The start up Visa program for Canada aims to attract innovative foreign businesses and entrepreneurs to startup businesses in Canada. It is also a sure pathway to obtaining permanent residence status in Canada.
The main aim of this visa program is to create job opportunities in Canada and make the country competitive in the global arena. In April 2013, the Startup Visa Program was executed as a pilot project by the ministerial instruction and has now become a regular feature of Canada’s immigration system as from 2018 onward.
Requirements for Applying for a Startup Visa Program Of Canada
First and foremost you must have the support of any designated organizations before you can apply for a Startup Visa. The designated organizations namely designated business incubators; designated venture capital funds and designated angel investor groups.
To get the support of the above listed designated organizations for startup visa program, you must to contact the organization to get your business evaluated.
The organization will evaluate and review your business proposal to know whether it will have any growth potential and viability. The assessment criteria and the process of all these organizations are quite different.
You have to obtain a letter of support if an organization chooses your business proposal. This letter is proof that your business idea and plan is backed by the designated organization and later you will be required to show it to CIC (Citizen and Immigration Canada).
Eligibility for Startup Visa Program Of Canada
For qualify for the Start-up Visa you must have these eligibilities:
- You will get a Letter of Support from the Designated Organizations and include add in the application.
- Your business should fulfil the requirements for ownership. For these requirements to be met:
(i) One or up to five individuals can apply for the ownership of a single business.
(ii) In the business, each owner must have a minimum of 10% of voting rights.
(iii) All the applicants and the designated organization should altogether hold more than 50 per cent of the right to vote.
- You should have language proficiency in English and/or French which would be demonstrated through the Standardized testing. In all the areas of reading, listening, speaking and writing you should meet the Canadian Language Benchmark level CLB 5. If your minimum language proficiency is not met, your application will be rejected.
- You must have sufficient funds for supporting yourself and your family. The government of Canada does not provide the money for supporting the Start-up Visa immigrants. You have to provide proof of having sufficient funds before arriving in Canada.
- Finally, you must also pass the medical tests and Canadian security tests.
So, check all these requirements and eligibilities before applying for the Startup Visa Program of Canada.