Canada’s Start-up visa program is the best option for many entrepreneur immigrants to launch their own business in Canada. The visa program targets innovative entrepreneurs who have the skills and potential for businesses in Canada. Your business idea must be:
- Can create jobs for Canadian citizens and permanent residents
- Can compete on a global scale
The Canada Start-up visa program is an ideal option for foreign entrepreneurs because it does not entail a minimum investment by the immigrant. There is also no net worth requirement, and one can live anywhere in Canada. Also, having five or higher on the English or French test suffices to get the visa.
However, the program requires the applicant to have around $10,000 U.S. ($13,000 Canadian) plus under $2500 U.S. ($3000 Canadian) per family member as settlement funds. After three years of living as a permanent resident, you can apply for Canadian citizenship.
The program links aspiring entrepreneurs with private sector investors that will help them establish their business in Canada.
The objectives of the program are:
- The program aims at linking foreign entrepreneurs with Canadian designated organisations, who have experience and expertise dealing with start-up businesses;
- The pathway makes it possible for the immigrant entrepreneurs to generate employment opportunities for Canadians while laying the foundation of innovative and scalable businesses companies that can compete on a global scale; and
- Connective Designated organizations with some of the best and the brightest entrepreneurs from around the world.
There are three types of Designated organizations:
- Angel investor.
- Venture capital fund.
- Business incubator.
The Canadian Start-up Visa program is also an ideal option for high-calibre, innovative International Students or recent graduates from Canadian universities who have a unique business idea that can be implemented to establish businesses and create jobs.
Benefits of the Start-up Visa for International Students
- The fastest route to permanent residence in Canada
- Work in Canada while the permanent residence application is in the process (even if you’re not eligible for a post-graduation work permit!)
- No minimum net worth requirement
How does the program work?
The immigrant investor must produce a viable business project that will meet the due diligence requirements of a government-approved designated entity. The due diligence is evaluated based on applicable parameters from the following:
- The business plan and business model;
- Corporate documents;
- Potential customers and suppliers;
- Sales, marketing, and distribution strategies;
- Material contracts;
- Employment agreements;
- Loan agreements;
- Intellectual property, including patents;
- Financial information, including audited financial statements and notes and quarterly financial statements.
- Corporate financing;
- Employees and benefit plans.
What are the eligibility requirements?
Candidates applying for the start-up visa program must meet the following eligibility criteria?
- Secure a letter of commitment from a designated entity as a Commitment Certificate or Letter of Support;
- Have sufficient settlement funds;
- Have completed at least one year of post-secondary education; and
- Prove English or French language proficiency through an approved language test.
The due diligence requirements must meet the following:
- A designated angel investor must invest at least CAN$75,000 into the qualifying business. Candidates may also be eligible to secure over one or two investments totally CAN$75,000.
- Get the support of a government-designated venture capital group that will invest at least CAN$200,000 in your project.
- Be accepted into a business incubator program that will work with you to prepare a business plan.
Applicants who receive the visa are required to fulfill the below-mentioned:
- Be actively involved in the management of the business
- All critical operations of the company must operate in Canada
- The company must be established in Canada
Make your business immigration to Canada a success. Take the free assessment with us today, or simply call us at 8595338595 to get in touch with our experienced immigration experts. With over 25 years of experience, Abhinav can help you at 8595338595 or [email protected] to weave the perfect immigration plan and turn your Canadian dream into a reality.