Canada Startup Visa For Entrepreneurs Immigrants
Starting a Canada business is easier if you hold a Canadian permanent resident card, which is also called a PR visa. You might have heard of the Canada startup visa or the entrepreneur visa but these are old names for what used to be the “Entrepreneur Visa”. Entrepreneurs are now eligible for an Accelerated Business Citizenship (ABC) program.
The Canadian Startup Visa was created to help attract foreign entrepreneurs to start a business in Canada. This visa is also referred to as the “Entrepreneur Immigration Program” and often incorrectly called the “Entrepreneur Rule”. The program works by allowing foreign nationals to apply for permanent resident status if their business idea meets certain criteria for success.
Canada Startup Visa For Entrepreneurs Immigrants
In March of 2013, the Canadian federal government introduced the startup visa as one of its ways to boost Canadian business. The idea behind the startup visa was to attract and retain entrepreneurs who might be interested in launching their businesses in Canada. This was done by easing the path for them to bring their families here.
Canada Start-Up Visa (SUV)
If you are an entrepreneur with an innovative business idea, you may be eligible to immigrate to Canada through the start-up visa program.
Canada is looking for talented entrepreneurs that are interested in starting businesses that will stimulate the Canadian economy while creating employment opportunities for its residents.
Read on for everything you need to know about Canada’s start-up visa program, including a step-by-step guide to the application process.
- What is the start-up visa program?
- What are the requirements for Canada’s start-up visa?
- Designated organizations for start-up visa
- List of designated organizations
- How to apply for a start-up visa
- What is the processing time for Canada’s start-up visa?
What is the start-up visa program?
Canada’s start-up visa program gives entrepreneurs the opportunity to immigrate to Canada in order to establish a new business. Immigrant entrepreneurs must demonstrate that their business is innovative, will create new jobs for Canadians, and can compete on a global scale.
What are the requirements for Canada’s start-up visa?
There are four requirements you need to meet in order to be eligible for a Canadian start-up visa:
- Have a qualifying business:
- You must hold at least 10% of the voting rights attached to all shares of the company
- Together with the designated organization, you must hold at least 50% of the voting rights attached to all shares of the company
- Have a letter of support from a designated organization:
- You need to demonstrate that you have the support of a venture capital fund, angel investor group, or business incubator
- In order to do this, you must pitch your business idea and convince the organization that it is worth supporting
- The process of pitching your business idea will be different for each organization
- If your pitch is successful, you will receive a letter of support from the organization which must be included in your start-up visa application
- Meet the language requirements:
- You must take a language test from an approved agency and show that you meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in speaking, reading, listening, and writing.
- Proof of funds:
- You need to show that you have enough money to support yourself and any dependents once you arrive in Canada. The amount you need depends on the size of your family.
