The Start-Up Visa Program grants permanent residence to immigrant entrepreneurs, who are planning to grow their companies in Canada. The most favourable benefit of the program is the ability to arrange an immigration pathway for up to five foreign nationals and their family as part of the same business venture.
Canada’s Start-up Visa Program targets immigrant entrepreneurs that have the skills and potential to build a business in Canada, which in return would:
- Be innovative
- Will create jobs for Canadians
- Will compete on a global scale
- Will drive economic growth
In order to be eligible for the Start-up Visa Program, applicants must meet the following eligibility requirements:
- Meet minimum language requirements in English or French (Canadian Language Benchmark 5 in all abilities);
- Bring enough money to settle in Canada;
- Have a qualifying business that meets the ownership requirements;
- Get a letter of support from a designated organization in the form of the Commitment Certificate, that should be submitted the organization directly to IRCC;
- Plan to settle in a province other than the Province of Quebec;
- Pass Canadian security and medical clearances.
Once the application is submitted, it is processed and assessed to ensure all requirements are met. If the application is approved, applicants receive a permanent resident visa. This includes the Confirmation of Permanent Residence and the entry visa.
DESIGNATED ORGANIZATIONS
IRCC has designated a number of organizations authorized to participate in the Start-up Visa Program. A list of these organizations is published on government website.
- Venture capital funds (the investment must be at least $200,000.00 Canadian dollars)
- Angel investor groups (the investments must be at least $75,000.00 Canadian dollars)
- Business incubators (no investment needed, but the applicants must be accepted into an incubator program)