Canada’s Start-up Visa Program encourages immigrant entrepreneurs or teams (up to 5) with the skills and potential to build and grow their own businesses in Canada.
This business needs to be innovative, to enable to create jobs for Canadian and can compete on a global scale.
For eligible candidates this program is one of the direct and fastest pathway to permanent residence of business immigration programs.
Eligibility requirements for the Start-up Visa Program
There are four requirements to meet in order to be eligible in this program:
1. Have a qualifying business
A qualifying business means:
Each applicant holds 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 they receive permanent residency
Provide active and ongoing management of this business from within Canada and an essential part of the operations of the business happens in Canada.
2. Have a letter of support from a designated organization
Applicants need to demonstrate that they have the support of a designated entity like a venture capital fund, angel investor group, or business incubator.
They need to convince the organization that they have a business idea that is worth supporting and get a letter of support from the designated organization
3. Meet the language requirements
Applicants must take a language test from an approved agency and include the results with their application.
They must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all of four skills.
4. Have enough money to settle and live in Canada before you make money from your business
You need to show that you have enough money to support yourself and any dependents once you arrive in Canada. The amount you need depends on the size of your family.
Candidates can initially come to Canada on a work permit supported by their designated organization in order to launch their innovative business while their permanent residence application is in process.