Now enjoy the fruits of your business in Canada- the Canada Start-up Visa Program
While Canada has always been encouraging skilled professionals to migrate to the nation via work permit or a PR visa and contribute to its economic development, now, the nation has come up with an attractive element- the Canada Start-up visa program to welcome entrepreneurs into the country and start-up a business of their choice and expertise.
What is Canada Start-up Visa program?
Started as a replacement to the Federal Immigrant Investor/Entrepreneur program, the Canada Start-up visa program focuses on recruiting innovative foreign national entrepreneurs who will create new jobs and drive economic growth by the assistance of angel investor groups, venture capital funds or business incubators. It aims at inviting eligible entrepreneurs across the world to establish their business and become a permanent resident of Canada. Holding an annual quota of 2750 applications, the industry insiders of Canada believe that this federal Start-up visa program could apprehend a potential market capitalization exceeding $800 million during the next 3-5 years and could become an alternative to the Quebec Investor Program, soon.
What are the benefits of the Start-up visa program?
Just like any other permanent residency visa programs of Canada, the Start-up visa also holds significant benefits:
- Swiftest means of obtaining a permanent resident status for qualifying business investors or entrepreneurs.
- As the program involves support of reputable angel investors, venture capital funds and business incubators, the investors will receive a rough introduction to business advisors, mentors and strategic planning professional; who would be of a great help for them to bring their business to the international marketplace.
- Investors who have qualified successfully for the program can perceive future returns in accordance with the negotiated percentage of ownership share in the business.
- As compared to the Provincial Entrepreneur Programs, the Start-up program is not associated to any kind of conditions.
- A program associated to interview waiver.
What are the requirements to qualify for the Start-up Visa program?
In order to proceed for a permanent residency through the Start-up Visa program, it is mandatory for an entrepreneur to meet the following factors:
- Evidence of the business being supported by a designated organization: The first step to the process is to obtain a written commitment from the government designated entities. This must be either in the form of a Commitment Certificate or Letter of Support, confirming any of the following aspects:
- Confirmation that your business has been accepted into the business incubator program, by the Business Incubator
- Confirmation by the Angel Investor Group that you have invested at least $75,000 in the investor’s proposed business
- Confirmation by the Venture Capital Fund that it has invested or is ready to invest $200,000 in your business
- Meet the ownership requirements laid by the Canadian immigration authorities: As of the rule, about five people can apply for a Start-up visa as the owners of a single business. However, each applicant must hold at least 10 per cent of the voting rights in the business. Also, the designated organization and the applicants must jointly hold more than 50 per cent of rights in the business.
- Meet the language and experience requirements: The applicant must hold a one-year post-secondary education and a suitable business background. Moreover, having proficiency in English of French language, tested through standardized testing agency approved by CIC is mandatory and also will help businessmen succeed in Canada (Canadian language Benchmark level 5 unencumbered, available and transferable settlement funds to carry out an investment and settle in Canada.
- Bear sufficient settlement funds: It is important for you to note that the Government of Canada does not provide any kind of financial support to the Start-up visa immigrants. So, you must have sufficient unencumbered, available and transferable settlement funds in order to qualify for an investment in Canada and provide evidence of the same on demand.
Other associated factors: To qualify for this program, you must be flexible to reside in any province of Canada other than Quebec. Also, you need to meet medical and security requirements, reflecting that you are of sound health and clear off any criminal record.
Should you wish to know more information on Canada, connect to the immigration experts and they shall assist you with every aspect of your immigration process.