The Start-Up Visa Program in Canada is designed to attract immigrant entrepreneurs who have the skills and potential to build innovative businesses in Canada. These businesses must create jobs for Canadians and be able to compete on a global scale. This program grants permanent residency to successful applicants.
Key Requirements for the Start-Up Visa Program
- Qualifying Business
- You must have a viable business idea that can grow and compete internationally.
- You must hold at least 10% of the voting rights in the company.
- Together with the designated organization, you must control more than 50% of the voting rights in the business.
- The business must be incorporated in Canada and actively managed from within the country once you receive PR.
- Letter of Support from a Designated Organization
- Applicants must secure the backing of a designated organization. These include:
- Venture capital funds (must confirm a minimum investment of $200,000).
- Angel investor groups (minimum investment of $75,000).
- Business incubators (no minimum investment, but must accept the applicant into their program).
- You need a Letter of Support from the organization to show that they are backing your business idea.
- Language Proficiency
- You must meet the minimum language requirements in either English or French (Canadian Language Benchmark (CLB) level 5) in all four abilities: reading, writing, speaking, and listening.
- Settlement Funds
- You must demonstrate that you have sufficient funds to support yourself and your family after arriving in Canada. The amount varies depending on family size.
Application Process
- Step 1: Secure Support from a Designated Organization
- You must present your business idea to one or more designated organizations. If they agree to support your business, they will give you a Letter of Support.
- Step 2: Submit Your Application
- Once you have the Letter of Support, you can apply for permanent residency through the IRCC.
- Step 3: Obtain a Temporary Work Permit (Optional)
- If your designated organization supports you and you want to start working on your business before your PR is processed, you can apply for a temporary work permit.
- Step 4: Permanent Residency Approval
- Upon approval, you and your family members will receive permanent residency in Canada.
Who is Eligible?
The Start-Up Visa Program targets entrepreneurs who:- Have a strong business idea that can scale internationally.
- Can secure the financial backing or incubation needed to develop the business in Canada.
- Meet language and financial requirements.
Program Highlights:
- The Start-Up Visa Program allows up to five founders of the same business to apply for PR, as long as each applicant meets the program’s requirements.
- You can apply for a temporary work permit to start building your business while waiting for your PR to be processed.
Summary:
The Start-Up Visa Program offers a pathway to permanent residency for immigrant entrepreneurs with innovative business ideas. To qualify, you need a Letter of Support from a designated venture capital fund, angel investor group, or business incubator, meet language and financial requirements, and demonstrate your business's potential for growth and job creation in Canada.
