Start up Visa Canada Program, Eligibility, & Other Requirements

Are you a creative and aspiring business tycoon and want to setup your business in Canada? The answer to this question is simple: just turn your attention to the Start Up Visa Canada Program – a course that will help attract foreign talent and boost the economy. Herein are all the relevant aspects of the Start-Up Visa Program covered: the general stipulations of the program, applicable criteria, and the specifics of investment and peer review phases. Find out here on how this program will open the door for your entrepreneurship in Canada.

What Exactly Is Start Up Visa Canada Program?

The Start Up Visa Canada Program is one of the most important programs the Canadian government has introduced through Immigration, Refugees and Citizenship Canada (IRCC) visa to assist foreign national entrepreneurs in the creation of business and new employment opportunities. With its goal of developing and promoting innovation and talented individuals who have unique ideas and a desire to start their own businesses can use this program as a platform to make their entrepreneurial dreams come true in Canada.

Eligibility: How To Qualify For The Start-Up Visa Program

Before receiving the Start-Up Visa, the candidate has to satisfy numerous key requirements which are quite strict. The persons must have the knowledge of English or French, have sufficient means for support after arrival in the country, intend to settle in the province of Quebec and must clear security and medical checks as well.

Further, applicants have to prove that their business is backed by a designated organization and fulfills the conditions set on ownership. Importantly, only one group of agents and five foreign nationals at the most under a single business venture can apply for permanent residence under this program.

For a better understanding of Start up visa program, check out these points

1. Pass the language requirement in English or in French exhibiting level 5 in all four skills of the language.
2. The other requirement would be that the person must have enough funding in order to be able to settle in Canada.
3. Leading deep into your plan is to live in any province apart from the province of Quebec.
4. It is crucial to achieve a clean record from the Canadian government and pass all related medical clearance tests.
5. This should further prove that the business or organization has the backing of a reputable institution.
6. Show materials that support the fact that your business qualify for ownership and control.

What Are The Requirements To Get Start up Visa Canada?

1. Business incubation: You can start with NO MONEY at all, and there is no need to take a loan or borrow money from anyone.
2. Angel investment: They include the ‘pre-money’ valuation and the total amount you require, in this case, CAD 75,000, from a group of angel investors based on the level of development of the business.
3. Venture capital fund: There are a few conditions you have to meet in order to attract a venture capital fund, and they depend on the development stage of your business: CAD 200,000.

Secure Investment For The Business Start up Visa

In order to receive a Start-Up Visa in Canada, one has to secure funding for the implemented idea. For this there are specific grouping like venture capital funds, angel investor groups and business incubator organizations . The prime requisite is that you must know how much money you require and this depends on the kind of investor you have in mind.

You don’t have to use personal funds: Many Nigerians are weary of lending and applying for credit from traditional banks which often source funding from the public through deposit mobilization as they prefer doing business with institutions that do not require deposit as source of funds.

Using the above example scenario, even if the business does not pan out as planned, one does not lose his/her green card and is thus likely to remain in the country regardless of the outcome of the business.

Applicants Have To Provide a Commitment Certificate

The applicants are also required to provide a Commitment Certificate to show that their chosen organization is supportive of their studies. This paper represents an understanding between the applicant and the investment organization and provides critical information about the obligation.

Furthermore, permanent residence applicants get a support letter from the investment organization submitting the PR application with their PR application. Perhaps in the case of many applicants, the commitment may be conditioned by the approval of several key people selected by the investment organization.

Candidates Must Have Support From Multiple Organizations

This means that under the Start-Up Visa Program, syndication for applicants to be assisted by multiple designated organizations is permissible. In both scenarios, all the groups involved must be identified, and one Committee Commitment Certificate is provided to IRCC. This makes the work easier to accomplish through the application process, in addition to having sufficient support for the business.

Candidates Will Go Through The Review Process

Thus, to make sure that cheating is discouraged, the Start-Up Visa Program has the following review process. This process aims to validate the contracts concerning bilateral transactions between investment groups and foreign investors. An industry association is involved in the consideration of such transactions and there are independent panels set up to review the transactions. They know how deeply the investment groups researched and if the ideas are sound for business. While these reviews are far from being conclusive, they are important in ensuring that the given program is fair and transparent.

Also, Read: What are the Canada Business Visa Requirements?

What Is The Start up Visa Processing Time?

Generally, it takes about 6 month for the authorities to process a work permit once it has been submitted. The expected time taken for this application is approximately 22 months from when the application was submitted.

Final Words

Undoubtedly this program allows the intelligent people of other countries to come and start their business in Canada after getting the start up visa work permit. It is fun to be an entrepreneur in Canada because it boosts the economy and provides opportunities for business development. All those willing to open a business can benefit from this opportunity to create the business and become a part of the growing business world in Canada.

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