Sanjay Yadav - 01 Apr, 2023
Surya Rathee - 25 Mar, 2023
If you are an aspiring entrepreneur looking for new business opportunities, applying for a Canada Startup Visa might be your ticket to success. Canada is always on the lookout for talented entrepreneurs who wish to start businesses in Canada that create jobs and boost economic growth. However, there are certain eligibility requirements you must fulfill to immigrate to Canada through the Startup Visa program.
Scroll to find out Start-Up Visa eligibility criteria, a guide to the application process, and see how Nationwide Visas can help you move to Canada through this Start-Up Visa program.
To be eligible for the Canada Start-Up Visa program, you must key requirements given below:
The heart of any startup is to have a viable and innovative business idea that a designated Canadian organization supports. The organizations may include angel investor groups, venture capital firms, and business incubators.
In addition, you must possess a minimum of 10% of the voting rights linked to all company shares. With the designated organization, you must hold at least 50% of the voting rights attached to all company shares.
To immigrate to Canada, you must have a letter of support from a designated organization in Canada. It includes the details of your arrangement with the designated organization(s). Pitch your business idea and convince them it is worth supporting. If everything goes as planned and they are ready to make that commitment, you will receive a letter of support, which you must include in your Startup Visa application.
English and French are the two official Canadian languages that you must prove your proficiency in to qualify for the Startup Visa. Take an approved language test and achieve a minimum of CLB 5 in either English or French in all language abilities - speaking, reading, listening, and writing.
The Canadian government does not provide any financial support to entrepreneurs moving to Canada for business purposes. Therefore, you need to demonstrate that you have enough money to support yourself and your family members upon arriving in Canada.
The funds you need to bring will depend on the size of your family.
|Number of family members||Funds required(in Canadian dollars)|
|If more than 7 people, for each additional family member||$3,706|
NOTE: This “funds required” is updated every year by the government.
Unlike federal and provincial investor programs where you have to invest your own capital, you will not be required to invest your funds.
If you qualify for the Canada Startup Visa program, you must secure a minimum of CAD 75,000 from a Canadian angel investor, or a minimum of $200,000 from a Canadian venture capital fund recognized by the Canadian government. If you are accepted into a recognized Canadian business incubator, no investment capital is required.
Here is a step-by-step guide to applying for Canada Startup Visa –
Step 1: Work on your business idea
You need to have a solid business idea and plan to even think about getting this visa. Start working on your pitch with the needs and interests of the designated organization you’re trying to get support from.
Step 2: Secure a Letter of Support
As mentioned earlier, getting a letter of support from a designed Canadian organization is paramount. Demonstrate your business idea to them and once you find they are interested in your proposal, they’ll give you a Letter of Support.
Step 3: Take Language Test
Prove your language proficiency in English or French and achieve CLB 5 or more. You must include these test results in your visa application.
Step 4: Complete the Application
Make sure you have all the documents required for a Canada Startup Visa, including your work experience letters, a business plan, educational transcripts, a letter of support, and financial records.
Step 5: Create an Express Entry Profile
Creating an online profile within the Express Entry system is important to get an invitation to apply for permanent residency in Canada.
Step 6: Submit your application
Once you have your Invitation to Apply (ITA), you’ll have to submit a complete PR application within 60 days with supporting documents.
Step 7: Medical Exam and Police Clearance
You and your family members will need to take medical tests to ensure you are fit to travel. Also, get police clearance to prove you are not involved in illegal activities.
Step 8: Application Review and Confirmation
When immigration authorities are satisfied with your documents and application, you will receive a Confirmation of Permanent Residence (COPR).
On arriving in Canada, you’ll be expected to fulfill the terms written in your Letter of Support by actively managing and operating your business, which the designated organization(s) will be monitoring.
Startup Visa program for Canada is highly competitive and you have to make sure that you meet all the requirements for successful immigration. If you research well and show the designated organization the potential of your business idea, you will be on your way to launching your business in Canada.
Though you meet all the eligibility requirements, navigating the Startup Visa application process can be challenging. Connect with Nationwide Visas to make your dream of starting a business in Canada a reality with our constant support and guidance throughout the process.
The following major factors make us the Best Immigration Consultant in Delhi for a Canada PR Visa:
Don't wait. The time will never be just right.
Sanjay Yadav - 01 Apr, 2023
Surya Rathee - 25 Mar, 2023
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