It is an excellent immigration program for qualified entrepreneurs who wish to start a new business or develop an existing one in Canada. Applicants who are accepted will receive unconditional irrevocable Permanent Residence status in Canada based on their intentions to establish a business in Canada.
The Start-up Visa Program aims to attract immigrant entrepreneurs who are willing to move to Canada to launch a new business in Canada. Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that:
In order to be eligible under the Start-up Visa Program, you have to fulfill below requirements:
1. Have a Qualifying Business
A qualifying business means you created a business that meets the following conditions:
Show that the designated organization(s) that supports you hold(s) at least 50% of voting rights in the business and that you and a maximum of 4 other persons, hold the remaining 50% of voting rights, each one having at least 10% of voting rights.
A qualifying business means you created a business that meets the following conditions:
Show that the designated organization(s) that supports you hold(s) at least 50% of voting rights in the business and that you and a maximum of 4 other persons, hold the remaining 50% of voting rights, each one having at least 10% of voting rights.
2. Obtain Letter of Support from a Designated Organization (DO’s)
Prove that your business is supported by a Designated Organization in Canada. Those are Canadian Incubators, Venture Capital firms, and Angel Investors groups, that need to issue you a Letter of Support.
3. Meet English Language Requirements
You must prove that you have a minimum level of the Canadian Language Benchmark (CLB) 5, in IELTS or CELPIP English test. Effectively, this means followings score in each module.
Speaking: 5.0
Reading: 4.0
Listening: 5.0
Writing: 5.0
4. Benefits for Entrepreneurs
Canada seeks innovative entrepreneurs who have the potential to build dynamic companies that can compete on a global scale. The Start-Up Visa Program will link immigrant entrepreneurs with experienced private sector organizations that have expertise in working with startups.
The entrepreneurs can expect below benefits for being part of this economic growth.
5. Bring enough funds with you to settle in Canada
The amount needed, updated every year, depends on the number of family members that are immigrating with you. You will need to show proof of funds as per the below table, when we apply for your Permanent Residence. You will need to confirm that you own the money and that it is not borrowed and that the funds must be readily transferable funds (example bank statement, fixed deposits etc.) in a convertible currency.
6. Other Key Benefits
7. Start Up Visa Process Flow
8. Processing Time of application:
The processing time for the entire process may vary from case-to-case basis and time in which Letter of Support is received and other program requirements are completed.
At this time, the processing of PR application may take 12-16 months as per time frame advertised on the Canadian government website.
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