Business Start-Up Program Canada
The Canada Business Start-up Visa Program aims to attract immigrant entrepreneurs who are willing to move to Canada to launch a new business in Canada. Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that:
- Are innovative
- can create jobs for Canadians
- can compete globally
Requirements for Start-Up visa (SUV) in Canada:
In order to be eligible under the Start-up Visa Program, you have to fulfill below requirements
- Have a Qualifying Business: A qualifying business means you created a business that meets the following conditions:
Show that the designated organization(s) that supports you hold(s) at least 50% of voting rights in the business and that you and a maximum of 4 other persons, hold the remaining 50% of voting rights, each one having at least 10% of voting rights.
- Obtain Letter of Support from a Designated Organization (DO’s): Prove that your business is supported by a Designated Organization in Canada. Those are Canadian Incubators, Venture Capital firms, and Angel Investors groups, that need to issue you a Letter of Support.
- Meet English Language Requirements: You must prove that you have a minimum level of the Canadian Language Benchmark (CLB) 5, in IELTS or CELPIP English test. Effectively, this means followings score in each module.
- Speaking: 5.0
- Reading: 4.0
- Listening: 5.0
- Writing: 5.0
Canada Start-up Visa Incubator
1) Angel Investors – this group should invest at least $75,000 into your business.
2) Venture Capital Fund – it should confirm an investment of $200,000 into your business.
3) Business incubator – The applicant must be accepted by the designated Business Incubator into its program.
Canada Start-up Visa Fees
The primary applicant has to pay CAD 2,075 that includes application fee (CAD 1,575) and the right of permanent residence fee (CAD 500).
For spouse, the fee is CAD 1,325 inclusive of application fee (CAD 825) and right of permanent residence fee (CAD 500).
The fee for each dependent child would be CAD 225.
The processing fees are not refundable if the application processing started. The Right of Permanent Residence fee is refundable if the application is rejected, if you decide to cancel your application, or if you decide not to come to Canada.
Medical Exam Requirements
You will need to pass a Medical Exam with an IRCC approved doctor.
Applicant need to give biometrics (fingerprints scanning and photograph) for a fee of $85.
What are the Benefits of Start-Up visa in Canada?
Canada seeks innovative entrepreneurs who have the potential to build dynamic companies that can compete on a global scale. The Start-Up Visa Program will link immigrant entrepreneurs with experienced private sector organizations that have expertise in working with start-ups.
The entrepreneurs can expect below benefits for being part of this economic growth.
- strong, stable and competitive economy
- low operational cost
- low corporate taxes
- many federal and provincial business start-up benefits
- educated and highly skilled workforce
How much funds required for Start -Up visa?
The amount needed, updated every year, and depends on the number of family members that are immigrating with you. You will need to show proof that you own the money and that it is not borrowed. The funds must be readily transferable funds in a convertible currency.
|Number of Family Members||Funds Required (in Canadian dollars)|
|For every additional family member||$3,492|
Other Key Benefits
- No minimum net worth requirement
- No minimal education requirement
- Unconditional Permanent Residence
- Low English language requirements
- No minimum income requirements
- No minimum investment requirement
Start Up Visa Step by step Process Flow
Profile Assessment: Assessment of your profile to meet eligibility criteria for business concept under this program;
Document Assessment: Collection of required documents and review with the program guidelines;
Assistance for Interview: Help with compiling the Application package to the Designated Organization; coaching for the interview and formal support.
Application Submission: Submission of applicant’s business package to the designated organization;
Boot Camp at DO: Post-successful interview with the Designated Organization, candidate has to successfully complete a boot camp at a place designated by the Designated Organization.
Letter of Support: Post fulfilment of boot camp requirement, applicant would be eligible for Letter of Support from the Designated Organization;
Start-up visa filing: On receiving Letter of Support, assisting the applicant and its dependents in collecting the documents for Start-Up visa Permanent Residency application;
PR Application filing: Preparing the PR application and submitting on behalf of the client to the IRCC.
Processing Time of application:
The processing time for the entire process may vary from case-to-case basis and time in which Letter of Support is received and other program requirements are completed.
At this time, the processing of PR application may take 15-20 months as per timeframe advertised on the Canadian government website.
If you want to apply for Canada PR visa, Study visa, visit visa and family sponsored visa etc, please get in touch with the experienced team of World overseas Immigration for the best support. To start the immigration with World Overseas, please call on 8448490104 or whatsap or drop a email at [email protected].