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Canada Startup Visa is an opportunity for entrepreneurs worldwide in many ways. Entrepreneurs can establish their startups here and get permanent residency as well. In the long term, it’s also possible to get Canadian citizenship as well.
The program has enabled around 200 startups to be launched in Canada.
Canada also ranked 4th in the 2021 Global Startup Ecosystem Index out of 100 countries.
What Canada Startup Visa Offers
- The inclusion of the family in the program is a huge benefit. Your spouse and children under 22 can participate with you. For each family member, you’ll secure a certain amount. This is to prove that you can maintain your family in Canada
- Education, healthcare systems and the right to permanent residency will be available to both you and your family
- If your business ends up a failure, you can still maintain your resident status
- Application for citizenship becomes available following the completion of three year-residency
- Another important benefit is that the program does not require you to have previous experience in management
- No age limit is required to apply for the program.
Let’s get to know more details about the Canada Startup Visa Program.
You Get Work Permit and Permanent Residency First
Before you get approved for permanent residency, you’ll get a work permit to enter Canada. Once you’ve completed three years of residency, you can apply for Canadian citizenship.
A Designated Organization Makes the Process Easier
A designated organization can be an angel investor, business incubator, or venture capital fund. At least one of them supports you for your business plan. So, you need to find at least one of them.
- A designated venture capital fund: Must invest at least 200,000 CAD (Canadian Dollars) into your qualifying business. It’s also possible to get two or more commitments from venture capital funds. In this case, the total amount must still be 200,000 CAD.
- A designated angel investor group: Must invest at least 75,000 CAD into the business. It’s again possible to qualify with two or more investments from angel investor groups. Again, the total amount must be 75,000 CAD.
- A third option, a designated business incubator: Incubators are not subject to financial investment. It’s sufficient to get approval from a business incubator.
You Can Apply Alone or With More Applicants
You can apply with up to five entrepreneurs including you. In this case, you need to own at least 10 percent of the voting rights in the business. In addition, no other applicant can own 50 percent or more of the voting rights.
The designated organization and you (and other applicants if there are) together must own more than 50 percent of the voting rights.
How To Be Eligible and Apply for the Program
- Canada Startup Visa requires you to have an innovative business plan. In addition, your business must provide employment in Canada
- You need to get a letter of support from a designated organization. The letter must indicate that it’ll fund you
- As noted above, you need to prove that you have sufficient funds to maintain your family once you settle in Canada
- You can apply for the program after you find the investor organization and get a letter of support from them.
Let’s look at other details while applying for Canada Startup Visa.
Take the Language Test
You need proof of language proficiency while applying for the program. The IRCC (Immigration, Refugees and Citizenship Canada) entails taking language tests in English, French, or both. For both languages, you need to get a score of 4 in reading and writing, and 5 in speaking and listening.
Meet the Education Requirement
Completion of at least one year of study in higher education is necessary.
Medical and Security Clearances
Medical and security clearances for both and your family are required.