Business Start-up Visa Program
It would not be inaccurate to say that Canada has become the new land of dreams and opportunities for immigrants from all around the world. This includes entrepreneurs coming to the country via the Business Start Up Visa Program. More than half a million people travel to Canada for studies, work, tourism and business every year. Hundreds of thousands of people settle down each year to make the country their new home.
Canadian immigration laws are some of the best and most immigrant-friendly in the world. The government policies attract skilled workers, brilliant entrepreneurs and promising students from all around the globe.
The government is particularly interested in inviting people with the entrepreneurial spirit into the country. Business startups are vital to the growth of the Canadian economy. We have a huge reserve of untapped natural resources and vast tracts of empty land waiting to be settled and improved.
To achieve this goal, the government launched the Business startup program in 2013. The results have been very positive so far.
Start-Up Visa Program Statistics
So far, the program has approved more than 100 applicants for permanent residence in the country. This represents more than 70 startups launched in the country.
More than 50 Canadian organizations have been designated to sponsor startup businesses. These include angel investors, business incubators and venture capital funds. Business startups have received more than C$4 million in funding.
Key Characteristics of Start-Up Businesses in Canada
Canada Start-Up Visa Program aims to attract bright entrepreneurs who have the vision and ability to create a successful business in the country. The Canadian government is looking to attract people who can bring three things to the Canadian economy.
- Business entrepreneurs who are creative and start innovative businesses in the country.
- The new start-up business should be able to create jobs for local Canadians.
- The business should be able to compete on a global level with foreign firms.
In order to qualify for the Business Start-Up category, applicants will need to fulfill four conditions. The applicant,
- Must have a Letter of Support from a designated organization.
- Should meet the ownership requirement in the new venture.
- Must have a benchmark score in language requirements.
- Must be able to prove that they have enough money to settle in the country.
In order to find out if you qualify for the business start-up visa, you should get in touch with our consultant who can do an assessment of your case.
The Canadian government has placed a number of organizations in the investor group. A Letter of Support is the first and most basic requirement to qualify for this visa category.
In order to receive a Letter of Support, an applicant would need to submit a business proposal with one of the organizations on the list of investors. Organizations have the option to choose which business proposal to review.
If your business proposal is selected for review, there is still no guarantee that it will receive a Letter of Support. Organizations have their own specific criteria and they will assess business proposals on the basis of their internal review process.
There are three categories of designated investors. The venture capital funds must commit to a minimum investment of $200,000 in your business. The angel investor groups must commit to an investment of $75,000.
The business incubators have specific requirements based on each individual organization. To learn more about designated investors get in touch with our immigration consultant by phone, email or Facebook.