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Start-up Visa Program Canada!
Like numerous others, the Canadian government has a Start-up Visa program for foreign entrepreneurs to obtain permanent residence in Canada. Whether you are a small or mid-cap start-up owner or have established business owners looking for global expansion, you can explore this Start-up Visa program to relocate to Canada permanently. The Start-up Visa Canada program allows you to bring your founding partners (up to 5 partners), ensuring that they meet all the requirements.
This is your ultimate guide if you are a foreign entrepreneur considering applying for a
Start-up Visa program in Canada. You will find all the essential details about the Canada business investment visa program.
The following individuals are considered qualified participants:
A foreign national with a PR visa as a start-up business class member regarding your business.
An approved/authorized venture capital fund or angel investor group.
Eligibility Criteria of Canada Start-up Visa Program 2023: -
The applicant must meet the required language proficiency in French, English, or both.
To be eligible academically, the applicant must have completed at least one year of post-secondary education.
The applicant either gets an investment of at least 75,000 CAD in a qualifying business from one or more designated angel investor groups.
Or get an investment of at least 200,000 CAD from a designated venture capital fund for a qualifying business.
The size of the funds you must show for familial support will depend on your family’s size. Whether coming alone to Canada or with family, you must have $12,960 – $34,299.
Foreign nationals and their Designated Organizations must jointly own more than 50% of the start-up’s total shares (voting rights). Each foreign national must own at least 10% of the shares.
Foreign entrepreneurs/investors seeking to move to Canada must obtain a Letter of Support or an investment commitment from a Designated Organization.
How to apply for a start-up visa Program?
The first step in applying for the Canada Start-up visa program involves:
Filling out the application form -
Fill out the form with all the essential details.
Click the “Validate” button to ensure you have checked all required fields.
Take a printout of the validated application form. Don’t forget to include the barcode page.
Sign and date the form.
Complete the document checklist -
Put together all listed documents in a specified order of the document checklist.
Ensure you have all required documents and place them in a sealed envelope.
Take a printout of the checklist document and sign it.
For your application, attach the document checklist as the cover page.
Pay your application fees -
You have to pay Fees, including Application processing fees, for you and anyone you have included in your application.
Right of permanent residence fee
Third-party fees, including medical exams, police certificates, and language testing.
Individual applicants: $85 CAD
Families applying together: $170 CAD
Groups of 3 or more performing artists and their staff: $255 CAD
Submit your Canada Start-up Visa application -
Check all sections and details thoroughly before submitting your application.
Ensure that you have signed all forms
Include Fee receipts in your application
Include all supporting documents
Use a 9″ x 12″ envelope, write ‘start-up visa’ on the outside, and mail it to the appropriate address.
Start-up Visa Processing Time & Government Fees
The waiting period for a final decision on an application ranges from 3 to 5 years, according to the general guidelines.
Government Fees -
The Start-Up Visa Program application fees under the government scheme are as follows:
PR: Main Applicant – $1,540
PR: Spouse – $1,040
PR: Dependent Child – $150
Apart from these, there exists a business execution cost that depends on the business and industry niche. To fund the operational costs of your start-up venture while waiting for permanent residence, each applicant must have at least $100,000+.
Reasons for Rejection of Start-up Visa Application: -
When there are numerous solid reasons to allow entrepreneurs or emerging business owners to expand their business on Canadian soil, there must be a few red flags that might cause their refusal of the Start-up visa program in Canada.
Here are a few points to pay close attention to avoid Start-up visa application rejection/refusal –
The entrepreneur/business owner or partner has little to no control or equity in the business.
Most applicants are either related to each other or lack relevant education or business experience.
The project lacks intellectual property, and the business plan is generic.
The organization in question has imposed exorbitant fees.
The applicants should have provided evidence confirming their essential role in the company and significant progress on the start-up during their authorized work period in Canada.
The investing entity has a significantly high or low share percentage or minimal legal control over the business.
Canada Start-up Visa Benefits: -
Before applying for the Canada Start-up Visa Program, you must thoroughly understand its benefits and whether it’s the right program for you.
So, here are a few beneficial factors of the program:
This program is a direct pathway to obtain permanent residence in Canada.
It will open the business doors to all nationalities.
It enables unlimited business activities in Canada.
There is no requirement to have a particular net worth or undergo verification.
You can make five individuals your business partners with a minimum of 10% of ownership for each.
Get assisted by ICS professionals on the Canada Start-up Visa Program!
The cost of the Start-Up Visa program in Canada varies from CAD $165,730 to over $300,000 based on several factors. Additionally, entrepreneurs need access to capital to invest in their business ventures in Canada to be suitable for this program. If you need end-to-end support and guidance, contact ICS advisors today!
Frequently Asked Questions (FAQs):
How much money is required for a Canada start-up visa?
The minimum investment amounts required from these organizations are as follows:
1. Venture Capital Fund: At least $200,000 CAD in funding.
2. Angel Investor Group: At least $75,000 CAD in funding.
Can I get PR if I buy property in Canada?
While property ownership does not lead to permanent residency, it's important to note that having ties to Canada, such as owning property, can positively impact your overall application, especially if you plan to establish a solid connection to the country.
What is a Letter of Support?
A Letter of Support is a document provided by a designated organization that confirms they are committing to invest in or support your business idea. This letter is a crucial requirement when applying for the Start-up Visa Program.
What are designated organizations?
Designated organizations are Canadian entities the government has approved to invest in or support foreign entrepreneurs through the Start-up Visa Program. They include venture capital funds, angel investor groups, and business incubators.
Can multiple entrepreneurs get a visa for the same business?
Yes, up to five foreign entrepreneurs can apply for PR through the Start-up Visa Program based on the same business venture. However, each entrepreneur must meet the program's requirements individually.