Business Immigration (Startup Visa)

Business Immigration (Startup Visa)

Canada encourages talented entrepreneurs interested in starting businesses to visit the country and launch their business there. They want these entrepreneurs to launch businesses, stimulate the Canadian economy, and create employment opportunities for its residents. If you are an entrepreneur having a business idea that you believe is innovative and can add value to the Canadian economy, you may be eligible to immigrate to Canada through the startup visa program.

Start-Up Visa Program

The Startup Visa program aims to provide entrepreneurs from outside the country the opportunity to immigrate to Canada to establish a new business. You must establish that your business is innovative, can compete on a global scale, and create new job opportunities for locals.

Requirements

You must meet four requirements to be eligible for a Canadian startup visa:

You must have a qualifying business

  • You must hold a minimum of 10 percent of the voting rights attached to all shares of the company
  • Along with the designated organization, you must have a minimum of 50 percent of the voting rights attached to all shares of the company

You must have a letter of support

You must prove that you have the support of a venture capital fund, angel investor group, or business incubator

This must be done by pitching your business idea and getting the organization to invest in and support your business.

If you have pitched successfully, you will receive a letter of support from the organization. It must be included in your startup visa application

Language Requirements

You must meet the minimum Canadian Language Benchmark (CLB) 5 in English or French. The test must be taken from an approved agency.

Proof of funds

You must show that you are financially stable to support yourself and your dependents (if any) when you arrive in Canada.

Designated Organizations for Start-Up Visa

You must show proof that your business is supported by a designated organization. The proof must be in the form of a Commitment Certificate and Letter of Support. This is important to support your startup application. You are not required to invest your own funds, unlike federal and provincial investor programs. If you meet the eligibility requirement, you must secure at least CAD 75,000 from an angel investor or CAD 200,000 from a local venture capital fund. It must be licensed by the Canadian government. No investment is needed if your application is approved by a recognized Canadian business incubator.

How To Apply

Fill out the Generic Application Form for Canada and submit it after you have completed all the fields. Print the form, make sure to include the barcode page, sign, and put the date. Gather all the documents, put them in a sealed envelope, and pay the application fees, including the processing fees, right of permanent residence fees, and third-party fees that include medical exams, police certificates, language fees, and biometric fees.

Processing Time

If your project is unique and viable, it will take around four to six months to get a commitment certificate/letter of support. After receiving a letter of support, you can submit the application for permanent residence. It will take around 18 months to finalize the application for visa issuance.

If you are not sure how to use this platform to make an entry into Canada, we can help. SunnySpire is one of the leading immigration consultants in Canada. We have helped many entrepreneurs from foreign countries succeed in their immigration efforts. Contact us now to find out more about our immigration solutions.

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