Canada’s start-up visa

General requirements of Canada’s start-up visa

The Canadian Start-up Visa program is a comprehensive federal program such as Skilled Worker. The first point in this method is that you can have a start-up anywhere in Canada except Quebec, unless you apply for the Quebec program. The second point is that in this method, you must have an idea to make the start-up happen. In foreign definitions, start-up means New Business, but this new business must be really new and extensive. The third point is that the applicant has to give the idea to the government of Canada and the designated organizations to receive support. In this method, the applicant must have CLB5. This method can be done in partnership and up to 5 people can apply as owners and are supported by the organization, each applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time. It should be noted that the share of the parent company or the supporting organization is 50%. In this method, the innovation of the business and the approval of this new business by the organization that is designated by the Government of Canada is the most important requirement for getting a residence permit in Canada through this visa.

So the important requirements for obtaining a Canadian start-up visa are:

• 1. Having a qualified business.

In order for the business to be recognized as an eligible business, the entrepreneur must create a job in which he or she holds at least 10% of the voting rights attached to all shares of the corporation outstanding at that time. Up to five newcomers can apply as owners. Also, 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. In order to secure permanent residence through the Start-up Visa Program, applicants must ensure that the business becomes incorporated within Canada with essential activities taking place in Canada through the active management of the foreign entrepreneurs.

• 2. Commitment certificate form a designated institution

Before starting a startup visa program, foreign entrepreneurs must support the designated commitment of the designated organization to support the development of business in Canada.

There are three groups of designated organizations:

Designated sponsor investor groups (Angel investor groups)

Designated investment funds (Venture capital funds)

Designated business incubators

Interested applicants can consult the above lists to find potential matches for their business venture. The commitment of the designated organization is indicated by a letter of support that must be included as part of the program. Letters of support are valid for six months from the date of their issuance.

• 3. English or French language proficiency

All of the applicants for Canada’s Start-up visa must prove their language proficiency in English or French. To be eligible for this program, candidates must take a language test from an approved agency that shows their ability at Canadian Language Benchmark (CLB) Level 5 or higher. The test results must be less than two years old at the time of application.

Currently Canadian Immigration Officials accept the English test results from the following test providers:

IELTS (General Test), CELPIP (General Test)

Test results from either of these two French tests may also be submitted:

• TEF
• TCF

Finally, applicants who are interested must show that they can afford their and their family’s living expenses.

In the Comments section, you can also ask your questions and answer them in a short time.

Topics reviewed in this article:

• The Standards of investment in Canada
• Effective economic indicators for investing in Canada
• The steps and documents for Canada’s Startup Visa
• The cost of a Canadian start-up visa
• How long does it take to get a Canadian start-up visa?
• The benefits of Canada’s Start-up Visa
• Getting a residence permit through Canada’s start-up visa

The Standards of investment in Canada

When it comes to Canada’s start-up visas, one of the most important factors in measuring the investment standard and evaluating what this country has done to control corruption. Property confiscation rates in Canada have always been at number 1 in recent years, and the stability of this chart shows that there is no need to be concerned about property confiscation in Canada.

Effective economic indicators for investing in Canada

In order to get a start-up visa in Canada, it is necessary for a foreign investor to study and check the effective economic indicators such as inflation rate, unemployment rate and Gross domestic product (GDP) in this country.

Unemployment rate in Canada stopped from increasing in recent years and is stabilizing. Statistics show high Gross domestic product (GDP) growth in Canada since 2016.

The steps and documents for Canada’s Startup Visa

In order to obtain a start-up visa in Canada you must:

1) Your plan must be approved by a Canadian organization which is related to startup and supports your plan by at least $ 200,000.

2) For language, you must prove that you have the necessary skills for reading and writing, especially speaking and comprehension, and you must get a minimum score of 5 in the Canadian Immigration Language Test (CLB5).

3) In a Canadian start-up visa, each applicant and the designated organization must have at least 10% of the voting right in the decisions that are related to the business in order to approve the applicant’s work and plan.

