What is Canada Startup Visa Program?
The Canada Startup Visa is a program comes under the Canada Business visa, It 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
Startup visa application process will be fast-tracked, to approve successful applicants within weeks.
What is the eligibility criteria for getting Canadian Startup Visa for Entrepreneurs?
- Age: No Age Limit.
- Education: No minimum Education Required
- Work Experience: No Minimum Work Experience is mandatory.
- Medical Exam Requirements: You will need to pass a Medical Exam with an IRCC approved doctor.
- Family Members: Entrepreneurs can bring their family members with themselves.
- Income or Net-Worth: No need to show any income proof or Net worth proof.
What are the Canada Startup visa requirements?
To be eligible under Canada Startup visa from India, Entrepreneur needs to full fill the below mentioned Canada Start-Up visa 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
What is Canada Start Up Visa?
Below is the step by step process to get Canada startup visa:
- 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.
What is the Processing Time of an 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 Startup visa application may take 6-12 months as per Our Experience.
Canada Start-up Visa Incubator
A Business incubator is an organization that typically provide ancillary services like office space, tutoring, management training, and even opportunities for seed funding. Their aim is to accelerate the growth of a Startup or early stage business.
If they accept you in an incubator, it means that they believe in your business concept and want to help you track your success as quickly as possible.
- Angel Investors – this group should invest at least $75,000 into your business.
- Venture Capital Fund – it should confirm an investment of $200,000 into your business.
- Business incubator – The applicant must be accepted by the designated Business Incubator into its program.
List of designated organizations under start up visa
Venture capital funds
- 7 Gate Ventures
- Arete Pacific Tech Ventures (VCC) Corp
- BCF Ventures
- BDC Venture Capital
- Celtic House Venture Partners
- Extreme Venture Partners LLP
- Golden Venture Partners Fund, LP
- iNovia Capital Inc.
- Intrinsic Venture Capital
- Lumira Ventures
- Nova Scotia Innovation Corporation (o/a Innovacorp)
- PRIVEQ Capital Funds
- Real Ventures
- Red Leaf Capital Corp
- Relay Ventures
- ScaleUp Venture Partners, Inc.
- Top Renergy Inc.
- Vanedge Capital Limited Partnership
- Version One Ventures
- Westcap Management Ltd.
- Yaletown Venture Partners Inc.
- York Entrepreneurship Development Institute (YEDI) VC Fund
Angel investor groups
- Canadian International Angel Investors
- Ekagrata Inc.
- Golden Triangle Angel Network
- Keiretsu Forum Canada
- Oak Mason Investments Inc.
- Southeastern Ontario Angel Network
- TenX Angel Investors Inc.
- VANTEC Angel Network Inc.
- York Angel Investors Inc.
- Alacrity Foundation
- Alberta Agriculture and Forestry
- Agrivalue Processing Business Incubator
- Food Processing Development Centre
- Biomedical Commercialization Canada Inc. (operating as Manitoba Technology Accelerator)
- Brilliant Catalyst
- Creative Destruction Lab
- Empowered Startups Ltd.
- Extreme Innovations
- Genesis Centre
- Highline BETA Inc.
- Innovation Cluster – Peterborough and the Kawarthas
- Innovation Factory
- Interactive Niagara Media Cluster o/a Innovate Niagara
- Invest Ottawa
- Knowledge Park o/a Planet Hatch
- LatAm Startups
- Launch Academy – Vancouver
- LaunchPad PEI Inc.
- Millworks Centre for Entrepreneurship
- NEXT Canada
- North Forge East Ltd.
- North Forge Technology Exchange
- Pacific Technology Ventures
- Platform Calgary
- Pycap Inc (o/a Pycap Venture Partners)
- Real Investment Fund III L.P. o/a FounderFuel
- Ryerson Futures Inc.
- Spark Commercialization and Innovation Centre
- Spring Activator
- The DMZ at Ryerson University
- Toronto Business Development Centre (TBDC)
- TSRV Canada Inc. (operating as Techstars Canada)
- University of Toronto Entrepreneurship Hatchery
- Waterloo Accelerator Centre
- York Entrepreneurship Development Institute
What is the fees structure of Canada Startup visa?
- 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.
- Biometrics Requirements: Applicant need to give biometrics (fingerprints scanning and photograph) for a fee of $85.
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.
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 to get Startup Visa of Canada gets 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
How can you apply for the Startup visa of Canada?
If you an Entrepreneur from India and willing to start your own Business in Canada, then Canada Startup visa program is for you, Get in touch with Our experienced team of World overseas Immigration by filling by the form below to know chances of getting Startup visa. You can also directly call us on 8448490104 or What’s App us.