How Do I Get Approved for the Canada's Start-Up Visa
Canada has made an international reputation for itself as a top destination for investors, entrepreneurs, and company owners looking to expand their operations internationally. Given its advantageous location, skilled labor pool, and convenient access to the US market, it is hardly surprising that Canada has grown in popularity among business owners.
Ambitious entrepreneurs now have the opportunity to settle in this beautiful country and grow their companies to new heights thanks to the Start-Up Canada Visa Program. Along with a streamlined application process, this program offers a number of advantages aimed at assisting and boosting your Canadian business endeavors.
Benefits & Advantages of Canada's Start-up Visa
With so many advantages, the Canada Startup Visa program is a must-have choice for innovators and entrepreneurs wishing to launch and expand their businesses in Canada. Some of the main benefits are as follows:
- The application process for startup visas to Canada is accelerated
- Possibility of citizenship and permanent residency
- Financial assistance for starting and expanding your business
- Utilizing Canada’s public benefits
- Applying with a maximum of five co-owners
- No criteria for net worth or minimum investment
- There is no maximum age for applicants
- Accepting people of various nationalities
- Choosing to get a work permit while your application for a PR visa is being handled
- The freedom to establish your company anywhere in Canada (Quebec excluded)
Criteria to Qualify for Canada's Start-up Visa
The current Canada Startup Visa 2024 is one of the quickest ways to obtain permanent residency in Canada. The following are the requirements for getting a startup visa in Canada:
- Applicants for business visas must have a letter of support from one of Canada’s recognized organizations.
- Applicants must possess at least 10% of the voting rights of the proposed start-up. Applicants must own more than half of the entire voting rights in the selected organization’s business.
- Candidates must demonstrate proficiency at or above Canadian Language Benchmark (CLB) Level 5 through an approved language test.
- Each candidate must have enough money to live in Canada (a minimum of $13,757 to $36,407 depending on family size).
How Do You Get a Permanent Resident Visa in Canada under the Start-up Visa Program?
The following are the four steps to acquiring a Permanent Residence (PR) through the Canada Start-up Visa:
Step 1: Request a letter of support from a recognized organization.
It is important to receive a letter of support from a designated Canadian investor. The letter confirms that the organization would fund your idea and assist you in establishing your business in Canada.
The absolute minimum for your startup is:
- 200,000 CAD for Canadian venture capital funds.
- 75,000 CAD if an angel investor pays.
- No investment is required if you join one of the business incubator groups.
Step 2: Complete the language requirements
You must demonstrate to the Immigration, Refugees, and Citizenship Service that you can speak English or French. It means you have to pass an approved language test provided by a designated agency with a CLB of 5 or above.
Step 3: Business ownership requirements
To apply for a Startup Visa in Canada, you must have a qualifying business. Your business can have up to five owners at the time of application. Each applicant must own at least ten percent of the voting rights. Furthermore, applicants and the authorized organization own more than 50% of the company.a
Step 4: Obtain enough finances to settle in Canada
Because the Canadian government does not offer financial aid to startup visa recipients, be sure you have enough money to settle. You must show that you have enough money to maintain yourself and your dependents when you arrive in Canada.
The settlement amount for Canada’s start-up visa incubator is given below.
Number of Family Members
1
2
3
4
5
6
7
For each additional family member
Funds Required (in CAD)
$13,757
$17,127
$21,055
$25,564
$28,994
$32,700
$36,407
$3,706
Average Processing Time for the Canada's Start-up Visa
The Canada startup visa processing time varies depending on the situation, however the average documentation and processing period is 6-12 months. Furthermore, depending on the conditions, the processing period for immigration officials can range between 12 and 18 months.
To Learn more about Canada Start-up Visa & want help applying to the program, Contact us today!
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
GET IN TOUCH WITH US
Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
