How Do I Apply For The Canada Startup Visa Program?

Eligibility criteria for Canada start-up visa

The current Canadian startup visa is one of the quickest pathways to securing permanent residency in Canada. Canada startup visa requirement is described as follows:

• The business visa applicants must secure a letter of support from one of the designated organizations in Canada;
• Each applicant must hold at least 10% of voting rights in the proposed startup. Together with the designated organization, applicants must jointly have over 50% of the total voting rights in the business;
• Candidates must show results from an approved language test demonstrating ability at Canadian Language Benchmark (CLB) Level 5 or higher.
• Each applicant must have sufficient funds to settle in Canada (at a minimum, between $12,960 and $34,299, depending on the size of the applicant's family).

How to get a Canada PR visa via the Canada Start-up visa program?

 Below are the four steps to get your Canadian PR through the startup visa program:

Step 1: Get your letter of support from a designated organization

You must obtain a letter of support from a designated Canadian-based investor. The letter acts as evidence that the organization will fund your idea and provide support to establish your business in Canada.

The minimum amount you must get for your startup is:

• 200,000 CAD in case of Canadian venture capital funds
• 75,000 CAD if the investment is from an angel investor
• No investment if accepted in one of the business incubator groups

Step 2:  Meet the language requirement

You must demonstrate the Immigration, Refugees, and Citizenship your ability to speak either English or French language. It means you must undergo an approved language test from a designated agency and score at least CLB 5 or above.

Step 3: Business ownership requirements

You must have a qualifying business to apply for a startup visa in Canada. For this, your business has at least five owners at the time of application submission. Each applicant must hold at least 10% or more of the voting rights. And, applicants and the designated organization jointly have more than 50% of the ownership.

Step 4: Bring sufficient money to settle in Canada

Since the government of Canada does not provide financial support to startup visa beneficiaries, make sure you bring enough money to settle. You'll need to demonstrate that you have sufficient funds to support yourself and your dependents after arriving in Canada.

The settlement amount is described below:

 The startup visa is different from the Canada self-employed program because the former does not require minimum investment. However, you must have enough money to settle in Canada.

What is the average processing timing of the Canada Startup Visa?

Canada startup visa processing time can differ from case to case: however, the average documentation and process time will take around 6-12 months. Furthermore, considering the immigration authorities' processing time, it can take a total of 12 to 18 months, depending on the case.

What is the Canada Startup Visa fees?

• Single Applicant Fee (CAD 1575) + Right of permanent Residence Fee (CAD 500) = CAD 2,075
• Additional Applicant (Spouse) fee (CAD 825) + Right of permanent Residence Fee (CAD 500) = CAD 1,325
• Dependent Child Fee (CAD 225)

Miscellaneous Expenses:

• Biometrics fees – Single applicant (CAD 85) and for the family of minimum 2 (CAD 170)
• Police Clearance Certificate – (INR 500) (Costs vary for different countries)
• Language Proficiency Examination Cost – IELTS (INR 13,250) and PTE (13,300)