Startup Visa Program for Immigration Purposes to Canada
With a strong economy, educational system, and cultural diversity, Canada is one of the top destinations for immigrants globally. Why? Well, Canadian immigration programs set the standard for many countries worldwide. The Canadian government has adopted several policies to entice immigrants. In 2013, Canada launched the Start-Up Visa Program. Here is everything you need to know about the Start-Up Visa Program for immigration purposes to Canada.
What is Canada’s Start-Up Visa Program?
Canada's Start-Up Visa is an immigration program that targets entrepreneurs. The government introduced the Start-Up Visa Program to entice entrepreneurs to immigrate to Canada. You can apply for a Start-Up Visa if you have the skills and potential to:
- Build an innovative business.
- Establish a venture that creates jobs for Canadians.
- Start a business in Canada that can compete on a global scale.
Entrepreneurs with innovative ideas have to present them to one of the designated investor groups. These organizations provide funding and support to help immigrant entrepreneurs start businesses in Canada, thrive, and create jobs. If you have a high-potential business idea, the Start-Up Visa Program is right for you.
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How does Canada’s Start-Up Visa Work?
Any entrepreneur who wants to immigrate to Canada can apply for a Start-Up Visa. This program links successful applicants with reputable private companies in the Canadian market. These entities provide funding and their expertise to help immigrant entrepreneurs start and grow their businesses in Canada.
- Up to 5 people can apply for Start-Up Visa as owners of a single business.
- Each applicant must hold at least 10% of the voting rights attached to business’ shares.
Applicants must fulfill language, education, and settlement fund requirements to be eligible for a Start-Up Visa. The business should also meet the minimum investment amount for the applicants to qualify under this program. Successful applicants receive a Start-Up Visa granting permanent residency. At this time, your business should be managed and incorporated in Canada.
Business Groups in Canada
Applicants for Start-Up Visa have to convince one of the designated investor groups to fund their business or innovative idea.
- Venture capital funds, such as 7 Gate, VCC Corp, Lumira, and BCF Ventures.
- Angel investor groups, such as Canadian International, Golden Triangle, and Oak Mason.
- Business incubators, Genesis Centre, Invest Ottawa, and NEXT Canada.
When the business receives a funding commitment, the investment group and the applicants must jointly own more than 50% of the voting rights in the venture.
Business Groups in Canada
Applicants for Start-Up Visa have to convince one of the designated investor groups to fund their business or innovative idea.
- Venture capital funds, such as 7 Gate, VCC Corp, Lumira, and BCF Ventures.
- Angel investor groups, such as Canadian International, Golden Triangle, and Oak Mason.
- Business incubators, Genesis Centre, Invest Ottawa, and NEXT Canada.
When the business receives a funding commitment, the investment group and the applicants must jointly own more than 50% of the voting rights in the venture.
Eligibility Requirements for the Start-Up Visa Program
Canadian Start-Up Visa program has several eligibility requirements for applicants and businesses. You must meet all applicant and business requirements to earn a Start-Up Visa.
Step 1: Fulfill Investment Requirement
The Start-Up Visa program has a minimum amount to be secured by applicants. This investment requirement varies depending on the type of investor group funding the applicant’s business.
- A minimum of CAD 200,000 if the investment is from Canadian venture capital.
- A minimum of CAD 75,000 if the investment is from a designated angel investor.
The Start-Up Visa program doesn’t require applicants to invest their own money to meet the target. Note that businesses accepted in a business incubator program in Canada don’t have a minimum investment target.
Step 2: Prove Language Proficiency
Communication is crucial for business success. If you’re looking for Canada’s Start-Up Visa, you should be able to communicate in English, French, or both. To prove language proficiency, applicants must take an English or French language test from an IRCC-approved agency. Both tests cover four areas:
- Speaking
- Reading
- Listening
- Writing
You must attain the minimum level of the Canadian Language Benchmark (CLB) 5 in all these four areas. If you don’t meet this score, the IRCC won’t accept your application.
Step 3: Meet Education Requirement
The education requirement for Canadian Start-Up Visa Program is at least one year of study at a post-secondary institution. You must provide proof that you attended a higher-education institution for one year or more. To fulfill this requirement, you can submit transcripts, certificates, diplomas, or degrees. You can also provide a letter of good standing to satisfy this requirement.
Step 4: Have Sufficient Settlement Funds
The Canadian government does not provide funds for immigrant entrepreneurs and their families to support themselves while in Canada. You must have sufficient funds to live in comfort once you immigrate to Canada. The Start-Up Visa Program sets the minimum settlement fund based on the number of family members immigrating to Canada with the applicant.
Source: canada.ca
Note that start-ups and new businesses do not become profitable overnight. To be on the safe side, bring more funds than the minimum required.
Step 5: Proof of Security and Medical Clearances
Security and medical clearances are a must-have for all entrepreneurs and family members seeking to immigrate to Canada through the Start-Up Visa Program. In this step, you and your family members in your entourage must undergo a security clearance and a medical examination. The idea behind this requirement is to mitigate security threats and avoid overburdening Canada’s health care system.
Fulfilling all six eligibility requirements may seem daunting if you're inexperienced in Canadian immigration processes and procedures. You can partner with a specialist like Cian Immigration to increase your chances of success.
Do you have any question? We will be happy to hear from you.