Canada Entrepreneur Start-Up Visa Program
The Start-Up Visa Program is for the fresh business that is in its early stages of operation. The startup business requires investments or financial assistance to make the venture successful. The Start-Up Visa Program aims to recruit the innovative international businesses which can create new job openings in the Canadian market and promoting its economic drive.
The program links the start-up visa applicants with possible investors in Canada will be funding the start-up and thereby making it eligible to participate in the visa program. On successful application the eligible investors are approved for permanent residency.
Eligibility Requirements of the Start-up Program
To apply for the Start-Up Visa, the candidates shall meet the following conditions:
- Required language ability in English or French with CLB 5 in all abilities, which shall be demonstrated through an immigration approved tests;
- Minimum educational levels attained— one year of post-secondary education with good standing;
- Demonstration of sufficient funds to relocate and settle in Canada;
- Well established settlement plans to live in a province other than Quebec;
- Police clearance as well as medical clearance shall be given;
- The business venture can involve upto 5 partners for the start-up visa Program.
- Each applicant possess at least 10% of the business voting rights
- 50% or more of the business’ voting rights shall be possessed by the designated organization and the applicants together.
The qualifying entrepreneur applications for Canada’s Startup Visa will be fast-tracked for making the entry to Canada within months and after successful running of the proposed business and the permanent residence the applicants or the entrepreneurs’ will be able to apply for Canadian citizenship and passport.
The Start-up Visa Program
The migration to Canada via the Entrepreneur start up visa is possible only if the proposed business is supported by a designated organization in Canada. Designated organizations are:
- Canadian venture capital fund,
- Angel investor Group
- Business Incubator
The first step involved is to identify the right designated organization and to convey the innovative business that the candidate is planning for and to convince the designated organization to invest in it. Once they are convinced then the designated organization will issue a letter of commitment to the Canada Immigration stating their intention to invest in the business and also will issue a letter of support to the entrepreneur mentioning their investment support for the business in Canada.
Thusly the “Letter of Support” and “the Certificate of Commitment” are the two important documents that are needed from the designated organisation.
Level of Commitment
- Support from the designated organization
- Canadian venture capital fund—A minimum investment of $200,000cad
- Angel investor group—A minimum investment of $75,000
- Canadian business incubator—Minimum investment not required
- Minimum Settlement funds required
|Number of family members||Funds required (in Canadian dollars)|
|For each additional family member||$3,414|
However the entrepreneurs who were approved of the permanent residence can retain the residency even if the start-up business in Canada is unsuccessful.
The candidates are not required to invest the personal funds for the purpose of business through this program apart from the settlement funds.
In the case of having multiple partners less than five in the business start-up, the designated organizations’ support will be based on conditions on one or more “essential persons” receiving the Canadian permanent residence.
The “essential person” is the most important part of the business and around which the whole commitment revolves. The person will be identified by the business organization. In cases if the essential person’s application is refused, then the other partners involved in the business commitment certificate will also be refused.
In order to avoid any such happening, it is always advised to seek the guidance from best experts in the immigration sector like Pelican Migration Consultants. Our experience will earn you the success you deserve. Being a pilot program, a maximum of 2,750 applications per year will be considered by the Canadian government. The entire program duration is limited to five years. If you are interested in the Canadian Entrepreneur Start-up program reach us at Pelican Migration Consultants.