What You Should Know About Canada's Startup Visa

If you are an entrepreneur with a unique company concept, you may be qualified for the startup visa program, which allows you to immigrate to Canada. Canada is searching for outstanding entrepreneurs who want to develop firms that will help its economic growth while also providing jobs for its citizens. Read to learn all you need to know about Canada’s startup visa program, including how to apply.

What is the Start-Up Visa Program in Canada?

The Start-Up Visa Program allows qualified immigrant entrepreneurs to seek permanent residency in Canada. The official name for it is the Canada Start-Up Class. And it is more commonly referred to as the Start-Up Visa program. The program intends to link innovative entrepreneurs in Canada with private sector investors who can assist them in starting a new business. Candidates can come to Canada on a work permit backed by a recognized Canada-based investor, then apply for permanent residency after their firm is up and operating.

There are three types of investors in the private sector:

– An angel investor 

– A venture capital fund

-Incubator for businesses.

What Are the Requirements for Candidate Eligibility?

The following are the fundamental requirements for obtaining a Start-Up Visa:

– A company that qualifies.

– A letter of support and a commitment certificate from a specified entity are required.

– Sufficient finances for settlement that are unencumbered, accessible, and transferrable.

– Proficiency in English or French at the Canadian Language Benchmark level 5 is required.

What is a Designated Entity for the Start-Up Visa Program?

A designated entity is a Canadian angel investor, venture capital fund, or company incubator in the private sector.

The involuntary commitment must fulfill the following requirements:

1. An authorized angel investor group must make a minimum investment of $75,000 in the qualifying firm. Candidates who have a total investment of $75,000 from two or more angel investor groups are eligible.

2. An authorized venture capital fund must state that it will invest at least $200,000 in the eligible startup. Candidates can also qualify if they have two or more pledges totaling $200,000 from specified venture capital funds.

3. The applicant must be accepted into the business incubator program of a designated business incubator.

What Are the Start-Up Visa Program’s Business Ownership Requirements?

To be eligible for permanent residency, the candidate must meet the following criteria:

1. The planned business must be incorporated in Canada and operating.

2. The candidate must possess at least 10% of the voting rights in the corporation.

3. No one else can own more than 50% of the voting stock in the firm.

How can an immigrant entrepreneur who wants to start a business get help from a specified entity?

An immigrant entrepreneur who wishes to open a business in Canada must develop a feasible business plan that meets the due diligence standards of government-approved designated companies. In most cases, business advisors in Canada’s start-up ecosystem and skilled corporate business immigration attorneys will guarantee that the start-up company plans to fulfill all of the industry’s requirements.

How long does it take for an immigrant entrepreneur to establish a firm to go through the process?

If an entrepreneur has a credible start-up company idea, obtaining a commitment certificate/letter of support from a specified body will take roughly 4-6 months. Once a letter of support has been secured, the application for permanent residency can be submitted. The complete procedure will take approximately 18 months from application to visa issuance.

What Are the Requirements for a Work Permit/Permanent Residence?

To get a work permit, you must meet the following criteria:

1. Candidates who have received a Commitment Certificate from a specified corporation can apply for a short-term work visa and begin working in the company. The chosen entity must support the request.

2. To be eligible for permanent residency, you must meet the following requirements:

3. Candidates must participate actively in the management of the company in Canada.

4. The business’s operations must take place in Canada, or at least a significant portion of them.

5. The company must be registered in Canada.