Canada is a wonderful country filled with opportunity and promise. Citizens from around the world can immigrate to Canada through many programs, including work visas, educational programs, and investments. The Canadian government has raised the bar with its newest program, the Canadian Start-Up Visa. Individuals and entrepreneurs with financial backing and plans to incorporate and positively impact the Canadian economy now have a route to citizenship through a business investment.
What Is a Canadian Start-Up Visa?
Any business owner or entrepreneur that intends to create jobs and support innovation can apply for a start-up visa. The program is perfect for entrepreneurs that are looking for financial and administrative support that can compete on a global scale while providing steady employment for Canadians. The program is the first of its kind and is a pilot project from Canadian Immigration that aims to be an incubator and attract innovative, successful entrepreneurs. The Entrepreneur Start-Up Visa Program links innovators to angel investors, venture capital funds, and business incubators and resources in the country as well as guidance and expertise to succeeding in Canada. The program is not available in the province of Quebec, however, Quebec offers other programs for investors and immigration.
Eligibility Requirements for a Start-Up Visa
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To be eligible for a start-up visa, business owners have to meet the Canadian government’s four eligibility requirements. The business must be qualified, which requires the owners (up to five people) to follow certain conditions. These conditions ask that management takes place in Canada and essential parts of the operations occur in Canada. Any eligible business is incorporated in Canada and has a letter of support from a designated organization. Sufficient settlement funds must be available for individuals to support their family and children once in Canada, and background checks and physicals must be passed by the proper Canadian authorities.
Settlement fund requirements are based on the number of people in a family and increases with each individual. Applicants go through a rigorous peer review of the business model and investment plan to ensure legitimacy and mitigate any possibility of fraud. One year of postsecondary education is mandated, and there is a limit to how many applicants can be accepted each year into the program.
Applying for a Canadian Start-Up Visa
For applicants to get set up for a Canadian visa, they’ll want to go over the process and application and obtain all necessary documents. Applicants pass a language proficiency test in either French or English, which measures speaking, listening, reading, and writing. Even if the business fails, the owners will not lose their permanent Canadian residency status, but entrepreneurs will need comprehensive, vetted business plans and have viable financial investments to become accepted to the program.
Taking the time to find quality Canada Immigration Lawyers with experience obtaining start-up visas can make a world of difference during the application process. With an immigration law firm, the steps will be far more straightforward and applicants can focus their time on more important aspects of the application, such as the investors, business plan and strategy, and marketing goals. Although the process can seem daunting, legal services help to simplify the complicated rules for working, investing, immigrating, or studying in Canada.
