Canada is constantly looking for immigrant entrepreneurs with business ideas and the interest to relocate to Canada. The start-up visa is designed to boost the Canadian economy while creating employment opportunities for its permanent residents and citizens.
Foreign entrepreneurs with innovative business ideas can immigrate to Canada under the start-up visa program. So, if you are a talented entrepreneur and wish to move to Canada, it is the best time to find an immigration consultant in Chennai for a hassle-free application process.
In this article, we are exploring everything one must know about Canada’s start-up visa program.
Eligibility criteria of Start-up Visa Canada
The Start-up Visa in Canada is an opportunity for talented entrepreneurs to immigrate to one of the provinces in Canada and start a new business there. However, the applicants must establish that their company is innovative and will create new jobs for Canadian citizens. It should also be capable of competing on a global scale.
You will need to meet the following requirements to be eligible for the start-up visa program:
- Have a qualifying business
You will need to prove that a designated organization in Canada supports your business. It is imperative to hold at least 10% of the voting rights alone. You must also have a minimum of 50% voting rights attached to all company shares together with the designated organization.
- Letter of support
As a business, you will need to prove that you have support from a designated organization. These organizations could be venture capital funds, angel investor groups, or business incubators. You will need to pitch your business idea to these organizations and convince them that it is worth supporting.
There is a different business idea pitching mechanism in place for each organization. If you get successful in convincing a designated organization, you will receive a letter of support which will be included in your visa application.
- Meet the mandatory language requirements
After receiving your letter of support from an organization, you must take a language proficiency test from an approved educational agency. You must obtain a minimum of the Canadian Language Benchmark (CLB)5 in English or French. Your CLB score must be at least 5 for all categories – Speaking, Reading, Listening, and Writing.
- Financial proofs
Another crucial factor in your Start-up Visa in Canada application is the proof of funds. You will need to establish that you have sufficient funds to support yourself and your accompanying family members once you arrive in Canada.
To be eligible for Start-up Visa Canada, you will need to have the following proofs:
- Commitment Certificate
- Letter of Support
These letters show that you are supported by one of the designated organizations in Canada. They will include the relevant details of legal arrangements with one or more designated organizations and play a crucial role in your start-up visa application.
There are federal and provincial immigration programs wherein entrepreneurs need to invest their capital to be eligible for permanent residence. That requirement is not included in the Start-up visa program.
However, as an entrepreneur with a business idea, you must secure a minimum of CAD$75,000 from one of Canada’s angel investors or a minimum of CAD$200,0000 from a venture capital fund approved by the Canadian government. On the other hand, you do not need to secure any investment if you are accepted into a business incubator.
How to apply for a Start-up Visa in Canada?
There are four steps involved in your start-up visa application that you must know before submitting your application.
- Fill out the start-up visa application form
The first step in your start-up visa application is completing the Generic Application Form for Canada. You can download the form on the Immigration, Refugees, Citizenship Canada (IRCC)’s website. After filling out the form, make sure to click the “Validate” button at the bottom of the form. Provide the missing information, if any.
After completing the application form:
- Print it on good quality papers.
- Make sure it includes the bar code page.
- Write your name, put the date, and sign it.
- Gather documents as per the checklist
Every immigration application has a checklist. You will have to gather all the documents mentioned in your start-up visa application checklist. After collecting all your documents, make prints and sign them. Do not forget to place your documents in a sealed envelope.
- Pay your application fees
The application fees included in your Start-up Visa in Canada are:
- Processing fees for you and your accompanying members.
- Right of permanent residence fee
- Third-party fees (medical exams, police certificates, and language tests)
- Biometrics fees
- Application Submission
Before submitting your visa application, make sure that all the documents are complete, and you have signed all your forms. Ensure to include receipts of fee payments with supporting documents.
After everything is complete and in proper order, pack your documents in a 9” x 12” envelope. Write ‘Start-up Visa’ on the outside of the envelope and send it to the immigration office via mail or courier.
If you are a talented entrepreneur and wish to immigrate to Canada, find an immigration consultant in Chennai and begin your application procedure.