Canadian Start-Up Visa program is intended for immigrant entrepreneurs from around the world who have the capability of building a business that is innovative, globally competitive, and can create jobs for Canadians.
This business immigration program helps these immigrant entrepreneurs come to Canada by awarding them a Permanent Residency to satisfy all the program requirements. While waiting for their Permanent Residency, applicants can receive a temporary work permit to come to Canada and start developing the business.
The Canada Startup Visa Program offers six benefits:
You must give at least one of the approved language tests, i.e., IELTS, CELPIP-G, TEF Canada, or TCF Canada, and score a minimum of CLB 5 in:
Not being able to meet this requirement will result in the refusal of your application.
You must show sufficient funds to settle in Canada for yourself and your dependents. The exact required amount would depend on the family size and range from $12,960 for just yourself to $34,299 for seven family members.
A “Designated Organization” is an approved business group that can invest in or support potential start-ups through the start-up visa program. You must convince at least one of these Designated Organizations to fund your business idea. Each type of Designated Organization has specific minimum investment requirements, and they are divided into three categories:
Minimum Investment
Venture Capital Funds
$200,000
Angel Investor Groups
$75,000
Business Incubators
No minimum investment security is required.
A list of all approved organizations under these categories can be found here.
Once you can convince at least one of these organizations by contacting them and getting your business idea approved, you must obtain a letter of support from them. This “Letter of Support” must be included in your application. This letter and a commitment certificate provided by the Designated Organization will be used to assess your Start-Up Visa application.
The created business should meet these conditions to be termed a “Qualifying Business”:
Meeting these four requirements can make you eligible to apply for this program.
The current Start-Up Visa Program fee set by the IRCC is $2,075 (Subject to Change).
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