Migrating to Canada might be an everlasting aspiration for someone like you! There are many pathways for migrating to Canada. One of such ways is the Start-up Visa Program. Others include:
and many other programs!
While these are some common immigration pathways, there are other ways too for migrating to Canada, if you are a business aspirant. Entrepreneurs and wannabe entrepreneurs (like you) have start-up visa program which will help you establish your business in Canada and also obtain a Canada PR.
Hop on! Let’s see what this start-up visa program is all about!!
Start-Up visa Program
Do you have a well-established business or a business idea? You can migrate to Canada and get permanent residency. You heard it right!
Start-Up visa program enables you to establish your business in Canada and also gets you a permanent residency.
Starting a business in Canada is made easier for entrepreneurs with the new Start-Up Visa Program. This is in line with the nation’s strategy to welcome capable business owners who boost the Canadian economy by giving citizens job opportunities. Canada, for its part, banks the businesses of immigrants.
To start this, you need to
- Create an innovative idea (or) pick up an idea that is creative!
- Prove that the idea proposed can create jobs for Canadians!
- Also prove that the idea can compete on a global scale…
How to Apply for a Canadian PR through Start-Up visa Program?
Firstly, you need to come up with a business proposal which will prove that promising employment opportunities will be given to the Canadian communities. With that business plan, there are certain eligibility criteria set by the Canadian government, that should be met by the applicant.
Those criteria include,
- Evidence of Commitment
- Language Requirement
- Support and Syndication
- Peer Review
- Security and Medical Clearances
Breaking them down!
Investment for Start-up visa Program
In order to establish a business in Canada, having sufficient funds and capitalization is an important requirement. You can rely on the investment funds to bank your business in Canada.
There are 3 types of investments in Canada to fund your business they are,
- Canadian Venture Capital Fund
- Angel Investor Group
- Business Incubator
To get funding from VC and angel investor group, the following amount must be secured as a minimum validated fund.
|Canadian Venture Capital Fund||CAD 200,000|
|Angel Investor Group||CAD 75,000|
On the other hand, if business incubator program accepts your proposal, you must spend 0 CAD as your investment. You read it right.
Evidence of Commitment
To demonstrate that the application has received funding from a venture capital fund, angel investor group, or business incubator, the investor organization must submit a completed Commitment Certificate to the IRCC. This document contains a detailed description of the agreement between the applicant and the investment organization. Its objective is to summarize the key details of the investment organization’s and applicant’s agreement.
The applicant will also receive a letter of support from the investment organization, which they must submit with their application for permanent residence. If the same business venture involves two or more applicants, the investment organization may condition its commitment on one or more “essential persons” obtaining permanent residence. An essential person is someone who the investment organization has formally designated as being vital to the company. If the application of a crucial person is rejected for any reason, the applications of all other applicants listed in the Commitment Certificate will also be rejected.
The ability to communicate in French or English is the primary requirement for living in Canada. In Canada, starting a business requires the owner to be able to work and communicate in either French, English, or both. Taking a language test administered by an authorized testing organization and achieving the CLB 5 minimum Canadian language benchmark in either English or French for all modules, including Speaking, Listening, Reading, and Writing.
Support and Syndication2
Applicants may be eligible for syndication, or sponsorship that multiple organizations approves. This process requires identification of each participant. All the designated organizations will provide one Commitment Certificate to the IRCC, and the applicant(s) will receive one Letter of Support.
A designated venture capital firm invests a minimum of $200,000 in a business, regardless of whether a certified angel group has already made investments in the same enterprise.
If the company receives support from at least one authorized angel group but if the venture capital groups do not approve, then a company should have a minimum of $75,000 overall.
To protect this program from fraud, a peer review process has been added. Its objective is to guarantee the validity of the contracts made between foreign business owners and investment firms. An immigration officer may ask for an independent evaluation of a commitment by a peer review panel. An industry group forms these panels that reflects the type of investing organization making the commitment. In the case of an angel investor organization, for example, the National Angel Capital Organization would be in charge of establishing the peer review panel.
If the entity offering the guarantee was a venture capital fund, on the other hand, the jurisdiction would lie with Canada’s Venture Capital and Private Equity Association. If the immigration officer thinks peer reviews would be useful in their conclusion, they may be started at random or requested. The immigration officer is not considered to be legally bound by the decision made by the peer review panel. It will only vouch for the accomplishment of the required examinations and research in compliance with industry standards. It won’t provide an opinion on the wisdom or viability of the proposed plan.
Security and Medical Clearances
You and your family members must undergo a medical examination and obtain a security clearance in order to determine whether you:
- Pose a threat to national security.
- Have a serious illness that would put a burden on Canada’s healthcare system.
Are you planning to set up your business in Canada? Then this is the perfect time for you. Use the Canadian start up visa to establish your business in Canada. CanApprove will help you in every step throughout the process.
Thanks for reading!