Start up Visa
The Canadian government is making the Start-up Visa Program permanent. This program gives permanent residency to foreign entrepreneurs who start businesses in Canada. The program was initially launched as an immigration pilot project, but due to its success, it is now a regular program.
This means that if you are an entrepreneur with an innovative business idea, you may be able to immigrate to Canada through the Start-up Visa Program.
In other words, the Canadian government is inviting foreign entrepreneurs to start businesses in Canada and offer them permanent residency in return. This is a great opportunity for entrepreneurs who are looking to expand their businesses into new markets and build a new life in Canada.
- The program was designed to attract innovative foreign entrepreneurs who would contribute to the needs of the Canadian economy and make it easier for other innovative entrepreneurs to come to Canada.
- There are around 28 Venture Capital Funds, 8 Angel Investors Groups, and 52 Business incubators available.
- Up to 5 Business Owners, along with their families, can secure Permanent Residency in Canada.
- There are no specific requirements for education, work experience, or managerial experience for a Start-up Visa.
- The program boasts an excellent success rate, as the Government of Canada collaborates with Designated Organizations to assess business ideas and innovative concepts.
- The processing time is faster, taking just 37 months.
- There is no limit to the number of dependents who can receive PR, but they must meet the definition of dependents.
- A minimum CLB 5 is required for communication in English and French; fluency is not necessary.
- Applicants can choose to live and start their lives anywhere in Canada except Quebec (Quebec manages its own business immigration program).
- Applicants also have the option to apply for a work permit to expedite their move to Canada.
Letter of Support: Before applying to immigrate through Start-Up Visa, immigrant entrepreneurs must secure a commitment from a designated Canadian business incubator, angel investor group or venture capital fund to support their business concept.
Investment : In the Case of a Venture capital fund a $200,000, minimum investment in the entrepreneur’s business is required. For angel investor groups, the minimum investment is $75,000. There is no minimum investment ammount for business incubators,but the entrepreneur must be accepted into the business incubation program.
Other: In addition, applicants must demonstrate language proficiency in either English or French at Canadian Language Benchmark (CLB/Niveau de competence linguistique canadien (NCLC) Level 5, possess a certain ownership share in their business, and show that they have a sufficient level of funds to sustain themselves while in Canada.
Before a foreign entrepreneur (or an entrepreneurial team of up to five individuals) applies under Start-up Visa, They must Contact and recieve support from a designated entity. If a Designated entity decides to support their business, it will provide them with a letter of support. The designated entity will also send a commitment certificate directly to IRCC.
Once the application package is recieved,IRCC will assess the application and may submit certain business proposals to an industry association for peer review as needed.
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