Canada Start Up Business Visa
The Start-Up Business Visa program introduced by Canada is one-of-a-kind in the world. It aims to provide Canada with a competitive edge in the ever-fluctuating world economy by making it the choicest startup destination for innovators from across the globe. The project is going through its pilot stage, which is going to be a five-year run.
To qualify for a startup visa, an applicant must fulfill the following requirements:
Provide Proof of Sufficient Capital Support
All applicants are required to:
- Either, get an investment of at least 75,000 CAD in a qualifying business form one or more of the designated angel investor groups;
- Or, get an investment of at least 200,000 CAD in a qualifying business from one or more of the designated venture capital funds.
A commitment refers to an agreement made between an applicant as well as one of the approved investing bodies. This commitment goes towards establishing and incorporating a qualifying business in Canada. It must be submitted directly to the CIC by one of the approved investing bodies, in the form of a Commitment Certificate.
A qualifying business is one in which at least 10% of all voting rights that are attached to all the outstanding or issued shares of the company are held by the applicant. In addition, no entity or person, other than the qualified participants should be holding 50% or more of all the voting rights which are attached to all the outstanding or issued shares of the company.
Any of the following can be deemed as a qualified participant:
- The applicant.
- A foreign national who’s been issued a PR visa as a Start-Up Business Class member, with regards to your business.
- An approved venture capital fund or angel investor group.
Provide Proof of Education and Language Proficiency
An applicant must meet the minimum language proficiency requirements in either French or English.
An applicant is expected to have finished at least 1 year of post-secondary education. The applicant must show that they’ve been in good standing at their academic institution, irrespective of whether or not they complete the whole program.
Your business could take some time taking off. In the meantime, you will have to show that you can still support yourself as well as your family while you live in Canada. The CIC will need to know specifically how you’ll be doing that.
You will have to submit a proof of your funds along with the immigration application you submit. The size of the funds you need to show for familial support will depend upon your family’s size. Let’s say you’re going to come alone to Canada; in that case, you’ll be needed to bring $11,115. If you have, say, a family of four, then the amount will jump to $20,654.
Upon meeting these requirements, your application will be reviewed as per the standard admissibility criteria of CIC, which includes criminal background (if any), health, and security.
Are you looking to start your own business in Canada? And do you have any more questions on how ICS can help yours in this endeavor?
If yes, then do contact us! We’d love to answer them all!