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What is the Start-up Visa Program?
With the assistance of Canada’s Start-Up Visa programme, entrepreneurs from outside the country have the opportunity to get permanent residency in the country. As a result of Canada’s “start-up visa” programme, business owners who are interested in relocating to the country in order to establish a new enterprise are able to do so. Businesses that were started in Canada by immigrants to that country are required to demonstrate that they can compete successfully on a global scale, that they will generate employment opportunities for Canadians, and that they are innovative.
What is the eligibility criteria for the sponsor?
Must Have a Qualifying Business
You are required to own a qualifying business.
After receiving a letter of support from a federally designated organization, you are required to have a qualifying business, and each applicant must have 10% or more of the voting rights, with a maximum of 5 applicants allowed. Additionally, it is necessary for BOTH the applicant(s) and the federally designated organization to have more than fifty percent of the total voting rights jointly. This is referred to as the quorum requirement.
Obtain a letter of support from the designated organization
You are need to make contact with the specified organization in order to obtain a letter of support based on the business idea that you have.
Meet Language proficiency requirements
The applicant must get a score of CLB 5 overall in each of the four subtests of the IELTS or any other language proficiency test that is recognized.
Must have Enough settlement funds
To be able to settle in Canada, you are required to have sufficient funds. You can determine the amount of money you’ll need by clicking here.
How much investment do I need to make?
You must invest minimum of $200,000 CAD or $75,000 if investment coming from a venture capital fund or angel investor group respectively. There is no minimum investment required if you have been accepted into a business incubator program.
What if my business fails after I move to Canada on a Startup Visa?
If your business collapses, your permanent resident status is unaffected. Authorities are aware that there is always a risk and that not every enterprise will flourish.
Ready to Apply? Please click here to contact us for an immediate response and our senior IRCC licensed immigration consultants can simplify your journey to Canada.