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TRACS | Start Up Visa Canada

Start Up Visa Canada

The Startup Visa program is an initiative by the Canadian government that allows foreign entrepreneurs to establish innovative startup businesses in Canada. It provides a pathway for entrepreneurs to obtain Canadian permanent residency, thereby enabling them to operate and expand their businesses in Canada.

Here are some key points about the Startup Visa program in Canada:

Eligibility Criteria:

  1. Qualifying Business: You must have a business idea that is innovative, scalable, and has the potential to create jobs in Canada. Your business must also be supported by a designated Canadian organization, such as a venture capital fund, angel investor group, or business incubator.
  2. Letter of Support: You need to secure a letter of support from the designated organization endorsing your business idea and confirming that they are investing in or supporting your startup.
  3. Language Proficiency: You must meet the minimum language requirements in English or French (Canada’s official languages) in speaking, listening, reading, and writing.
  4. Sufficient Settlement Funds: You should have sufficient funds to support yourself and any accompanying family members upon arrival in Canada.

Application Process:

To apply for a Canada visit visa, follow these steps:

  1. Prepare Documents: Gather the necessary documents, including your business plan, letter of support, proof of funds, educational documents, language test results, and other required forms.
  2. Submit Application: Submit your application for permanent residency under the Startup Visa program to Immigration, Refugees and Citizenship Canada (IRCC).
  3. Medical and Security Checks: Undergo medical examinations and security checks as part of the application process.
  4. Permanent Residency: If your application is approved, you will receive confirmation of permanent residency for yourself and your family members included in the application.

Fees:

The fees for Canada Start Up Visa vary depending on the type of visa and your nationality. It’s recommended to check the official website of the Government of Canada or the Canadian embassy or consulate in your country for the most up-to-date fee information.

FAQs

You must:

  • have a qualifying business
  • have a letter of support from a designated organization
  • meet the language requirements, and
  • have enough money to settle and live in Canada before you make money from your business
  • You must pitch your business idea to a designated organizationand convince it to support your start-up company. Once a designated organization decides to support your business, it will send Canadian Immigration a commitment certificate and give you a letter of support.
  • You need to convince the organization that you have a business idea that is worth supporting.
  • The process to pitch your idea is different for each organization. Each organization has its own requirements. For example, you may be asked to present your business concept in person or submit a detailed business plan.
  • To get support from a venture capital fund or an angel investor group, you need a sizable investmentfrom them.
  • To get support from a business incubator, you must be accepted into a designated Canadian business incubator program. Getting into these programs is a competitive process with limited spots available.
  • To apply for a start-up visa, you must show that you have reached Canadian Language Benchmark 5 in listening, reading, writing and speaking.
  • With your application, you must submit the results of a third-party language test that show that you meet the requirement for example IELTS.
  • Up to 5 people can apply through the Start-up Visa Program as owners of a single business.
  • When reviewing your proposal, the designated organizationwill decide who is essential or non-essential to the business. An essential person is critical to the proposed start-up. Without this person, the designated organization would not invest or support the proposal. If Canadian Immigration refuses the application of an essential person, all related applicants will be refused.
  • No, you’re not required to invest any of your own money.
  • If your business fails, it doesn’t affect your permanent resident status. Canadian Immigration recognizes that not every business will succeed and this program is designed so that the risk is shared between the public and private sector.