Canada is a fascinating destination to set up a business. Since Canada is close to the mainland USA, it has forever been a traders’ paradise. The availability of skilled labour and abundant natural resources, like timber, gas, oil, and proximity to the USA makes it a business hotspot.
The country also has easy-to-understand laws and hospitable culture, making Canada a budding entrepreneur’s delight. As a result, Canada Startup Visa can be an excellent stepping stone to success.
Read on to find more information about Canada’s startup visa program, including the benefits, procedure, and setting up a business with low investment.
What are The Benefits of a Canada Startup Visa?
Canada Startup Visa opens a window of opportunities for entrepreneurs and students. Here are the top benefits:
- A startup visa is regarded as the quickest way to secure a Permanent Residency in Canada. On the other hand, people coming through traditional immigration programs need to obtain a Temporary Travel Visa (TRV) or work permit before applying for Permanent Residency.
- The process of the Canada Startup Visa Program is far less complex than traditional immigration programs.
- Unlike traditional immigration programs, a qualified business applicant can secure PR status in less than 16 months. You may continue working in Canada while your application is processed.
- Canada Startup Visa allows you to establish your business anywhere in Canada, except Quebec. Quebec has a separate immigration authority, and the process is different.
- You can get plenty of support from angel investors, Venture Capital firms, and business incubators when you have a proven business concept.
Who Can Qualify for the Canada Startup Visa Program?
If you want to enter Canada to set up a business, you need to satisfy the following criteria:
- Qualifying Business – You and the owners (up to five) must have at least 10% voting rights, and the designated organisation and all applicants must hold over 50% voting rights.
- Letter of Support – You need to secure a Letter of Support from an organisation authorised to support startups in Canada. Such organisations are known as designated organisations.
- Know The Language – You need to clear a test to prove that you possess Canadian Language Benchmark (CLB) 5 knowledge in speaking, reading, listening, and writing skills. You may appear for any of the four tests – Canadian English Language Proficiency Index Program (CELPIP), International English Language Testing System (IELTS), Test d’évaluation de français (TEF Canada), or Test de connaissance du français (TCF Canada).
- Funds to Sustain – Since the government does not offer any financial support to new entrepreneurs, you must show that you have enough funds to sustain yourself and your dependents. The amount may depend on your family size. For example, if you have a family of two, you need to keep CAD 16,135, but for a family of seven, the amount increases to CAD 34,299. In some cases, a designated organisation may also provide you with the funds required to sustain in Canada.
How Can You Apply for the Canada Start-up Visa Program?
If you want to make the application and approval process seamless, you can apply through an immigration consultant. But, the agency should be recognised by the Immigration Consultant of the Canada Regulatory Council. For instance, Croyez Immigration is an ICCRC immigration and visa consultants in Chennai.
Here are the four steps you must ensure to apply for the visa program:
- Pitch a unique business idea to the designated organisation that may support your startup venture.
- If the organisation assures you of its support, seek a Letter of Support from it. The organisation also needs to send a commitment certificate to the Government of Canada.
- You can find more information about pitching ideas from the list of designated organisations.
- After getting the Letter of Support and meeting the eligibility criteria, you will have to submit the application form to the concerned authority.
Who Reviews Your Canada Startup Visa Application?
Every Canada Startup Visa application goes through three rounds of screening before approval.
- First step: The designated organisation reviews your proposal and provides you with a Letter of Support. They also send a Commitment Letter to the authority.
- Second step: The Immigration, Refugees, and Citizenship of Canada body reviews the immigration application. It checks whether your profile is fit for Permanent Residency or not.
- Third step: Your application may be put through to an independent peer-review process. Peer review ensures that the applicant and the designated organisation do not engage in fraudulent activities and their operations are according to the industry’s standards.
Also Read: Quebec Immigration Is The Gateway To A Golden Future. Find Out How!
Can You Apply for Canada Startup Visa as a Team?
The answer is – Yes! You Can.
Canadian immigration laws allow for an application from up to five (5) persons for a single Canada Startup Visa. They need to declare themselves as owners of the same business. Generally, the designated organisation screens the application and selects one essential business owner. An essential person is the most vital person without whom the project cannot survive, and naturally, the designated organisation would not support or invest. If the authority refuses the application of the essential person, the other persons’ application automatically stands cancelled.
An ICCRC-registered immigration consultant can help you prepare an impeccable business profile that increases the chances of approval – securing approval from the authority as an individual is challenging, if not impossible.
Do You Need to Secure Any Minimum Investment From The Designated Organisation?
Canadian laws make it mandatory to secure a minimum investment amount from the designated organisation.
Designated organisations are of three types – Venture Capital Group, Angel Investor Group, and Business Incubator.
If you have tied up with a government-approved Venture Capital Group, they need to invest a minimum of CAD 200,000. For an Angel Investor Group, the minimum amount required is CAD 75,000.
If you choose the Business Incubator program, you do not need to secure any financial investment. However, you need to prove that you have been accepted into a Business Incubator program.
Canada offers attractive corporate tax rates, which range between 2% and 16%. Moreover, when you choose a Canada Startup Visa, you do not need to invest anything. The set-up funds usually come from the designated organisation. Additionally, if your business fails to hold ground, it does not affect your Permanent Residency status.
If you want to stay ahead in the race to Canada Startup Visa and Permanent Residency, choosing Croyez Immigration, an ICCRC-registered immigration consultant, can be the best bet. Our team of experts provides timely and best-in-class support to ensure quick Canada Startup Visa approval.