The Canada Start-Up Visa Immigration Program
The Canada Start-Up Visa program grants permanent residence to immigrant entrepreneurs while assisting them with establishing themselves in Canada. The program encourages foreign entrepreneurs to grow their businesses in Canada, by providing funding, guidance, and expertise for the opening and operating their enterprise in Canada.
The goal of the Canada Start-Up Visa is to recruit innovative individuals who will contribute to economic growth. This general investor stream allows eligible candidates to immigrate to Canada by starting a business anywhere in the country.
The Canada Start-Up Visa Immigration Program Requirements
Business under the Canada Start-Up Visa must be innovative, create jobs for Canadians and be able to compete internationally. The business will have to meet a set of the following requirements:
- A designated organization must commit to their business;
- No more than 5 people can apply as owners and each must hold a minimum 10% of the voting rights in relation to all shares of the business;
- Together with the designated organization, they must hold 50% of the voting rights attached to all outstanding shares of the business;
- Minimum CLB 5 level in all four language abilities in either English or French;
- Minimum one year completed of post-secondary education, during which the applicant performed well;
- Sufficient funds to support themselves in Canada;
- Plan to settle in one of the Canadian provinces, except Quebec;
- Pass Canadian security and medical clearances
What You Must Know About Canada Start-UP Visa Immigration Program
Immigration, Refugees and Citizenship Canada (IRCC) has a designated number of business entities to participate in the Canada Start-Up Visa Program. These are capital funds, angel investor groups, and business incubator organizations.
To qualify under the Canada Start-Up Visa Program, successful applicants must demonstrate a minimum investment for their Canadian startups. If coming from a designated Canadian venture fund, the investment amount must be at least $200,000. The investment from an angel group should be at least $ 75,000. Foreign applicants don’t need to invest any of their own money. Even if their Canadian start-up fails to become succesful, individuals granted permanent residence through this program will retain their permanent resident status.
Form of Commitment
To confirm that the applicant has obtained support from either a venture capital fund, an angel investor group, or business incubator, the investor organization must submit a completed Commitment Certificate directly to IRCC. In addition, the applicant needs to ensure a letter of support from the investment organization and submit it along with an application for a permanent residence.
The Canada Start-Up Visa allows more than one applicants for the same business enterprise. If this is a case, the investment organization will decide who is essential to the business. If for any reason the application of an essential person is turned down, the applications of all others mentioned in the Commitment Certificate will also be refused.
Support from Multiple Entities
It is possible to get support from several designated entities under the Canada Start-Up Visa. In this case, all organizations participated must be verified. Together, these entities will provide the IRCC one Commitment Certificate and one Letter of Support to the applicant.
A designated venture capital firm must invest at least $200,000, even if a designated angel group also put in money in the same business.
If the designated venture capital group doesn’t invest in the business, but the designated angel group does, then the minimum total investment amount must be $75,000.
A peer review is an independent assessment provided by experts. A designated entity on the Commitment Certificate is the entity liable for involving these experts. For example, if you receive a Commitment Certificate from a designated angel group, the National Angel Capital Organization will conduct a peer review of the commitment. They will investigate whether a foreigner has a registered business in his home country and how successful is his innovative trials as well.
Thus a peer review seeks to provide protection from fraud and to make sure that venture between designated entities and foreigners are legitimate.
Important: Since this is a pilot program under the Canada Start-Up Visa Immigration Program. So the Canadian authorities will only review a maximum of 2,750 applications per year.
If this pilot program proves successful, the Canadian Government may choose to establish the Start-Up Visa Program permanently before the end of the five-year period.
Are you considering to start, invest in or purchase a business in Canada? Solid Visa immigration consultants will assist you in submitting your documentation correctly and on time. Our visa agents will also consult you on the visa options based on your individual profile.
Contact us today to begin your application process for the Canada Start-Up Visa.