What Is Canada’s Start-Up Visa Program?
It’s essential to mention that the Start-Up Visa Program in Canada (Canada Business Immigration Programs) provides Canadian permanent residence to eligible immigrant entrepreneurs. Any novice or first-timer must also learn that the Canadian start-up visa program is officially known as the Canada Start-Up Class. However, it’s primarily called the Start-Up Visa program (SUV). The program has been skillfully developed to identify innovative and promising entrepreneurs, effectively linking them with private sector investors in Canada for start-up businesses.
It’s vital to mention that eligible candidates can arrive in Canada on a work permit, use the support provided by their designated Canada-based investor before qualifying for permanent residence as soon as their business is established.
There are three types of private-sector investor:
- Angel Investor
- Venture Capital Fund
- Business Incubator
What Are the Candidate Eligibility Requirements?
Here’s a breakdown of the fundamental eligibility requirements for the Start-Up Visa
- Qualifying Business
- Language Proficiency In English Or French At Minimum Canadian Benchmark Level 5
- Commitment Certificate
- Letter Of Support From A Designated Entity
- Sufficient Unencumbered, Available, And Transferable Settlement Funds
What Is A Business Visa Program Designated Entity?
It’s essential to mention that a designated entity is a venture capital fund, Canadian private sector angel investor or business incubator.
Here’s a criterion breakdown for the required commitment:
- Any designated angel investor group needs to invest a minimum of $75,000 into the qualifying business. Additionally, any potential candidate can successfully claim eligibility with two or more investments from angel investor groups totaling $75,000.
- Any designated venture capital fund needs to invest a minimum of $200,000 into the qualifying business. Additionally, the potential candidate can claim eligibility with two or more commitments from established venture capital funds totaling $200,000.
- Any designated business incubator must admit the aspiring applicant into its business incubator program.
What Are the Canadian Visa Program Business Ownership Requirements?
Here’s a breakdown of the qualifying criterion to achieve a permanent residence:
- The qualifying business must be established and actively run in Canada.
- The qualifying applicant must own a minimum of ten percent of the enterprise’s overall voting rights.
- None must own fifty percent or more of the comprehensive voting rights in the enterprise.
What Is The Eligibility Criteria For A Work Permit/Permanent Residence?
To Qualify For A Work Permit:
Any potential candidate must have a Commitment Certificate from a designated entity to apply for a short-term Work Permit in Tornoto to establish the business. Furthermore, the involving entity must support the request as well.
To Qualify For Permanent Residence:
- The applicant should have an active involvement in the management of the business in Canada.
- All business operations must take place in Canada.
- The business must be incorporated in Canada.