Entrepreneurs looking to start a business in Canada can turn to Canada's Start-up Visa Program as an opportunity to obtain permanent residence in Canada through business immigration. Canada's Start-Up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses that are innovative, create jobs for Canadians, and are competitive on a global scale.
Here is what you need to know about Canada's Start-up Visa Program:
Eligibility
In order to be eligible for a Canadian start-up visa, applicants must meet four requirements: they must (1) have a qualifying business, (2) have a letter of support from a designated organization, (3) meet the language requirements, and (4) have sufficient settlement funds.1 The Province of Quebec is in charge of its own business immigration program.
A qualifying business means that each applicant holds at least 10% of the voting rights attached to all outstanding shares of the company and together with the designated organization, they jointly hold more than 50% of the total voting rights attached to all outstanding shares of the company. At the time that the applicant receives permanent residence, the applicant must provide active and ongoing management of the business from within Canada, must ensure that an essential part of the operations of the business happens in Canada, and incorporate the business in Canada.2
A letter of support from a designated organization requires endorsement from a business group that has been approved by the federal government to invest in or support possible start-ups. A designated organization can include a venture capital fund, angel investor group, or a business incubator. A list of designated organizations can be found here.3
All applicants must take a language test from an approved agency and meet the minimum level of the Canadian Language Benchmark 5 in either English or French in all of these areas: speaking, reading, listening, and writing.4
Applicants must also demonstrate that they have enough funds to support themselves and their dependents after arriving in Canada. The amount needed to demonstrate proof of financial support is based on the size of the applicant's family and can be found here.5
Benefits of the Start-Up Visa Program
The Start-up Visa Program allows Canada to attract and retain high potential entrepreneurs who have an innovative and scalable business. The economic benefits of hosting a successful start-up can lead to job creation, training and cultural advantages for Canada.
For prospective entrepreneurs, the program allows applicants a direct pathway for permanent residence in Canada and is open to all nationalities. The program does not limit the applicant on what type of business he or she can conduct in Canada and there is no net worth requirement.
Determining the potential of a start-up can be challenging. However, through approved business partners, immigrant entrepreneurs can access funding, professional contacts, and mentoring to set them on a path to success. Applicants also have the opportunity to apply for a work permit while the application is in process.
A start up visa may be suitable for entrepreneurs who are able to secure the capital and support from designated organizations to establish and grow their business in Canada.
For other migrants looking to work in Canada, there are other temporary and permanent immigration programs that provide an opportunity to participate in the Canadian labour market and gain professional experience in Canada.
Footnotes
1. https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/eligibility.html
2. https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/eligibility.html
3. https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/designated-organizations.html
4. https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/eligibility.html
5. https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/eligibility.html
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