What is the Startup Visa Canada Program?
With the Startup Visa Canada is targeting a new type of immigrant entrepreneur who has the potential to build innovative companies that can compete on a global scale and create jobs.
If you can get support from your start up from a designated Canadian organization, then you can immigrate to Canada as a permanent resident in under 6 months.
There are many reasons why Canada is the best place to build your business:
- A strong economy
- Low taxes and business costs
- Excellence in research and innovation
- Outstanding quality of life
The Startup Visa Canada program grants Canadian Permanent Residence to immigrant entrepreneurs while assisting them to become established in Canada. Successful applicants link with private sector organizations in Canada, where they can receive funding, guidance and expertise in opening and operating their enterprise in Canada.
Eligibility
In order to be eligible, applicants for the Startup Visa Canada program must meet the following requirements:
- Have received a letter of support from a government-designated organization;
- Meet minimum language requirements (IELTS Band 5.0);
- Have completed at least one year of post-secondary education,
- Have sufficient funds to settle in Canada; and
- Pass Canadian security and medical clearances
No more than five foreign nationals may apply for permanent residence as part of the same business venture under the Start Up Visa Program.
How does Startup Visa Canada work?
The Startup Visa Canada was launched at the beginning of 2013 with a cap of 2,750 visa to be issued per year. However, Venture Capitalist and Angel Investors were unwilling to invest in and provide letters of support to foreign entrepreneurs and only two startup visas were issued in the first 18 months of the program.
To rectify this, Citizenship & Immigration Canada identified a limited number of business incubators who were authorized letters of support to foreign entrepreneurs to enable them to apply for Canadian permanent residence.
To receive a letter of support from a Canadian business incubator, a foreign entrepreneur would have to meet the requirements for admission to the business incubator program.
Investment Requirements
If you cannot secure funding from a Venture Capital firm or Angel Investor then you can invest $350,000 CAD and be accepted into an incubator program. If the designated organization (VC, Angel Investor or Incubator) supports your business idea, it will give you a Letter of Support.
You must include your Letter of Support with your application as proof that a designated organization supports your business idea. If you do not have a Letter of Support from a designated organization, your application will be refused.
I Want to Know More About the Startup Visa Canada
For more information about program requirements and intakes please contact us.
After I apply: what are the next steps?
For more information about the next steps, you can review directly on Government of Canada start up business website here.
Confirmation of permanent residence (quote from Government of Canada website)
“If we approve your application, we will issue you a permanent resident visa. This visa includes your Confirmation of Permanent Residence (COPR) and your entry visa.
Your COPR will have information about who you are as well as your photograph. Please check to make sure it is correct. It should be the same as the information on your passport. If there is a mistake on your COPR, contact your visa office.
You must have your COPR and your visa with you when you arrive in Canada.”
I Want to Know More About the Startup Visa Canada
For more information about program requirements and intakes please contact us.