What does the Canada startup visa mean?
The Canadian startup visa program is for entrepreneurs and businessmen who have the skills to create businesses that can compete globally. The program aims to bring individuals who have innovative business ideas to Canada so as to create more job opportunities for Canadians.
If you are an entrepreneur and you have a good business idea, then the startup program can really give you all the support you need including funds to build a profitable business that can compete worldwide.
Among other benefits, this startup visa for entrepreneurs can grant permanent resident status to applicants or entrepreneurs and ultimately a citizenship status.
You will be required to provide a letter that supports your business from an angel investor group, venture capital fund or business incubator.
You must meet the ownership requirement for your business to qualify.
You must have a sufficient fund that can serve for a period of time prior to when you start earning income.
You must meet the language requirement and minimum Canadian Language Benchmark (CLB) in either French or English. You should be able to communicate fluently with either English or French plus you’d be required to sit for a language exam.
Five persons can apply for a startup visa for the same business at the same time if they have up to 10% of the voting right and if the supporting company has more 50% of the voting right.
When you fulfil all these requirements, your application will then be assessed using IRCC’s admissibility standard. The organization supporting your business will also be reviewed to ensure they follow the necessary procedure.
The minimum investment required to apply for a start-up visa?
You will have to obtain a minimum investment of $200,000 that if it comes from a designated Canadian venture capital fund.
You will have to obtain a minimum investment of $75,000 when it comes from a designated Canadian angel investor group.
You do not necessarily need to obtain an investment from a business incubator. But, you must be allowed into a Canadian business incubator program.
What will I do if the business fails?
Many might ask the question of what if the business fails will I be sent back home to my country? The answer is no, when you apply for a startup visa and you finally get your permanent resident status, you will still remain in the country.