What Is Canada's Start-Up Visa Program for Entrepreneurs?
The Canadian government wants entrepreneurs! The Canada Start-Up Visa is the first of its kind in the world, linking immigrant entrepreneurs and private sector organizations with start-up expertise.
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Qualifying for Canada\'s Start-Up Visa program for entrepreneurs requires the following:
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Have a Letter of Support from a designated angel investor group (must secure at least $75,000 in support from this group)
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OR venture capital fund (must secure at least $200,000 from this group)
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OR business incubator (no initial investment from this group required)
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You will have to pass standard health and security checks
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You must have at least one proven year of study at a post-secondary institution
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Meet the Canadian language benchmark (CLB) 5 in all four categories (reading, writing, listening and speaking) in either English or French
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Must meet the low income threshold as set by Immigration, Refugees and Citizenship Canada) and provide for the cost of living before earning any income.
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You will need to demonstrate that you have adequate income to support yourself while establishing the business (as well as your family if you have one immigrating with you).
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You cannot borrow this money from another person. You will need to prove you have this when submitting the application.
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The application fee for the primary applicant is $1050 not including the right of Permanent Residence fee ($490)
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Entrepreneurs must have a business that meets the ownership requirements:
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Up to 5 people can apply for a Start-up Visa
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Each of those applicants must have at least 10% of voting rights or more in that particular Start-up
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The designated angel investor group or venture capital fund or business incubator and the applicants must jointly hold more than 50% of the voting rights
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Evelyn Ackah is a Canada immigration law expert and founder and managing lawyer at Ackah Business Immigration Law. Contact Evelyn: contact@ackahlaw.com
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