Canada Start-Up Visa Program
Canada’s Start-Up Visa Program is an investment immigration program that targets entrepreneurs looking to relocate to Canada.
Canada Start-Up Visa Program Overview
Canada’s Start-Up Visa Program is an investment immigration program that targets entrepreneurs looking to relocate to Canada. Through the program, innovative entrepreneurs must get support from private sector investors to help launch or expand their enterprise in Canada. While waiting for their permanent residency, foreign entrepreneurs who have applied for the Start-Up Visa are eligible for a temporary work permit so that they can be in Canada to set up and operate their business.
Details of Canada Start-Up Visa Program
In contrast to other investment immigration programs, the Start-Up Visa Program has no minimum net worth requirement and allows multiple applicants from one business project to apply. It also has one of the fastest processing times for getting a Canadian permanent residency. Unlike the provincial investment programs, applicants are not limited and confined to a specific region, meaning that applicants have a higher level of flexibility in where they want to settle. Since this program works along with reputable venture capital funds, angel investors and business incubators, there is a slightly easier transition for entrepreneurs as there is extra support to help facilitate the success of the startup.
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Why is Canada an Attractive Place for Entrepreneurs?
Canada, a prosperous and developed nation, is a prime destination for relocating entrepreneurs. Its business-friendly economy, high quality of life, comprehensive welfare system, and affordable living costs make it highly appealing. The country’s robust start-up ecosystem, bolstered by ample venture capital and government incentives, presents great opportunities for new entrepreneurs. Large companies based in Canada actively support the entrepreneurial landscape by nurturing innovative ideas. Top-tier universities act as incubators, offering access to intellectual property and resources for aspiring entrepreneurs. Government programs like the Industrial Research Assistance Program and Strategic Innovation Fund further encourage the start-up culture by providing mentorship and funding for research and technology. Tax incentives, grants, and wage subsidies contribute to the growth of start-ups in Canada, with cities like Toronto, Vancouver, Ottawa, Edmonton, and Calgary gaining recognition in StartupBlink’s 2020 global rankings.
Canada Start Up Visa Application Procedure
- Download the application form and document checklist from the IRCC website
- Prepare the necessary documents and fill in the application form
- Pay the application fee of CAD 1,575 for the principal and a CAD 500 right of permanent residence fee (RPRF). Accompanying partners must pay an additional CAD 825 for the application fee and another CAD 500 for the RPRF. If necessary, include extra biometrics or third-party fees like fingerprint collection, medical exams, police certificates, language testing etc.
- Mail the application directly to the IRCC office in Nova Scotia
- The IRCC will contact with an interview date or if there is any additional documentation needed
- If the application is approved, the IRCC will ask for passports to be sent to the visa office so that they can issue a permanent resident visa. This entire application process should take about 12 to 16 months.
To be eligible, applicants of the Start-Up Visa Program must meet the following requirements:
- Applicants must fulfill ownership requirements by holding at least 10% or more voting rights to all shares of the corporation and assuming an active and ongoing management role in the business. Essential operations must also be done within Canada to be considered for this program.
- Applicants must secure a minimum investment from a designated organization for their Canadian start-up. If the designated organization is a venture capital fund, the investment must be at least CAD 200,000. If the application is with an angel investor group, the total investment must be at least CAD 75,000.
- Although each organization has a different process and requirement, applicants must obtain a letter of support from a designated organization in Canada. Both the organization and applicant have to send a letter which summarizes relevant details of the commitment between both parties to the Immigration, Refugees and Citizenship Canada (IRCC) for the letter to be assessed as part of the application.
- Applicants must show that they have sufficient funds to support their settlement into Canada for themselves and their family members. The exact proof of funds requirement depends on the number of family members: a minimum of CAD 12,960 for individual applicants, CAD 16,135 for a family of two, CAD 19,836 for a family of three, and CAD 24,083 for a family of four. Add approximately CAD 3,500 for each additional family member for numbers beyond that. Keep in mind that this money cannot be borrowed from another person.
- Applicants must receive a minimum of the Canadian Language Benchmark (CLB) Level 5 or equivalent in either English or French in speaking, reading, listening, and writing.
- Pass Canadian security and medical clearance
- Demonstrate proof to settle in any province in Canada (except for the Province of Quebec)
4-Step Application Process
1
Book an appointment for a detailed assessment and consultation with our Immigration Specialist.
2
Based on the initial consultation and your profile, we will give you our reviews and advise you about the best option for your immigration needs.
3
Once you’re ready to proceed, we will prepare all necessary documents & complete the application and submit to Canada Immigration.
4
We follow up and reply to inquiries coming from Canada Immigration until the approval of the case. After approval, we deliver the visa to you.
Frequently Asked Questions?
Yes. The applicant’s spouse or common-law partner and dependent single children under 22 may also apply for a permanent resident visa under the same application.
Applicants from the Start-Up Visa Program are eligible for a temporary work permit. Once that is issued, spouses or common-law partners can apply for an Open Work Permit if they are joining you in Canada. Holders of valid visas and work permits will have access to provincial healthcare, driver’s licenses, and public school education for their children.
Yes. Applicants can choose to be outside of Canada after applying for up to 16 months, as there is a 12-month application processing time and a 4-month waiting period for the interview.
The permanent visa from the Start-Up Visa Program is not attached and linked to the performance of the business. Even if the business does not work out, the permanent resident status will not be affected once granted.
If you have support from more than one designated organization, all investment organizations involved must be identified and noted. Only one commitment certificate will be sent to the IRCC for each application. The minimum total investment cannot be split between different organizations. Even if another group invests, there is a minimum total investment amount per organization of CAD 200,000 for a designated venture capital fund and CAD 75,000 for an angel investor group.
If you are thinking of moving to Canada through investment immigration or have questions regarding different immigration programs, feel free to contact us. As an immigration specialist, Simard & Associates have years of experience in helping our clients achieve their immigration dreams by providing comprehensive assistance in handling and guiding you through every step of the application process.
Read More: Entrepreneur Immigration: Canada’s Start-Up Visa Program
Read More: Retiring in Canada: Social Welfare and Family Benefits
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GET IN TOUCH WITH US
If you are qualified for this program and want us to review your profile, please contact us below.
GET IN TOUCH WITH US
If you are qualified for this program and want us to review your profile, please contact us below.
