The Start-up Visa Program is an innovative immigration option offered by Immigration, Refugees and Citizenship Canada (IRCC) targeted at entrepreneurs who have the potential to build businesses in Canada that are innovative, can create jobs for Canadians, and can compete on a global scale.
Overview of the Start-up Visa Program
This program provides entrepreneurs with permanent residency and a chance to grow their business in Canada. It's particularly attractive because it connects immigrants with Canadian venture capital funds, angel investor groups, or business incubators that are crucial for advice and funding.
Eligibility Criteria
To be eligible for the Start-up Visa Program, candidates must:
Have a Qualifying Business: A qualifying business means you must hold at least 10% of the voting rights attached to all shares of the corporation outstanding at the time of the commitment from a designated organization. Furthermore, the designated organization and the applicant(s) must jointly hold more than 50% of the voting rights attached to all shares of the corporation outstanding at the time of the commitment.
Get Support from a Designated Organization: You need a letter of support from one of the designated organizations (venture capital fund, angel investor group, or business incubator).
Meet Language Requirements: Have the ability to communicate in either English or French at Canadian Language Benchmark (CLB) 5 in speaking, reading, listening, and writing.
Bring Enough Money to Settle: The government doesn’t provide financial support to new Start-up Visa immigrants. The amount required depends on the size of the applicant’s family and is updated annually.
Application Process
Secure a Commitment from a Designated Organization: You need to pitch your business idea and convince the designated entity that your business is worth investing in. If they agree to support your start-up, they will give you a Letter of Support.
Meet the Language Requirements and Show Proof of Funds: Prepare and take a language test from an approved agency and show that you have enough money to support yourself and your dependents after you arrive in Canada.
Apply for the Start-up Visa: Submit your application, including the Letter of Support, language test results, proof of funds, and other required forms and documents.
Wait for Processing and Final Decision: Processing times can vary; however, IRCC aims to finalize most cases in 12 to 16 months.
Benefits of the Start-up Visa Program
Permanent Residency: Approved applicants get permanent resident status, allowing them to live and work in Canada.
Access to Business Networks: Connection with business incubators, angel investors, or venture capitalists can provide essential funding and guidance.
Supportive Business Environment: Canada offers a stable and welcoming environment for new businesses, including a strong banking system, a high quality of life, and access to other global markets.
This program is ideal for entrepreneurs who are ready to make an impact on Canada's economy while gaining the opportunity to live and work in the country permanently. For more detailed information, always refer to the official IRCC website or consult with an immigration consultant.