Work permit Toronto

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.

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