Start-Up Visa

The Start-up Visa Program is designed to attract individuals with entrepreneurial skills who have the potential to establish innovative and competitive businesses in Canada. If you’re looking to kickstart your entrepreneurial journey in one of the world’s most dynamic business landscapes, this program could be your gateway.

Eligibility for the Start-up Visa Program

1. Qualifying Business

At the time you receive a commitment from a designated organization, each applicant must hold 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners).
Applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time.
At the time you receive your permanent residence, you must provide active and ongoing management of the business from within Canada. An essential part of the business operations must take place in Canada. The business should also be incorporated in Canada.

2. Letter of Support from a Designated Organization

To apply for the Start-up Visa Program, you must obtain a letter of support from a designated organization. These organizations consist of private sector investors in Canada who are approved to invest in or support start-ups. There are three types of designated investors:

Venture Capital Funds: These organizations actively invest in innovative start-ups.
Angel Investor Groups: Comprising experienced investors, they provide financial support and mentorship to promising start-ups.
Business Incubators: These organizations offer resources, guidance, and a supportive environment for start-up growth.

To secure a support letter, you will need to pitch your business idea to a designated organization and convince them to invest in your venture. Each organization may have its own specific requirements, such as in-person presentations or detailed business plans.

3. Language Requirements

As part of the Start-up Visa Program, you must meet language requirements. You will need to take a language test from an approved agency and score at least CLB (Canadian Language Benchmark) 5 in either English or French in all four areas: speaking, reading, listening, and writing.

4. Settlement Funds

You must demonstrate that you have enough financial resources to support yourself and your accompanying family members during your stay in Canada. The required amount depends on the size of your family and is updated annually by the Canadian Government. Here are the current financial requirements:

For a family of one: $13,213 CAD
For a family of two: $16,449 CAD
For a family of three: $20,222 CAD
For a family of four: $24,553 CAD
For a family of five: $27,847 CAD
For a family of six: $31,407 CAD
For a family of seven: $34,967 CAD
For each additional family member: $3,560 CAD

Conclusion

The Start-up Visa Program is your opportunity to bring your entrepreneurial vision to life in Canada, a country that celebrates innovation and business excellence. With its stringent yet rewarding eligibility criteria, this program aims to attract individuals who can contribute to the Canadian economy by establishing successful start-ups.

If you’re ready to embark on your entrepreneurial journey in Canada through the Start-up Visa Program, we recommend seeking professional guidance and assistance from Global Migration Network. Our experts can help you navigate the program’s requirements and provide the support you need to make your entrepreneurial dreams a reality.

For more information and personalized assistance, please don’t hesitate to contact GMN today.