4) When you want to start a business and you plan to come to Canada with your family, it is important for the Government of Canada that you prove to have the financial ability to support your own and your family’s living expenses.

In order to apply for a start-up visa program, your business idea or investment must be supported by one or more of the organizations listed below:

Designated sponsor investor groups (Angel investor groups)

Designated investment funds (Venture capital funds)

Designated business incubators

Designated organizations are business groups that have been approved to invest in or support potential start-ups through the Startup Visa Program. There is no set method for designated organizations to find immigrant entrepreneurs; therefore, it is expected that each organization will determine its own procedure. For example, you may be asked to explain your business plan in person or to provide a detailed work plan. If an organization decides to check your business idea, it will evaluate the potential of your offer and the success rate of your project. If an organization decides to support your business idea, it will give you a support letter.

You must at least choose one of these groups to invest at least $ 200,000:

You must choose one or more investors that are connected with these groups to invest at least $ 75,000:

Documents that are required to get Canada’s Start-up Visa include:

Copy of passport

Evidence of language proficiency

Letter of support from the designated organization

Original or copy of Birth certificate (if there is one)

Original or copy of marriage certificate (if there is one)

A valid copy of the ID card

Evidence of residential address

Support from relatives

Original police clearance certificate

Two passport photos

Bank bill

The original of the bank reference letter (maximum 6 months)

Proof of net worth

Budget Source Statement

Medical Certificate

Letter of support from a designated organization which indicates that you are “needed” and you need a work permit. Fill in your Offer of Employment to a Foreign National Exempt from a Labor Market Impact Assessment or IMM 5802 (this number is created online after submitting the job offer through the employer portal) and receive your payment receipt for the employer compliance fee. For getting more information about the documents that are required for this procedure, please visit the website the Immigration office of Canada.

The cost of a Canadian start-up visa

In the Canadian start-up visa method, the government gives a lot of supports and allows the person to create a plan, and the important point is that the applicant must have appropriate and efficient knowledge in this field. Regarding the cost of a Canadian start-up visa, we must add that the application fee (registration fee) is $ 1,540. Another point is that the applicant must have the cost of living in Canada for himself/herself and his/her family upon arrival, meaning that he/she must have $ 12,960 for each main applicant and $ 3,175 for each additional person. The applicant must also prove that he/she has the financial means to support himself/herself and his/her family. For a single applicant the required amount is 12,300 Canadian dollars, for a family of 2 15,312 Canadian dollars, for a family of 3 18,825 Canadian dollars, for a family of 4 22,856 Canadian dollars, for a family of 5 25,923 Canadian dollars, for a family of 6 29,236 Canadian dollars, and for a family of 7 32,550 Canadian dollars for each person, and for each additional dependent, one needs 3,314 Canadian dollars. The total cost of the process is shown in the table below:

How long does it take to get a Canadian start-up visa?

After completing all of steps of the application process for a Canadian Startup Visa and sending it in full it will be processed and confirmed or if it is incomplete, it will be sent to you without processing. If your plan is accepted by Canada, the immigration office will notify you. It usually takes between 12 to 16 months to get a Canadian startup visa.

The benefits of Canada’s Start-up Visa

The benefits of Canada’s Start-up Visa Program are as follows.

Makes it faster for you to get a permanent residence permit in Canada.

The possibility to work in Canada while applying for a permanent residence permit.

The possibility to stay/reside with the family simultaneously.

And you will have the support of the government of Canada for your plan.

Getting a residence permit through Canada’s start-up visa

For a person to get a permanent residence permit through a Canadian Startup Visa, he/she must spend 730 days in 5 years doing one of the following:

Staying and residing in Canada.

accompanying his/her Canadian spouse overseas.

Working overseas for a Canadian company.

Only then he or she can get a permanent residence permit of Canada. Therefore, to get a permanent residence permit in Canada, a person must have spent 730 days in 5 years in Canada beside all of the steps that have been described. In this case, this residence permit is granted to both the applicant and his/her family.