Qualified immigrant entrepreneurs can apply for permanent residency in Canada through the Start-Up Visa Program. The Canada Start-Up Class is the name given to it formally. But the Start-Up Visa program is the name given to it most often (SUV).
The initiative seeks creative business owners and connects them with Canadian private investors who will aid in the establishment of their start-up companies.
Before becoming eligible for permanent residency after their business is operational, candidates can initially enter Canada on a work permit funded by their chosen Canadian investor.
Private-sector investors are available in three distinct types:
1) Angel investor.
2) Venture capital fund.
3) Business incubator.
The initiative, which had been a three-year pilot, became permanent on March 31, 2018.
Regarding the Startup Visa process
The Start-up Visa Program in Canada favors immigrant business owners who have the aptitude and capacity to establish successful enterprises in Canada.
1) are original
2) can produce employment for Canadians
3) can compete internationally
Do you have an original business concept? You might be able to immigrate to Canada if one of the recognized groups agrees to endorse your plan.
Criteria for a Canada start-up visa
One of the quickest routes to obtaining permanent residency in Canada is the current Canadian startup visa. The prerequisites for a startup visa for Canada are as follows:
1) The candidates for business visas must obtain a letter of recommendation from one of the recognized Canadian organizations.
2) Each candidate must own at least 10% of the startup's voting rights. Applicants must jointly hold more than 50% of the company's total voting rights with the designated organization.
3) Candidates must provide proof of language proficiency at Canadian Language Benchmark (CLB) Level 5 or above in the form of test results.
4) Each applicant must have enough money to live well in Canada (between $12,960 and $34,299, depending on the applicant's family size, at the very least).
What advantages does a Canadian startup visa offer?
1) A startup visa application gets processed quickly.
2) The Canadian startup visa gives citizenship through permanent residence.
3) Financing assistance that business owners require to launch and grow their enterprises.
4) Social benefits are available in Canada.
5) Up to five people may apply to become owners.
6) There is no minimum net worth or investment requirement.
7) No maximum age to apply
8) All nationalities accepted
9) While your application for a PR visa is being processed, relocate to Canada on a work permit.
10) Establish a business and stay anywhere in Canada (except Quebec)
What is the standard processing time for a Canada Startup Visa?
The length of time it takes to obtain a startup visa for Canada might be different from case to case, but on average, the documentation and application procedure takes 6 to 12 months. Additionally, taking into account the processing time of the immigration authorities, it may take a total of 12 to 18 months, depending on the situation.
How can I apply for a Canada PR visa under the Canada Start-up visa program?
The four steps to obtaining your Canadian PR under the startup visa program are as follows:
Step 1: Obtain a letter of recommendation from a recognized organization.
You need a letter of support from an investor with Canadian headquarters. The letter serves as proof that the group would assist and finance your business idea so it can be established in Canada.
The bare minimum you need to raise for your startup is:
1) In the case of Canadian venture capital funds, CAD 200,000
2) If the funding comes from an angel investor, CAD 75,000
3) None of the business incubator organizations accept investments
Step 2: Fulfill the language criteria
You must prove to Immigration, Refugees, and Citizenship (IRCC) that you can speak either French or English. It entails taking a specific agency-approved language test and receiving a CLB 5 or above.
Step 3: Conditions for business ownership
An eligible business must exist before you can apply for a startup visa in Canada. At the time of application submission, your company must have at least five owners to qualify. A minimum of 10% or more of the voting rights must be held by each candidate. Additionally, more than 50% of the ownership is held jointly by the specified organization and applicants.
Step 4: Bring enough funds to settle yourself in Canada.
Make sure you bring enough revenue to settle since the Canadian government does not offer financial assistance to those that are granted startup visas. After arriving in Canada, you'll need to show that you'll be able to support yourself and any dependents.
The following details relate to the settlement sum:
Funds Required (in CAD) | Number of Family Members |
13,310 | 1 |
16,570 | 2 |
20,371 | 3 |
24,733 | 4 |
28,052 | 5 |
31,638 | 6 |
35,224 | 7 |
3,586 | For each additional family member |
Since the startup visa does not call for a minimum investment, it differs from the Canada self-employed program. To settle in Canada, you must have enough money, though.
How much does the Canada Startup Visa cost?
1) Single Applicant Fee (CAD 1575) + Permanent Residence Fee (CAD 500) = CAD 2,075
2) Additional Applicant (Spouse) fee (CAD 825) + Permanent Residence Fee (CAD 500) = CAD 1,325
3) Dependent Child Fee (CAD 225)
All Other Expenses
1) Biometrics fees: Single applicant (CAD 85) and for the family of minimum 2 (CAD 170)
2) Police Clearance Certificate: (INR 500) (Costs vary for different countries)
3) Language Proficiency Examination Cost: IELTS (INR 13,250) and PTE (13,300)
Necessary Documentation for Canada Startup Visa
1) Bank Reference Letter
2) Birth Certificate
3) Copy of business draft
4) Copy of Resume (CV) of the applicant
5) Copy of valid passport
6) Language Test Results
7) Letter of Support from a designated organization in Canada
8) Marriage Certificate (if married)
9) Medical Examination Confirmation
10) Police Clearance Certificate from your home country
11) Proof of Funds for the last six months
To apply, click here.
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