Canada is expected to welcome over 1.2 million new immigrants in the next three years. The country is majorly pegging on economic-class & business-class immigrants to work & settle in Canada.
Your chance to make it big in a developed & stable economy like Canada is now just an arm’s length away with Canada’s Start-Up Visa Program. In this edition of immigration blogs, let’s explore more about the program.
Basics about Canada Start-up Class
Popularly referred to as the Start-Up Visa program (SUV), Canada launched it as a three-year pilot which became permanent on March 31, 2018, due to its increased popularity.
It offers excellent opportunities targeting innovative entrepreneurs to obtain permanent residency. The program helps eligible immigrants help establish start-up businesses in Canada aided by local investors like angel investors, Venture capital fund, Business incubator and the easy availability of skilled workers, thanks to robust economic-class immigration programs.
|Candidates can initially come to Canada on a work permit supported by their designated Canada-based investor, before qualifying for permanent residence once their business is up and running.
The required commitment must meet the following criteria:
- A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
- A designated business incubator must accept the applicant into its business incubator program.
Expenses Other than Establishing Business in Canada
Applicants applying for a Business visa for Canada must be aware of the fact that most Canadians pay up to 50% of their income on housing & other utilities. In addition to the demonstration of capital & settlement funds required to finance your business as well as your financial stability to the immigration authorities, you must be prepared for household expenses such as:
- Heating & other lifestyle utilities
- Health insurance & transportation
A basic room in the affordable regions of Canada may cost you around $350/month. In bigger cities in Canada, the housing rents can rise up to $2500/month.
Canada covers the health expenses of immigrants too, however, you must note that Provincial & territorial health programs won’t be able to cover the cost of all newcomers in Canada for three months.
Should You Need a Canadian Immigration Lawyer?
It may take about 4-6 months to secure a commitment certificate/letter of support from a designated entity for immigration to Canada under the SUV program. Once received, you may apply for a work permit to immediately immigrate to Canada.
Additionally, up to 18 more months will be required to finalize the application for permanent residence, subjected to requirements like:
- The intended business must be incorporated and carrying on business in Canada.
- The candidate must own at least 10 per cent of the voting rights in the corporation.
- No other person can hold 50 per cent or more of the voting rights in the corporation.
Canada allows up to five candidates to support their applications for permanent residency by the same business investment.
A need for a professional immigration lawyer will arise to help you navigate through such nitty-gritty about the program and explore additional options to help you immigrate in a quick time.
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CanApprove is a proven regional leader in offering business immigration services for close to over two decades. With dedicated business immigration lawyers & consultants in UAE, India, Canada, Australia, we have acquired hands-on business advisory experience to assist entrepreneur immigrants to meet all requirements.