Introduction to Canada’s Entrepreneur Start-Up Visa Program
Canada is renowned for its welcoming attitude towards immigrants and entrepreneurs from around the globe. The Entrepreneur Start-Up Visa Program is a unique pathway that Canada offers to innovative entrepreneurs aiming to build businesses that can compete on a global scale, create jobs for Canadians, and contribute to the country’s economic success. This program is designed to attract individuals with the skills and potential to build businesses in Canada that are innovative, can create jobs for Canadians, and can compete internationally.
What is the Entrepreneur Start-Up Visa Program?
The Entrepreneur Start-Up Visa Program is a federal immigration visa that provides a pathway for innovative entrepreneurs to establish their businesses in Canada. This program is aimed at individuals who have the potential to develop businesses that:
– Are innovative
– Can create jobs for Canadians
– Have the potential to compete on a global scale
Eligibility Criteria
To be eligible for the Entrepreneur Start-Up Visa Program, applicants must meet the following criteria:
1. Have a Qualifying Business: A qualifying business means you hold at least 10% of the voting rights in the business, and no other person holds 50% or more of the total voting rights.
2. Secure a Commitment from a Designated Organization: You must secure a commitment from a designated Canadian angel investor group, venture capital fund, or business incubator. This commitment confirms the organization’s support for your business idea.
3. Meet Language Requirements: You must meet the Canadian Language Benchmark (CLB) level 5 in English or French in speaking, reading, listening, and writing.
4. Bring Sufficient Settlement Funds: You need to prove that you have enough money to support yourself and your dependents after you arrive in Canada. The amount varies depending on the size of your family.
5. Plan to live in a Canadian province other than Quebec.
Requirements for a Qualifying Business
For a business to be considered qualifying, Upon receiving a commitment from an approved organization, it must satisfy the criteria outlined below:
Each applicant must own a minimum of 10% of the voting rights linked to all the corporation’s shares at that time; AND
Together, the applicants and the approved organization must control over 50% of the total voting rights attached to all the corporation’s shares at that time.
By the time of receiving permanent residency:
Applicants must be actively and continually managing the business from within Canada;
A significant portion of the business operations must be conducted in Canada; and
The business must be incorporated in Canada.
Application Process
The application process involves several steps:
1. Business Idea Proposal: Submit your business idea and receive a Letter of Support or a Commitment Certificate from a designated organization.
2. Application Submission: Complete and submit your application for the Start-Up Visa Program, ensuring all documents and forms are accurately filled out.
3. Review and Decision: Your application will be reviewed by Immigration, Refugees, and Citizenship Canada (IRCC). If approved, you’ll be granted permanent residence in Canada.
Benefits of the Program
Permanent Residence: Successful applicants receive Canadian permanent residence, providing a path to citizenship.
Access to Canadian Markets: Entrepreneurs gain access to one of the most robust economies with a strong focus on innovation and technology.
Support from Designated Organizations: Receive invaluable mentorship, resources, and financial investment from Canadian investors and business incubators.
Work In Canada While You Wait
The Start-Up Visa Program provides Applicants with the option to apply for a short-term Canadian Work Permit under the International Mobility Program while they await a decision on the permanent residence application.
Effortless Business Immigration to Canada
Canada’s Federal Business Immigration Programs are designed for accomplished entrepreneurs and business individuals aiming to establish themselves in any province outside of Quebec. Whether you’re an independent entrepreneur, looking to initiate or expand a business in Canada, or eager to contribute to the Canadian economy, these programs cater to your needs.
Our team of experts is ready to support your journey in business immigration, offering a wealth of opportunities to contribute to Canada’s growing economy. Our esteemed business immigration professionals will provide unparalleled legal assistance, guiding you through every step of the immigration process, from determining your eligibility to achieving permanent residency. This allows you to concentrate on your business ventures, knowing that you and your business interests are in capable hands.