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Canada Start Up Visa for Entrepreneurs

Canada is the land of opportunities for everyone who has it all skills, talent and the ability to earn good. Skilled immigrants are major identifiers of the country which respects talent, knowledge and creativity. To create high paying good quality jobs, the country is inviting hard working talented entrepreneurs and innovators to join in. To further this agenda, IRCC has introduced an improvised start up visa program for those minds brimming with innovative ideas and the potential to apply their knowledge in productive businesses.

Essentially, Canada’s Startup Visa program targets immigrant entrepreneurs with skilled potential to build business in Canada which can compete on a global scale, create jobs for local Canadians and are innovative.

So what does one need other than an innovative business idea to get support from a designated organization and immigrate to Canada? Here is all you need to know-

Basics

The program has to be a new business qualifying all necessary criteria and

  • The business must be operated in Canada before or upon the issuance of PR visas.
  • The startup must receive a commitment from designated business incubators confirming the applicant into its business incubator program.
  • The applicant must have control over IP.
  • With these considerations, the Startup Visa Program initially took about 6-7 months to wrap up the whole process when it started in 2013. But the time of the process is considerably shortened over the years.

What are the Eligibility Requirements for a Single Founder?

  • An applicant is required to reside in a province or territory other than Quebec.
  • Applicant should obtain a Commitment Certificate from a Canadian business entity.
  • Meet the minimum language proficiency threshold set for each 4 of the language skill areas.
  • Have completed at least one year of the post-secondary education.
  • Should have sufficient funds to economically settle in Canada.

To fulfill the last criteria, a person must demonstrate sufficient settlement funds available or transferable without any debt obligations. The amount of the fund is assessed according to the applicant’s family size.

Eligibility Criteria for Companies

In a company, no more than 5 essential persons can apply per proposal

Now who is the essential person?

The foreign national who is essential to the business being established under this program by a designated entity

Please note, if for any reason the application for an essential person is refused, all other related to the commitment will be refused too.

  • Applicant must hold at least 10% or more of the voting rights to all shares at the time the commitment is made
  • Other than qualified participants, no persons or entities hold 50% or more of voting rights attached to the total amount of shares at the time the commitment is made.

Qualified Participants include applicants regarding the business, a designated business incubator, angel investor group/VC fund or foreign national who has been issued a Permanent Residence Permit under the Startup Visa Program.

Forms to be completed for the Application-

  1. Generic Application form for Canada- IMM 0008E
  2. Additional Dependent Declaration – IMM0008DEP
  3. Additional Family Information –IMM 5562 IMM 00082
  4. Schedule A – Background/ Declaration- IMM 5669
  5. Supplementary Information – Travels- IMM 5562
  6. Schedule 13 – Business Immigration Programs – Startup Business Class – 0008
  7. Letter of Support (provided by a designated entity)

Along with the application forms, below mentioned documents also need to be filled by the applicant/s-

  • Commitment Letter (from designated organization or entity)
  • Letter of Support
  • Term Sheet

For the letter of commitment and letter of support the applicant needs to pitch their business ideas either in person or as a detailed business plan.

Payable Fees

  • Cost Recovery Fee- payable by applicant and family at the time of application submission
  • Right of Permanent Residence Fee- payable by applicant and family before the issuance of permanent residence permit.

Why is this Program Designed?

  • To ensure deals made between private sector partners and foreign entrepreneurs are legitimate
  • To ensure agreements are consistent with industry standard
  • To ensure that the due diligence is performed by designated entity
  • Review of term sheet, application and other relevant documentation
  • Officers assess the information and final decision is made based on their own findings

What makes this program a 100% secure for foreign nationals?

  • The Startup visa program extends irrevocable PR status even if the business fails
  • The PR can lead to a Citizenship

You do not have to be an investor to land a good business in a foreign location, a genuine productive business idea and the skill to execute your plans and sheer will can help you realize your business dreams and make it big in Canada, the land of opportunities.

CTrustGlobal is all set to help you make it big. Call our helpline or arrange an appointment, let’s take your idea to places and make it big!

Further Information About Canada Immigration

Stay tuned to our website for more information on similar programs and schemes offering dual passports, second citizenship and permanent residency. 
CTrustGlobal keeps you updated about any further changes or amendments on the program and other details.
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