If you're in the process of incorporating your start up business in Canada and working towards applying for Canadian PR, the Start Up Visa program could be a suitable option. This visa provides guaranteed citizenship if you meet some program criteria.
Qualifications
What Is A Start Up Visa In Canada?
A start-up business provides goods and services desired by society at a monetary profit, serving as an engine of economic growth and creating jobs. They are essential players in this space.
As a result, countries around the world are scrambling to adopt immigration policies that can attract and retain entrepreneurial talent. From Australia and Chile to Japan and Denmark, many governments are providing various incentives such as equity-free funding or free office space in an effort to lure entrepreneurs.
Canada recently announced the launch of a brand-new start-up visa program as part of their commitment to attract and retain international innovators. This groundbreaking initiative is unique worldwide, connecting successful applicants with private sector organizations that specialize in working with startups, providing them with assistance as they establish their businesses within Canada.
The government also plans to make the program permanent, which would help meet Canada's commitments to innovation and investment by offering high-calibre entrepreneurs Canadian citizenship. To qualify, individuals must demonstrate language proficiency, own a business, secure settlement funds and receive support from an appointed entity.
According to a government press release, applicants who successfully complete the Start-Up Visa application process will be granted permanent residency in Canada. The start-up visa program was introduced in 2013 with the goal of expediting immigration of foreign entrepreneurs wanting to establish businesses here.
In March 2018, the government of Indonesia made permanent the Start-Up Visa program that had been in existence for three years as a pilot program. By making it permanent, they aim to attract innovation, investment and global skills by making the visa scheme an easy-to-follow, flexible immigration option for entrepreneurs with high growth potential.
Financial Requirements
The Start Up Visa is an innovative program designed to attract innovative immigrant entrepreneurs to Canada. It connects these businessmen with private sector organizations knowledgeable about helping startups develop their businesses.
Unlike many traditional visa programs that impose high investment or job creation criteria, the Start Up Visa has no such limitations and was created to attract early-stage startups from around the world. In essence, it fills a void in immigration pathways for founders eager to bring their businesses to Canada but may not have other options available.
To qualify for the program, applicants must have an innovative, scalable and viable business idea that has been approved by an endorsing body. The University of Edinburgh is an authorized endorsing body and the team at Edinburgh Innovations--who provide student enterprise service--may be able to give your application the final seal of approval.
To apply for UKVI, you must meet their financial requirement of having at least PS1,270 in savings in your bank account for at least 28 days prior to applying. This money may come from personal income, investments or pensions.
The Start Up Visa is a two-year visa that allows you to stay and develop your business in the UK. At the end of this period, you can switch to an Innovator visa in order to extend your stay and continue developing it further.
If you are thinking about applying for a Start Up Visa, it is best to hire an immigration lawyer or consultant to guide you through the process. They can make sure all necessary documentation is acquired in order to fulfill all requirements and prepare your application on your behalf.
Your application will be assessed by an IRCC officer based on the information provided in your expression of interest (EOI). In order to begin applying for your visa, you must submit both an EOI and detailed business plan.
A start-up visa allows you to fulfill your dream of becoming a successful entrepreneur in Canada and contribute to the economy. However, it should be noted that this visa does not guarantee permanent residence in Canada. Nonetheless, this visa can be an advantageous option for foreign entrepreneurs who cannot find other immigration opportunities in their home countries.
Language Requirements
What Is A Start Up Visa In Canada?
The Canadian Start-Up Visa Program is an innovative immigration route that enables innovative foreign entrepreneurs to immigrate to Canada. Launched as a three year pilot program in 2018, it became permanent on March 31, 2019.
This innovative pathway seeks out entrepreneurial individuals from outside Canada with a great business idea and are ready to launch in Canada. To identify successful applicants, the program works in collaboration with venture capital funds, business incubators and angel investor groups (known as designated entities).
Once a designated entity has identified an advantageous applicant, they submit a commitment certificate to Immigration, Refugees and Citizenship Canada (IRCC) on their behalf. This confirmation shows the designated entity supports and will contribute to the success of their proposed business venture in Canada.
As a condition for being granted the Start-up Visa, applicants must demonstrate their proficiency in one of Canada's official languages - English or French. This can be accomplished through taking an approved language test that meets or exceeds Canadian Language Benchmark Level 5.
In addition to meeting the minimum language requirements for the program, applicants must demonstrate they possess enough funds to live comfortably in Canada and support their startup business venture. Furthermore, a letter of support from their designated organization confirming eligibility must also be provided.
If you're thinking of applying for a start up visa in Canada, be sure to get professional advice from an experienced Canadian immigration consultant. This will guarantee your application is thorough and meets all necessary requirements.
As its name implies, the Start-up Visa is designed for entrepreneurial visionaries with a revolutionary business plan that can propel Canada's economy forward. Its success has earned Canada's government to make it a permanent immigration program and expects it to continue drawing highly skilled entrepreneurs from around the globe.
Designated Organizations
A Startup Visa in Canada is a PR program that gives entrepreneurs with innovative ideas the chance to live and work in Canada. Launched in 2013, this initiative leverages partnerships with venture capitalists, business incubators and angel investor groups (collectively known as "designated organizations") to identify and support foreign entrepreneurs with the potential to become successful business owners and innovators.
Designated Organizations will review your business proposal and issue you with a Letter of Support that should be included in your Start Up Visa application. This letter serves as confirmation from the designated organization that supports your immigration to Canada that they will assist with the development and growth of your company.
Organizations such as business incubators, angel investor groups or venture capital funds that will invest in your company and provide business development assistance will send you a Commitment Certificate outlining the specific agreement and commitment between them and you.
Your designated organization will also forward a copy of the Commitment Certificate directly to Immigration, Refugees and Citizenship Canada (IRCC) on your behalf. This will confirm that your business proposal has received sufficient funding to move forward.
Once you have obtained financial support from one or more designated organizations, you can apply for your Startup Visa. Upon approval of your visa application, you can then move forward with applying for permanent residency in Canada and begin living as a Canadian citizen.
You must demonstrate your ability to speak and work in Canada's official languages, English and French, by passing an approved language test administered by an approved organization with a CLB level of 5 or above in speaking, reading, listening and writing.
As an entrepreneur in Canada, you must prove that your business is incorporated and you are accountable for its operations. Furthermore, you need a business plan which demonstrates you have enough funds to settle in Canada.
Once your Startup Visa has been granted, you can then apply for permanent residency in any province or territory of Canada. Those who meet the criteria will then have the option to apply for citizenship after living as permanent residents for four years. This gives them access to global markets while guaranteeing they won't lose their residency status should their business venture fail.