Do you have a brilliant start-up idea? Then Canada will be the best place for you to migrate. In recent years, Canada has been keen to promote start-up businesses. According to reports, Canada has around 2,500 start-ups that contribute greatly to the Canadian economy. Considering all these, Canada introduced a ‘Canada Startup Visa’.
The government aims to increase the number of startups in the country by giving permanent residence to talented entrepreneurs. With the introduction of the startup visa, Canada also aims to increase employment for its residents and contribute to the workforce. In this article, we will tell you everything you need to know about Canada’s start-up visa.
What is the Canada Startup Business Visa?
Before going further in the article, let us learn what the start-up visa is. This visa allows entrepreneurs and businessmen across the world to migrate to Canada with a PR and operate their business from there unlike business visa that lets you stay in the country for 6 months only. All you will need is an innovative business idea.
Now that we know what’s a startup visa, it’s time to know about all the four requirements for this visa.
1. Business Qualification
You must have 10% voting rights for all the shares of the company, and in the whole company, you must have 50% of the voting rights.
2. Letter of support
You must have a letter stating that you will have capital funding from any of the angel investors or business incubators from Canada. You can get this letter by pitching your business idea to an investment organization. If successfully approved, you will receive a letter of proof of funds from them.
If your business is funded by an angel investor, you must have a minimum investment of $75,000. If venture capital funds your business, you must secure an investment of a minimum of $200,000. There is no investment requirement if your business is accepted in a recognized business incubator.
3. Language Requirement
You must prove your efficiency in English or French language. Take any language exam approved by the Canadian authorities like IELTS, TEF, etc. A minimum score of 5 in reading, listening, writing, and speaking any language is required in any of the tests.
4. Proof of Funds
You must prove that you can financially support the members of your family. For example, if there are 3 members in your family you need to have CAD $19,836.
Procedure to Appy
1. Fill the Application Form
First, you have to fill the generic application form for Canada. Fill out all the mandatory fields, and print the form with the barcode page. Write the date on the form and sign it.
2. Document Checklist
Collect all your documents in order of the document checklist. Seal all the documents in an envelope. Print the checklist, sign it and make it the cover page of the application.
3. Pay Fees
The fees that you have to pay are. Processing fees, biometric fees, PR fees, third-party fees like police certificates, medical examinations, and language exam fees.
4. Submit your application
Double-check everything, including your signatures. Attach your fee receipts with your documents. Place all the documents in a 9″ x 12″ envelope. Write ‘Startup visa’ on the envelope and mail it to the address.
Here goes your dream sealed in an envelope to its . As you send all your documents via mail, the whole process will take 12 to 16 months. Migrating to Canada with a start-up visa will pave the way and open many new doors for you and your business. Canada is a growing market and the chances for your business to grow here are much higher than in any other place.