Canada Startup Visa Program
Canada’s Start-up Visa Program is a unique initiative designed to support immigrant entrepreneurs who possess the necessary skills and resources to establish innovative, job-generating, and globally competitive start-ups outside of Quebec (The Quebec Province is in charge of its corporate immigration policy). The program offers a pathway to permanent residency in Canada, provided that certain eligibility criteria are met.
Apply through the Start-up Visa Program
If you have a start-up idea that you believe has the potential to thrive in Canada, you can apply for the Start-up Visa Program. To do so, you must first present your eligible start-up to a recognized organization and obtain their support. This organization will assess your business idea and determine whether it has the potential to contribute to the Canadian economy.
How to get a letter of support from a designated organization?
To obtain government funding in Canada, you are required to obtain a letter of support from a designated organization. To do so, you must reach out to the organization, present your business idea to them, and request their support. Once they have confirmed their support, the organization will send you both a letter of support and a commitment certificate directly to the government. It is important to include the letter of support in your application, otherwise your application may be rejected.
In addition to obtaining the support of a recognized organization, you must also fulfill the language requirements and have sufficient funds to settle in Canada. This means that you must be proficient in either English or French and demonstrate that you have enough money to support yourself and any dependents who will be accompanying you to Canada.
Bring sufficient funds to cover the settlement cost
New immigrants with start-up visas are not eligible for financial assistance from the Canadian government. You will be required to provide evidence in your application that you will have sufficient funds to sustain yourself and your dependents once you are in Canada. This money is not available for borrowing from anybody else.
The size of your family determines how much you require. The required quantities are revised every year. Check out this link to learn more.
Language Requirements
Your application won’t be processed until you take a language test from an authorized provider and submit the results alongside it. You must be able to complete all four of these tasks in either English or French at the minimal level required by the Canadian Language Benchmark (CLB) 5:
- Speaking
- Reading
- Listening
- Writing
Determine your CLB level using the test findings.
Processing Time for Canada’s Start-up Visa
Please note that the processing time for Canada’s start-up visa is currently 37 months. If you are applying, you may be required to provide biometrics with your application, and this processing time includes the time needed for biometrics. Additionally, please be aware that an initial payment of $2,140 is required for the startup visa. As of April 30, 2022, this fee has increased. For more information, please click on this link.
Work Permit via Canada’s Start-up Visa
While you are waiting for your start-up visa application to be processed, you may be eligible to obtain a work permit. This will allow you to work in Canada while you wait to apply for permanent residency. To be eligible for a work permit, you must have already applied through the Start-up Visa Program and demonstrate that your business idea has the potential to significantly benefit the Canadian economy.
Apply to become a designated organization
If you are interested in supporting immigrant entrepreneurs as a designated organization, you must first apply to become a member of the National Angel Capital Organization or the Canadian Venture Capital and Private Equity Association. Once you have been accepted, you can create your process for accepting proposals from immigrant entrepreneurs and establish your evaluation criteria. As a designated organization, it will be up to you to identify and support immigrant entrepreneurs who have the potential to thrive in Canada.
LaunchingMax
At LaunchingMax, we are experts in assisting new companies. Our legal team possesses a deep understanding of the intricate regulations and guidelines required for a successful Start-up visa application. We take immense pride in our ability to comprehend our clients’ needs and respond to them promptly. Our highly motivated staff is dedicated to providing entrepreneurs with dependable and easy-to-understand immigration assistance courteously and professionally.
