Applicants must have all of these following four requirements:
Applicants must obtain a commitment from either:
- One or more designated angel investor groups to invest at least $75,000CAD in a qualifying business; or
- One or more designated venture capital funds to invest at least $200,000CAD in a qualifying business.
A commitment means an agreement between the applicant and one of the approved investing entities to establish and incorporate a qualifying business in Canada, which must be submitted by approved investing entities directly to CIC, in the form of Commitment Certificate.
A qualifying business is one in which the applicant holds at least 10% of the voting rights attached to all outstanding shares of the corporation, and no person or entity, other than qualified participants, hold 50% or more of the voting rights attached to all outstanding shares of the corporation.
Qualified participants include: (a) the applicant; (b) a foreign national who has been issued a permanent resident visa as a member of the Start-Up Business Class with respect to your business; (c) an approved angel investor group or venture capital fund.
Proving language ability and education
Meet minimum language requirements in English or French (CLB 5 in all abilities);
Applicant must have completed at least one year of post-secondary education, and must be in good standing at the educational institution, even if he or she did not complete the entire program.
While your business gets off the ground, you will still have to support yourself and your family while living in Canada, and CIC wants to know how you’ll do that.
You will need to provide proof of your funds when you submit your application for immigration. The amount of money you need to support your family is determined by the size of your family. For example, if you’re coming alone, you will be required bring $11,115. For a family of four, that jumps to $20,654.
If these requirements are met, your application will then be reviewed on CIC’s standard admissibility criteria, including health, criminality and security.
For more information about how ICS can help you start a business in Canada CONTACT US and one of our advisors will be in touch.