Do You Know the Canada Start-Up Visa Program?
The Start-up Visa Program in Canada focuses on immigrant entrepreneurs with potential and the ability to develop Canadian businesses and create jobs.
Canada encourages new entrepreneurial ideas and invites companies from other countries to profit from Canada’s strong economy. The Immigration, Refugees and Citizenship Canada (IRCC) launched Start-up Visa (SUV) to target global start-ups with the potential to build creative companies within Canada that will further expand its business.
About Start-Up Visa Application in Canada
Immigrating to a foreign land and setting up one’s own business has been for many years, only a never-ending fantasy. Entrepreneurs with innovative business ideas will immigrate to Canada with the hopes of starting a new business & enjoying a new life with the Startup Visa Canada program.
The scheme intends to allow the expedited migration of foreign-owned companies seeking to operate in Canada by offering a permanent residency for up to five initial representatives or founders, provided that the parameters laid down in the system and the standard immigration requirements of the IRCC.
The applicant should open or buy, and then actively manage a qualified company that contributes positively to and helps the Canadian economy expand.
Eligibility Required to Apply for the Start-Up Visa?
To apply for the Start-up Visa Program, you have five essential conditions that you need to meet-
- Validate that a specified organization supports your business. These are Canadian venture capital companies, angel investor groups and company incubators that need to give a letter of support to you. To seek assistance, you need to contact them directly.
- State that the specified organizations that support you hold at least 50% of the voting rights in the company and that you own the remaining 50% of the voting rights, each with at least 10% of the voting rights, together with a maximum of 4 other persons.
- Prove you are meeting the minimum language requirements, either in English or in French. In all of these four fields, you will meet the minimum standard of the Canadian Language Benchmark (CLB) 5- speaking, reading, listening and writing. You can read more about the French exam and the necessity of the English language on the Canadian Government website.
- Take enough money to settle down. The amount needed, changed each year, depends on the number of family members who come with you. You have to show proof that you own the money and that it is not borrowed. Also, choosing to live in Quebec province asks for a separate visa program.
Process of Start-up Program Visa Application
- You should submit using offline mode, on paper only. You will need to mail your application package to the address mentioned in the website after completing and signing the correct forms, obtaining your supporting documents and paying the fees.
- You might be required to give your biometrics (fingerprint scanning and photograph) at a fee of $85 based on your nationality.
- You must undergo a Medical Test with a doctor certified by IRCC.
May also like to read here- Canada Business Visitor Visa Rules
Fees for the Business Immigration Visa Processing
- You must pay a $1,050 Business Immigration application fee when applying for the Start-up Visa Program, in addition to the $490 Right of Permanent Residence fee. You can pay fees online ($1,540)
- You must also pay a $550 Application fee and a $490 Right of permanent residence charge for your spouse or common-law partner. You need to add $150 for each dependent child.
- The $1.050 is not refundable when the review of the application has begun. The amount for Right of Permanent Residence is refundable if the application is refused or the permit is cancelled, or you decide not to come to Canada.
Timings for Start Up Visa Processing
A Start-up Visa application shall be processed within approximately 12 to 16 months.
Before proceeding for the application procedure, make sure that you apply using the proper channel. For a little more detailed explanation about the visa application and processing, please go through all the information on the Canadian Government website.