Are you a skilled entrepreneur looking for new opportunities abroad? Probably you should apply for startup visa Canada program. This Start-up program is a fantastic system created by the Government of Canada to spur innovation, build new industries, and share knowledge. Also, this is a great path towards permanent residency for those looking for immigrate to Canada.
Applicants in this program are required to partner with a variety of preapproved organizations. Such as venture capital funds, angel investor groups, and business incubators. This helps for a stronger and more reliable foundation to build from.
There are four requirements for the Start-up Visa program. These are,
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- have a qualifying business
- get a letter of support from a designated organization
- meet the language requirements
- bring enough money to settle
What is a qualifying business? Up to 5 people can apply as owners holding at least 10% of the company. However, you, other owners, and the partnering organization must hold at least 51% of the company. In addition, the start-up must be incorporated in Canada. You must provide active and ongoing management of this business from within Canada.
Each applicant must pitch their business idea to one of the “preapproved organizations”. They will need to convince them that the business idea is worth supporting. If you pass, the designated organization will send a letter of support to the immigration office.
Furthermore, there are two more minor requirements, language, and money to settle. Both of which are especially important for any new business in Canada.
*Language: “You must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all of these four areas: speaking, reading, listening, and writing.
*Personal funds: For an individual, the initial amount of required funds are, $12,960, $16,135 for a couple (2 people), $19,836 for three, and $24,083 for a family of four. The required funds increase from here. If you’d like to learn more you can contact us through the link.
Before applying to the Start-up Visa Program, applicants must receive a letter of support from one of the government-approved designated organizations. To do this you must first pitch your business to one of these organizations, as you would any regular investor. Remember that this program is for those who are serious about starting a new company and that investor organizations will screen as such.
Designated Organization is groups partnered with the Canadian government, who have a proven business development track record, industry connections, and financial backers for their clients. In addition, each maintains a set of guidelines and entrance requirements. Furthermore, requirements vary between D.O.’s. In general, organizations look for applicants who have a deep knowledge of their business, chosen industry, and target market. Guidelines are chosen to ensure the maximum possibility of success rates.
Designated organizations,
- Angel investors
- Individuals with a high net-worth providing financial backing to start-ups.
- Venture capital groups
- Pooled investment funds, similar to a group of angel investors working through a single organization.
- Business incubators
- Consulting groups connecting entrepreneurs to resources and knowledge mainly for research and product development. These groups also help with connecting to funding.
Within these three categories, are a variety of organizations to choose from. In addition, not all have the same entrance requirements or access to resources. This makes it important to choose one that best suits your stage of business development and industry.
You may be asking yourself which category to choose. This question depends on a number of factors. These can be things such as, what stage you’re at in the development of your product or service, how much capital you require to grow, or what resources you need to grow. However, through our services, we connect you with the company that is best suited to your needs. We help to analyze your business’s financial and structural requirements to pair you with the investor(s) most likely to help you succeed.
Start-up Visa applications usually take any from 12 to 16 months. At the beginning there are three steps, the application package, fees, and submitting your application. Within these are, medical exams, police certificates, and language testing.