Owners of innovative foreign businesses can benefit from
Canada’s Start Up Visa which makes up to 5 founding partners eligible for permanent residency in Canada.
It's
essential to recognize that this program favors established start-ups dedicated to promoting innovation.
This program requires outside investors like venture capital funds.
Obtaining permanent residency can take
as long as 2 years.
Process
The process for getting a Start-Up Visa begins by a foreign entrepreneur meeting the eligibility
requirements for the program, which includes the following steps:
Steps
Eligible Business
The entrepreneurial candidate must
establish an eligible business that is incorporated in Canada either before or by the time they
are granted a visa through the program.
Support From a Designated
Organisation
Next, the entrepreneur must demonstrate
that a designated organisation, including angel investor groups, business incubators, or venture
capital funds, has agreed to support the business’s development in Canada by providing a letter
of support to be included with the entrepreneur’s application.
Prove Sufficient Fluency in
Canada’s Official Languages
Applicants must also provide proof of
sufficient proficiency in either of Canada’s official languages: English or French.
To qualify for investment from a
designated Canadian venture capital fund, you must obtain a minimum investment of
$200,000.
If you receive investment from a
designated angel investor group in Canada, you need to secure at least $75,000.
Eligibility Criteria
Have access to liquid cash to invest in
their venture (around $200,000).
Possess advanced expertise or
distinctive experience in their domain or demonstrate substantial managerial proficiency.
Have an upper-intermediate level of
English and/or French language skill(s); and Have ownership of a successful, high
revenue-generating company in their home country or a fast-growing company in a niche industry.
Each foreign national must hold a
minimum of 10% of voting rights in the start-up. Foreign nationals and their designated
organisation must jointly have more than 50% of the total voting rights in the business.
Every applicant is required to
demonstrate proficiency in either English or French at a minimum of CLB level 5.
