Startup Visa Program: Canada’s Alternative For Immigrant Entrepreneurs and Investors
Canada is currently one of the hot favorites among the immigrants. The country has been given the topmost spot by the U.S. News and World Report 2020 survey in the world for its quality of life. Some of the prime benefits that the country offers to its residents include a secure banking system (which is number one all over the world), a stable political system, a good education system, a clean environment, and good public health care.
Canada’s capital Toronto is among the top-five markets offering tech talent in North America. So it is not surprising that many young entrepreneurs are interested in immigrating to this country. Moreover, the country is also eager to welcome more immigrants. In the last few years, Canada has announced its plans supporting its intentions.
Canada Wooing Investors And Entrepreneurs With Startup Visa Program
Canada recently replaced its Quebec passive investor program with a new active federal program offering the immigrants permanent residence. This immigration permanent resident program has been floated to woo the investors and entrepreneurs from foreign countries. The program comes with a few highlights. These are sure to attract an entrepreneur yearning for permanent residence in Canada.
The Start-Up Visa Program does not ask for minimum investment and net worth from the immigrants. Moreover, the immigrants have the option to live anywhere in the country and can become eligible by scoring only five or more in the IELTS test deemed necessary for the English language. Another alternative is fluency in French.
However, the applicant has to make a settlement of around $10,000 U.S. plus which will be around $2500 per member of the family. After the entrepreneur or investor completes three years as a permanent resident of Canada he becomes eligible for a Canadian passport and Canadian citizenship.
Qualifying Startup Visa Program for Immigrating to Canada
The applicant needs to come up with a business project viable enough to sustain the market competition in Canada. The project should also fulfill all the norms designed by the Canadian government. An applicant will have to fulfill either of the three below options to become eligible for this startup visa:
- Be a part of the business incubator program by making a payment of around $7,000 to the incubator. The entire process involves staying in Canada and working with the incubator. It takes around four to six months for the plan to develop.
- Attract the favor of an angel investor group designated by the Canadian government by making the group invest around $60,000 in the applicant’s project.
- Attract support from a venture capital fund group authorized by the government by asking the group to invest more than $150,000 in the applicant’s project.
In all the three options the entrepreneur must own at least 10% voting shares in the company that is to be developed in Canada. Importantly the applicant must be directly involved in this new venture. Apart from the applicant, no other person can own 50% shares in the enterprise.
Meeting these requirements is a sure-shot way of gaining sponsorship for immigrating to Canada.