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Start Up Visa Canada
Canada’s Start-up Visa Program targets migrator entrepreneurs with the talents and potential to create businesses in Canada that:
- are innovative
- can produce jobs for Canadians
- can contend on a worldwide scale
All programs for start-up visas in Canada aim to help migrant entrepreneurs to ascertain businesses in Canada by permitting foreign business homeowners and their families to use for permanent resident standing. Whereas looking ahead to their permanent residence, foreign entrepreneurs who have applied for a Canada start-up visa are eligible for a brief official document permitting them to travel to Canada to launch their business.
As the Canadian economy continues to experience unprecedented levels of economic growth, the Canada start-up visa program is one of several immigration initiatives designed to assist gifted foreign entrepreneurs in coming to the country and starting their ventures.
START-UP VISA FOR FOREIGN ENTREPRENEURS:
The Canada start-up visa program is suitable for entrepreneurs with associate degrees existing business that’s prepared for investors. To become eligible for this start-up visa in Canada, candidates should have already created their business and secured commitment from a delegated Canadian business investment organization.
Who Can Apply for a Startup Visa Canada?
To be eligible for the Canada start-up visa, you must:
1. Letter of Support and Commitment Certificate :
Applicants should have received a letter of support from a chosen capitalist organization. so as to receive a letter of support, the Candidate should win over a chosen capital fund or angel capitalist cluster to take a position in his or her projected business. The capitalist organization also will offer a Commitment Certificate on to Citizenship and Immigration Canada, summarizing the main points of the commitment created with the applicant.
2. Investment Requirement:
Applicants should secure an investment of a minimum of $200,000 CAD if the investment is from a chosen capital fund or secure a minimum of $75,000 CAD if the investment is from a chosen angel capitalist cluster.
3. Language Requirement:
The Candidate should be ready to communicate in English and/or French. Candidates should offer language results from an approved agency and should meet the minimum level of CLB 5 in either English or French.
4. Education Eligibility:
The Candidate should have completed a minimum of one year of study at a post-secondary establishment. The Candidate should even be ready to submit proof that he or she was in smart standing for a minimum of one year whereas attending a post-secondary establishment. Candidates will offer transcripts, a letter of fine standing, certificates, diplomas, or degrees as proof for this demand.
5. Enough Settlement Funds:
The Candidate should have enough settlement funds to support themselves and their family once they immigrate to Canada. the number of cash needed depends on the number of relations that may be incidental to the Candidate.
6. Security and Medical Clearances:
As with all country’s immigration programs, start-up visas in Canada require the candidates to go through security clearance to assess if they are a security threat. In addition, the candidates will also have to take a few medical tests to see if they will become a burden on the Canadian healthcare system.
START-UP VISA FOR CANADIAN INVESTORS
The Start-up Visa Program is responsive to new applications from Canadian organizations curious about supporting migrator entrepreneurs with launching their Canadian business activities. The Start-up Visa Program welcomes 3 types forms of organizations: angel capitalist teams, business incubators, and capital funds. (A complete list of organizations is provided here.) In order to participate in the program, initially, a corporation should become selected by IRCC. To become selected, a corporation should be a member of and be suggested by one in all IRCC’s partner business organizations.
Once a corporation is selected, it’ll seem on IRCC’s list of selected employers.
There is no set methodology for selected organizations to seek out migrator entrepreneurs. Thus, it’s expected that every organization can confirm its own procedure. To support a migrator enterpriser, the subsequent investment is required:
- Angel Investors: Minimum investment of CAD $75,000
- Venture Capital Funds: Minimum investment of CAD $200,000
- Business Incubators: No money investment needed, however, the migrator enterpriser should be accepted into the business setup program.
Frequently Asked Questions
How much money is required for a startup visa in Canada?
The investment varies with the nature of business and the plans one has outlined to build up;
- Normally, If you are an angel investor (a high net worth individual) who usually invests your own funds in a company or start-up venture can begin from a minimum investment of CAD$75000
- Venture capital funds require a minimum investment of CAD$2,00,000
Business Incubators will not need any fixed minimum investment; they just have to meet the required criteria for the said business set up.
How can I qualify for Canada Start-up Visa Program?
The applicant should
- Possess potential entrepreneurship skills along with a qualifying innovative business
- Possess a valid letter from a designated organization in support of the business
- Possess enough settlement funds to live and settle in Canada
Also, the applicant should have good proficiency in the language as required.
Who reviews the startup visa program applications?
Your proposed business will be reviewed by the designated Canadian Business Organization to check the potentiality and sustainability, after which IRCC steps in and look over the support you have gained ensuring the eligibility to become a permanent resident, the final check would be aligned to make sure the authenticity of the proposed business as it might undergo an individual review process with other industry competent peers ensuring the support of the designated organization.
Is there a language test to apply for a startup visa?
Can I immigrate to Canada together with a team of entrepreneurs?
If you are applying for a start-up Visa Program along with a team of business people for one whole business, IRCC allows a maximum of 5 entrepreneurs to join you, among the five IRCC will categorize the members as essential and non-essential to the proposed business. Here, essential person means the one who will support and invest the said business and if IRCC refuses the essential applicant’s profile, the other four applications will also be impliedly refused.
What if my business fails after I immigrate to Canada with a Startup Visa?
It is important to have enough settlement funds and the entrepreneur should also be aware of the fact that the Canadian Government will not provide any financial support to the Investor Immigrants; the immigrant should be able enough to procure funds to either restart the business or to work and settle in Canada.
Talk to our Experts
Croyez Immigration is helping in every possible aspect to fulfill your dream for work and settle in your dream country. We are assisting you with all programs like Express entry, General Skilled migration and Temporary visa. Nowadays its become a land of opportunity for the immigrants it’s time to take the opportunity and utilize it. We have an expert team to guide your application with value-added services. If you think to adapt a great lifestyle in Canada & Australia then Croyez Immigration is the right place to start.
