The Entrepreneur Start-Up Visa Program is considered a new Canadian immigration testing project and the first of its kind globally.
The Startup Visa Program connects successful applicants with NGOs in Canada. They can provide funding and guidance and have the capacity to launch and handle a company in Canada.
Successful candidates under the new Canadian immigration program shall be given permanent residency in Canada.
The Canadian visa startup program offers entrepreneurs the opportunity to move to Canada to start a new business. Immigrant entrepreneurs must prove that their company is innovative, will create jobs for Canadians, and can compete globally.
Eligibility Requirements For Canadian Immigration Start-Up Visa
Letter of Support and Certificate of Commitment
Applicants must have been sent a letter of support from a designated investment organization. To get a letter of support, the applicant must convince a designated venture capital fund or group of angel investors to invest in their proposed business.
The Investor Association will also be expected to give a Certificate of Direct Commitment to Canadian Citizenship and Immigration, stating the clear commitment of the candidate.
Applicants must possess an investment of at least $200,000 if the investment comes from a designated cash fund or a minimum of $75,000 if the investment comes from a group of designated angel investors.
However, applicants are not required to invest their money in this Canadian immigration program.
The Need for Language
The applicant must be able to converse and work in English or French. In addition, applicants must submit the language test results to an accredited institution and meet the minimum CLB 5 standard in English or French.
The Need for Education
The applicant is expected to have completed at least one year of study at a University. The applicant must also show evidence of an excellent record for at least one year or more while studying at a University.
Applicants should possess documents, credentials, certificates, diplomas, or degrees to prove this requirement.
The applicant must have sufficient funds to take care of himself and his family when they travel to Canada. The expected fund is dependent on the number of family members accompanying the applicant.
Permits for Safety and Medicals
Concerning the Canadian migration programs, the applicant and their family members are expected to take safety clearance and medical examinations to determine if they pose a security risk or have a medical condition that could burden the Canadian healthcare system.
Organizations Selected For The First Visa
Concerning the eligibility requirements, you will need to prove (Commitment Certificate and Letter of Support) that an established organization supports your business.
These documents will include relevant details of your arrangement with one or more designated organizations and are essential for your first visa application.
Unlike public and provincial investment programs, where applicants must invest their money, they will require no investment.
Instead, those who possess the eligibility requirements must receive a minimum of $75,000 from a Canadian angel investor or at least $200,000 from a Canadian fund approved by the Canadian government.
No investment fee is required if the applicant is qualified to be a recognized Canadian business incubator.
There are three categories of nominated organizations:
Groups Of Designated Angel Investors
You are expected to partner with at least one or more investors in these groups to invest a minimum of $75,000:
- Canadian International Angel Investors
- Grata Inc.
- The Golden Triangle Angel Network
- Keiretsu Forum Canada
- Oak Mason Investments Inc.
- Southeastern Ontario Angel Network
- TenX Angel Investors Inc.
- Company VANTEC Angel Network Inc
- The company York Angels, Inc.
Designated Venture Capital Funds
You must obtain at least one of these groups to agree to invest a minimum of $200,000:
- BCF Ventures
- BDC Venture Capital
- Celtic House Venture Partners
- Extreme Venture Partners LLP
- Golden Venture Partners Fund, LP
- Impression Ventures
- Details of Venture Partners Management Inc.
- Innovation Platform Capital International LP
- Novia Capital Inc.
- Lumira Ventures.
Selected Business Incubators
Interested applicants can refer to the list above to find possible similarities for their business. The commitment of the designated organization is reflected in the Book of Support.
It is part of the application. Letters of Support are useable for six months from the date of issue.
For Canadian Businessmen
The Start-up Visa program is also for new applications from Canadian organizations interested in supporting immigrant entrepreneurs by presenting their Canadian business activities.
The Start-up Visa Program accepts three types of organizations: angelic investment groups, business incubators, and venture capital funds.
Suppose you wish to be part of the program. In that case, the organization must first be nominated by the IRCC, become a member, and be recommended by one of the IRCC partner industry organizations:
- Canadian Venture Capital & Private Equity Association (CVCA) recommends significant business finances.
- National Angel Capital Organization (NACO): Make recommendations for groups of angel investors and business incubators
Once the organization has been nominated, it will appear on the IRCC list of nominated employers.
There is no set way for designated organizations to find foreign entrepreneurs; therefore, it is expected that each organization will determine its procedure.
However, if you wish to support an immigrant entrepreneur, the following investments are required:
- Angel Investors: A Small CAD Investment of $75,000.
- Venture Capital Funds: A small investment of $200,000.
- Business Incubators: No financial investment is required, but they should accept a foreign business person into the business incubator program.
As part of the Visa application for a foreign business, the designated organization must provide a letter of support confirming its commitment to the entrepreneur and the program.
Completing the Application Form
Fill out the Canadian General Application Form
- Click the “Confirm” button on the form, and make sure you have completed all the required fields.
- Publish a certified application form, making sure you enter the barcode page
- Sign the form and write the date
- Complete the document checklist
- Collect all the listed documents in the manner specified in the document checklist
- Put all the required documents in a sealed envelope
- Print the document checklist and sign it
- Include a checklist for the document as a cover page for your application.
- Pay your application fees.
- Application fees cover your processing costs with anyone included in your application.
- Right to a permanent residence permit
- Expenditure for foreign companies, including medical examination fees, police certificates, and language tests
- Money for biometrics.
Submit Your Request
- Before submitting your application, make sure it is complete
- Make sure you sign all the forms
- Pay your processing costs and include receipts in your application
- Attach all supporting documents
- Put all the documents in a 9″ x 12″ envelope, write ‘start visa’ outside the envelope, and send it to the appropriate address.
How to Apply for a Startup Visa
- If foreign businessman meets the requirements for eligibility for the First Visa Scheme, they must prepare and apply online or by post.
- The first Visa Program application fee is $1,625 for the principal and a $ 515 permanent residence permit, $ 850 for a spouse / regular companion, a $ 515 permanent residence right, and $ 230 per dependent child.
- All application portions must be made by hard copy, stamped in one envelope, and mailed or posted directly to the IRCC Central Import Office in Sydney, Nova Scotia.
- Application results are usually out within a period of 12 to 16 months. However, applicants can get a temporary work permit to start working in Canada before approving their application for permanent residence.
- Once the application is approved, the principal applicant and all accompanying family members will receive permanent residency status in Canada.
- The applicant will be able to maintain their permanent Canadian residence even if their business fails.
- The Start-Up Visa is a pilot project designed to remain open for five years. Still, it can be extended or permanently provided it is considered a successful migration program to Canada. However, the Canadian government will only accept 2750 applications a year for this Canadian migration program.
- The current period for processing the first visa is between 12 and 16 months.