Canada is offering a great opportunity for entrepreneurs looking to expand or start their business in Canada. Through Canada’s Start-Up Visa Program, investors and entrepreneurs can get permanent residence permits by starting a business in Canada.
If you’ve been dreaming of starting a new life in the “Land of the Maple Leaf,” entrepreneurship could just be your ticket to a permanent residence.
What is the Canada Start-up Visa Program?
Start-up visa is a permanent residence permit granted to entrepreneurs who start a business venture in Canada. According to Canadian Immigration, they are encouraging start-ups because they help create jobs and contribute to Canada’s economic growth.
The program helps innovative businesses to start in Canada and connect them to government-designated entities for additional support and funding.
How to qualify?
If you’re interested, you must meet the following basic eligibility criteria:
- Have a qualifying business;
- Obtain a commitment from a government-designated entity in the form of a Commitment Certificate and Letter of Support;
- Have sufficient unencumbered, available and transferable settlement funds, updated each year (the requirements identical to those for skilled workers);
- Demonstrate sufficient proficiency in English or French through standardized testing (Canadian Language Benchmark level 5) ;
What is a government-designated entity?
The government-designated entity is important because it will determine if your business will have enough support once in Canada. They will assess if your business will most likely prosper or fail while in Canada. If your business earns the support, you will receive a letter of support and commitment certificate.
Examples of government-designated entities are: angel investor group, venture capital fund or business incubator. Canada Immigration has a complete list of government-designated entities.
To get the required Certificate of Commitment from a designated entity, you must meet the following criteria:
- A designated angel investor group must confirm that it is investing at least $75,000 into the qualifying business, or two or more commitments from designated angel investor groups totaling $75,000; OR
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business or two or more commitments from designated venture capital funds totaling $200,000; OR
- A designated business incubator must confirm that it is accepting the applicant into its business incubator Program.
How to get a permanent residence permit?
To receive permanent residence, the following criteria must be met:
- Applicants must be actively involved in the management of the business within Canada;
- The operations of the business, or an essential part, must take place in Canada; and
- The business must be incorporated in Canada.
Proof of funds
Another important factor to earn a permanent residence permit is to prove that you have enough funds to support your family once in Canada. You cannot borrow this money, and it can be in form of:
- Documents that show property or capital payable to you
- Documents that guarantee payment of a set amount of money
The funds required to show as proof depends on the number of family members. For the complete list of 2023 required funds, you can check this link from Canada Immigration.
For more information and get evaluated, check the full details on Canada Start-up Visa Program website.