An expert business immigration team can assist you through the Canadian immigration system and explain why the Start-Up Visa program is the best solution for your organization’s objectives. If you need assistance contacting possible investors or completing your application, immigration staff is here to help. To get started, reach out to a knowledgeable staff.
A foreign entrepreneur seeking a start up visa canada must first complete the program’s qualifying criteria, which include the stages listed below:
- Applicants must have a company incorporated in Canada before or when receiving a visa under the program to qualify for the visa.
- In addition, the entrepreneur has to show that a designated entity, such as an angel investor group, a business incubator, or a venture capital fund has committed to helping the firm’s growth in Canada by submitting a letter of support.
- Applicants must also demonstrate adequate fluency in one of Canada’s official languages, English or French, to be considered for admission.
- Proof of Financial Resources to Accommodate a New Life in Canada On top of that, entrepreneurs must show that they have the financial resources to sustain themselves and their families upon arriving in Canada.
If you satisfy the prerequisites, you’ll need to fill out and submit a paper application with all of the necessary supporting papers, along with a $50 application fee. Applicants must also undergo a medical examination and a criminal background check before being considered for employment. In general, applications are handled within 12 to 16 months; however, the present state of COVID-19 may cause delays.
Start-Up Visa For Entrepreneurs
Canada introduced the Start-Up Visa Program (the program) in 2013 as a five-year trial project to attract technology entrepreneurs with the skills and business concepts necessary to create new enterprises backed by cash from incubators and angel investors. Regardless of the eventual success of the business endeavor, the program’s popularity may be attributed to international entrepreneurs and their immediate families acquiring permanent residence.
The government has made the program permanent. Since the program’s inception, more than a thousand business owners have been given permanent residence. Even while the program is still tiny compared to other immigration categories, the number of applicants has constantly grown. A business organization known as a designated organization has been permitted to fund or invest in potential start-ups.
It could be an incubator, a venture capital fund, or an angel investor organization. Members of angel investor clubs provide money to start-ups, often in return for shares. Identifying investment possibilities, pooling cash, and standardizing the angel investor investment process are a few ways that angel investor clubs support their members.
To make equity investments in start-ups with significant growth potential, venture capital firms raise and manage resources. Funds for venture capital help startups by investing in them and may also provide networks, operational expertise, technological know-how, and mentoring. Private organizations known as business incubators provide various services, such as physical space and facilities, financing, business coaching, and networking connections, to assist start-ups in growing.
To be eligible for the program, applicants must get a letter of support from one or more recognized organizations. The organization will also send a commitment certificate to IRCC. If the group is an angel investor, it must vouch that it will contribute at least C$75,000 to the venture. If the company is a venture capital fund, it must guarantee an investment of at least $200,000 Canadian.