Things about the Canadian start-up visa program
Understanding the Canadian Start-up visa program. The program of start-up visa allows qualified immigrant entrepreneurs to obtain Canadian permanent residence. This program is also known as Canada Start Up class. The target audiences of this program are innovative entrepreneurs who are connected to private investors in Canada. Initially the candidates will get a work visa to come to Canada before their business is up and running and they are given permanent residence. The private sector investors are of three types: Business incubator, Venture capital fund and Angel investor.
The basic eligibility requirements for the businessman are the following:
- Letter of support or commitment certificate from a designated entity.
- Qualifying business
- Transferable and available funds
- Proficiency in French or English
A designated entity is venture capital fund, business incubator and a Canadian private angel investor.
The commitment must follow the following criteria:
- A designated venture capital fund must invest $200,000 into the business.
- A designated angel investor must invest $75,000 in the business.
- A designated business incubator must accept the applicant into the business incubator program.
The requirements for the candidate to qualify for permanent residency are:
- The business should be incorporated in Canada.
- The candidate should own 10 percent of the voting rights
- No one can hold 50 percent or more voting rights into the corporation.
In order to understand how candidates qualify for permanent residence and a work permit we need to look upon the following
To qualify for permanent residence:
- The business should be in Canada
- The operations of the business must take place in Canada
- Candidates must be involved into the management of the company
To qualify for a work permit Candidates should have a commitment certificate and the designated entity must support the request. Understanding how does a candidate obtain support from a designated entity.The candidate should develop a viable business project that will met the requirements of government approved designated entities.
Understanding how long does it take for a candidate to go through the process. If a candidate has a startup business project, it will take around 4-6 months to get a letter of support or a commitment certificate from a designated entity. Once a candidate received a letter of support, it will take a further 18 months to finalize the application to visa. Furthermore, how can we help the candidate under this program? We work extensively with the industry registered designated entities in the Canadian start-up ecosystem. We provide range of business advisory services to help any entrepreneur immigrants and their start-up business concept. We will make sure they succeed and we can help improve the business idea. We can also help with the immigration process.