 500).
The fee for each dependent child would be CAD 225.
Canada Start-up Visa Incubator
1) Angel Investors – this group should invest at least $75,000 into your business.
2) Venture Capital Fund – it should confirm an investment of $200,000 into your business.
3) Business incubator – The applicant must be accepted by the designated Business Incubator into its program.
Business Incubation Fees Canada Startup Visa
There is no business incubation fee for meeting the investors. However, the travel expenses to meet the investor or any miscellaneous expenditure will have to be borne by the applicant. There is clearly defined fee for the visa application, which is already explained.
How Abhinav can help you?
There are many ways to migrate, however Abhinav Immigration Services picks the right choice for you. With the option of Canada Intra-Company Transfer, the working professional can settle down in Canada, however, for entrepreneurs and businessmen, Canada start-up visa provides for an excellent opportunity. With profound knowledge and expertise on the subject, Abhinav can make your dreams come true. You can give your start-up the Canadian start with genuine guidance and support provided by us.