Canada is looking for talented entrepreneurs that are interested in starting businesses that will stimulate the Canadian economy while creating employment opportunities for its residents. If you are an entrepreneur, you may be eligible to immigrate to Canada through the start-up visa program.
The program encourages immigrant entrepreneurs to grow their companies in Canada. Successful applicants link with private sector organizations in Canada, where they can receive funding, guidance and expertise in opening and operating their enterprise in Canada.
There are four requirements you need to meet in order to be eligible for a Canadian start-up visa:
1- Have a qualifying business:
– You must hold at least 10% of the voting rights attached to all shares of the company.
– Together with the designated organization, you must hold at least 50% of the voting rights attached to all shares of the company.
2- Have a letter of support from a designated organization:
– Afravisa will help support you in demonstrating that you have the support of a venture capital fund, angel investor group, or business incubator.
– In order to do this, you must pitch your business idea and convince the organization that it is worth supporting.
– The process of pitching your business idea will be different for each organization.
– If your pitch is successful, you will receive a letter of support from the organization which must be included in your start-up visa application.
3- Meet the language requirements:
– You must take a language test from an approved agency and show that you meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in speaking, reading, listening, and writing.
4- Proof of funds:
– You will need to demonstrate that you have enough money to support yourself and any dependents once you arrive in Canada.
– The amount you need depends on the size of your family.
Immigration, Refugees and Citizenship Canada (IRCC) has designated a number of venture capital funds, angel investor groups, and business incubator organizations to participate in the Start-Up Visa program.
Successful applicants are required to secure a minimum investment for their Canadian start-up. If coming from a designated Canadian venture capital fund, the investment must be at least $200,000. If coming from an angel investor group, it should be at least $75,000.
Applicants do not need to secure any investment from a business incubator. However, applicants must be accepted into a Canadian business incubator program.
Applicants are not required to invest any of their own money. If their Canadian start-up is unsuccessful, individuals granted permanent residence through this program will retain their permanent resident status.
If a foreign entrepreneur meets the eligibility requirements for the Start-up Visa Program, they must prepare and submit an application either online or by mail.
The Start-up Visa Program application requires documentation demonstrating that the applicant meets all four major requirements for the program. In addition, the application requires significant supporting documentation demonstrating the eligibility of the principal applicant and accompanying family members for immigration to Canada. This includes medical exams and police certificates, ensuring that an applicant is not medically or criminally inadmissible. Many applicants will also be required to submit biometrics and certified translations of documents that are not presented in English or French.
The application fee for the Start-up Visa Program is CAD $1,625 for the principal plus a $515 right of permanent residence fee, $850 for accompanying spouse/common-law partner plus a $515 right of permanent residence fee, and $230 per dependent child.
All components of the application must be created in hard-copy, compiled in a single envelope, and sent by mail or courier directly to IRCC’s Centralized Intake Office.
Applications are typically processed within 12 to 16 months. However, applicants can apply for a temporary work permit enabling them to begin working in Canada prior to the approval of their permanent residence application.
Once an application is approved, the principal applicant and all accompanying family members will receive Canadian permanent resident status.
