The Start-Up Visa program may allow you to move to Canada if you are an entrepreneur with a unique business idea.
Canada is searching for outstanding entrepreneurs who want to develop enterprises that will help its economy grow while also providing jobs for its citizens.
Read on to learn everything you need to know about Canada’s start-up visa program, including how to apply.
What Is The Purpose Of The Start-Up a Visa?
The Start-Up Visa program in Canada allows entrepreneurs to move to Canada to start a new business. Immigrant entrepreneurs must demonstrate that their business is innovative, will create new jobs for Canadians, and is globally competitive.
What Are The Prerequisites For A Start-Up Visa In Canada?
To be eligible for a Canadian Start-Up Visa, you must meet four requirements:
- Have a business that qualifies:
You must own at least 10% of the voting rights tied to all of the company’s shares.
You and the designated organization must own at least 50% of the voting rights linked to all of the company’s shares.
A letter of support from a designated organization is required:
You must demonstrate that you acquired investment from a venture capital firm, an angel investor group, or a business incubator.
You must propose your company idea to the organization and persuade them that it is worthwhile to support.
Each organization will have its approach to pitching your company idea.
If your pitch is successful, the organization will provide you with a letter of support, which you must include with your Start-Up Visa application.
- Comply with the following language requirements:
You must pass a language exam administered by an accredited organization and show that you can speak, read, listen, and write at the Canadian Language Benchmark (CLB) 5 level in either English or French.
- Evidence of funds:
You must show that you have enough money to support yourself and any dependents when you arrive in Canada. Furthermore, the amount you’ll need is determined by the size of your family.
Start-Up Visa Designated Entities
You must submit proof (Commitment Certificate and Letter of Support) that a designated organization backs your business as part of the eligibility requirements. These documents are critical to your startup visa application since they outline the specifics of your agreement with one or more recognized organizations. Unlike federal and provincial investor programs, which require candidates to invest their own money, applicants will not be compelled to do so.
Those who meet the eligibility standards must seek a minimum of $75,000 from a Canadian angel investor or $200,000 from a Canadian venture capital fund approved by the Canadian government. If the applicant is accepted into a qualified Canadian business incubator, no investment funding is required. No investment funding is necessary if the applicant is born into a qualified Canadian business incubator.
How Can I Get A Start-Up Visa?
Let’s have a look at how you can get a Start-Up Visa:
- Fill out the following application:
Fill up the Canada Generic Application Form.
Make sure you’ve filled out all relevant fields before clicking the “Validate” button on the form.
Print the application form that has been validated, including the barcode page.
Date and sign the form.
- Complete the checklist for the documents:
Collect all documents listed in the document checklist in the order specified.
Put all of your essential documents in a sealed envelope.
Print and sign the document checklist.
On the cover page of your application, including the document checklist.
- Your application fees must be paid:
Processing fees for you and anyone on your application are included in the application price.
Right of permanent residence fee
Payments for medical tests, police certificates, and language testing are third-party fees.
Biometric fees are:
|Single applicant||$85 CAD|
|Group of 3 or more people||$255 CAD|
- Send your application in:
Make sure to complete your application before submission.
Make sure you’ve signed everything.
Pay your processing fees and submit your application with receipts.
All supporting documentation should be included.
Put all of your paperwork in a 9″ x 12″ envelope, label it with a “start-up visa,” and ship it to the appropriate location.
The Benefits Of A Start-Up Visa
Before proceeding, you must weigh the advantages and disadvantages of this program. It’s critical to thoroughly comprehend what this program offers and whether it’s the correct fit for you.
Learn about the Start-Up Visa Canada program from company immigration lawyers.
The benefits of the Program are as follows:
- Direct entry into Canada as a permanent resident
- All nationalities are welcome.
- In Canada, there are no restrictions on corporate activity.
- There is no criteria or proof of net worth.
- Allows for a five-person collaboration in the same startup (each partner must own at least 10% of the company).
- You have the option to relocate to Canada by getting a work permit during your visa process.
Success Rate For Start-Up Visas In Canada
You will be able to expand your business in Canada if your SUV application is in the right hands, all regulations are met, and all relevant evidence is delivered. According to the IRCC, the SUV program has a success rate of more than 75%.
Depending on the type of designated organization, the approval rate varies:
Start-ups backed by business incubators have a success rate of 78 percent.
80% for start-ups backed by angel investor networks
The percentage of start-ups sponsored by venture capital funds is 43 percent. Moreover, read our blog if you want to learn about Start-Up visa Expand.
Why Should You Go For CPI?
Canada Prime Immigration is one of the leading Start-Up Visa providers. The team provides the best opportunity to work abroad. Our staff is very professional, and they will solve all your queries related to the visa program. Please choose us and make your dream come true.
Moreover, students can choose from several top universities at a low price if they want to study abroad. If you want to learn more about student visas, read our blog, Study In Canada. If you’re going to get an overseas education without spending a lot of money, Canada is the most cost-effective and affordable option. They provide competitive tuition that is appropriate and affordable for your needs and budget.