Startup Visa Program in Canada enables every interested entrepreneur with an innovative business idea, to immigrate freely to Canada by allowing foreign business owners and their families to apply for permanent resident status.
Brief Description Of Canada Start-Up Visa
If you are an entrepreneur with an innovative business idea, you may be eligible to immigrate to Canada through the start-up visa program. Canada is looking for talented entrepreneurs that are interested in starting businesses that will stimulate the Canadian economy while creating employment opportunities for its residents. Read on for everything you need to know about Canada’s start-up visa program, including a step-by-step guide to the application process.
What is the start-up visa program?
Canada’s start-up visa program gives entrepreneurs the opportunity to immigrate to Canada in order to establish a new business. Immigrant entrepreneurs must demonstrate that their business is innovative, will create new jobs for Canadians, and can compete on a global scale.
Requirements for the Start-Up Visa Program
Applicants for this immigration stream must satisfy the following requirements. You must:
- Qualifying business
- Get a letter of support from a designated organization
- Demonstrate intermediate knowledge in English, French, or both languages. (Meet the CLB Benchmarks)
- Have sufficient funds settlement funds
What Is A Start-Up Visa Program Designated Entity?
A designated entity is a Canadian private sector angel investor, venture capital fund, or business incubator.
The required commitment must meet the following criteria:
- A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totaling $200,000.
- A designated business incubator must accept the applicant into its business incubator program.
| # of Family Members | Funds Needed |
|---|---|
| 1 | $12,960 |
| 2 | $16,135 |
| 3 | $19,836 |
| 4 | $24,083 |
| 5 | $27,315 |
| 6 | $30,806 |
| 7 | $34,299 |
| Additional Family Members | $3,492 |
How to Apply
Step 1: Get application package – Applicants will receive an application package that includes an instruction guide and a required document checklist.
Step 2: Pay your application fees – The application fees include the right of permanent residence fee, biometrics (if needed) and/or third-party fees (medical exams, police certificates, language tests)
Acknowledgment of Receipt (AOR)
Once the IRCC has received your PR immigration application, you will receive an Acknowledgment of Receipt also known as an AOR. This AOR is a confirmation that your application file has been created. You may also be referred to an “AOR date” which is the date from when your 6 months intended processing time begins.
Why Seeking Professional Immigration Help is Essential
Since 2018, the Start-Up Visa program has become permanent. The Canadian government will only process a maximum of 2750 start-up visas per year for start-up entrepreneurs and their families. If the demand for this program is high enough and is successful, the Canadian government may make this permanent. Until that happens, if you think you are the right candidate for this Canadian business visa, then your best chances for success will come from partnering with an experienced immigration professional who can make sure you put the best case forward on your application.
Why Hire Us To Help With Your Start-Up Visa Application?
While the procedures for applying for a Start-Up Visa may seem uncomplicated, some applicants apply without seeking any help from an immigration lawyer, thinking that they can “do it themselves.” For Start-Up Visas, there is a higher risk of refusal in cases where the application is not properly prepared. The standards are very high. We have helped thousands of entrepreneurs to immigrate to Canada, and we can help you too.
Start-up Visa for Canadian investors
In order to participate in the program, first an organization must become designated by IRCC. To become designated, an organization must be a member of and be recommended by one of IRCC’s partner industry organizations:
- Canadian Venture Capital & Private Equity Association (CVCA): Makes recommendations for venture capital funds
- National Angel Capital Organization (NACO): Makes recommendations for angel investor groups and business incubators
Once an organization is designated, it will appear on IRCC’s list of designated employers.
There is no set method for designated organizations to find immigrant entrepreneurs; therefore, it is expected that each organization will determine its own procedure. To support an immigrant entrepreneur, the following investment is required:
- Angel Investors: Minimum investment of CAD $75,000
- Venture Capital Funds: Minimum investment of CAD $200,000
- Business Incubators: No financial investment required, but the immigrant entrepreneur must be accepted into the business incubator program.
As a part of the foreign entrepreneur’s Start-up Visa application, the designated organization must provide a letter of support confirming their commitment to the entrepreneur and the program.
