Canada Start-Up Visa Program
Immigration Firm in Scarborough, Toronto
Springwind Immigration are aware of your desire to build a successful business in Canada. In terms of immigration, this is combined with the requirement to choose a business program that would allow you to obtain permanent residency in Canada. Selecting the Right Business Immigration Program Can Be Challenging. Contact Us today, you will receive expert assistance on which option is right for you, our RCIC is licensed by the CICC to assist you by assessing your eligibility, reviewing all documentation, and submitting it to the Canadian government on your behalf.
What is the Start-up Visa Program?
The Start-Up Visa program was launched in 2013 as a pilot program that helps qualified immigrant entrepreneurs come to Canada with their families as Permanent Residence for the potential that their business will create new jobs and stimulate economic growth. Since March 2018, the program has become a permanent option for qualified immigrant entrepreneurs to establish businesses in Canada.
How does the Program Work?
The program seeks innovative entrepreneurs that can create jobs for Canadians that can compete on a global scale by linking these entrepreneurs with business groups (designated private investor groups). This means that applicants under this program do not have to necessarily invest their own money.
There are three types of designated private investor groups and its required minimum investment:
- Angel investor (minimum of $75,000 CAD)
- Venture capital fund (minimum of $200,000 CAD)
- Business incubator (no investment, but must be accepted into incubator program)
What are its requirements for Canadian Business Groups (investors)?
Organizations who are not designated as a private investor can apply to become one by becoming a member of the IRCC’s partner industry organizations:
- Canadian Venture Capital & Private Equity Association (CVCA)
- National Angel Capital Organization (NACO)
What are its requirements for Immigrant entrepreneurs?
- Qualified Business: Maximum of 5 owners must jointly hold more than 50% of total voting rights
- Letter of support: written commitment to the applicant’s business idea from a designated organization.
- Language: Minimum CLB 5 in English/French from an approved language test
- Settlement Funds: Have enough money to support themselves and family dependents, more information can be found here.