If you are an entrepreneur with a great business idea, you may be eligible to immigrate to Canada using the start-up visa program of Canada.
Canada is always welcoming entrepreneurs interested in starting a business there to push up the Canadian economy; hence, if you are looking to start fresh in some country, you can keep Canada on your priority list. As a new business can create employment for their residence, they may show more interest than many other countries.
Read on to know more about this program in detail.
What is the Start-Up Visa Program?
Canada’s Start-Up Visa Program gives entrepreneurs the option to immigrate to Canada to establish their new business and become permanent residents of that country. They officially call it Canada Start-Up Class, but it is largely referred to as the Start-Up Visa program.
As an entrepreneur, you need to establish that your business idea is innovative, can create new job opportunities, and can compete on a global scale. The program is meant to link you to Canadian private investors who will help establish your new start-up business.
Initially, your Immigration to Canada will be allowed on a work permit supported by your Canada-based investor and as your business is up and running, creating employment, you can qualify to get permanent residence.
What are Canada’s Start-Up Visa Requirements?
Not everyone is eligible for a Start-Up Visa. You need to qualify first for it. Here are the four requirements you need to fulfill to qualify for one.
1. Have a Well-Set Business:
To apply for this visa, you need to first have your own business and hold at least 10% of the voting rights attached to the company shares. Another criterion is that you and the designated organization should hold at least 50% of voting rights attached to the company shares.
2. Have the Letter of Support from the Designated Organization:
There are three types of private-sector investors who can invest in your business- angel investor, venture capital fund, and business incubator. You need to showcase that you have their support and pitch your idea to the organization to convince them it is worth supporting. If your pitch is successful, you will receive a letter of support from the organization. Remember to include this in your visa application as it is a must.
3. Must Pass the Language Test:
You are required to take a language test from an approved agency and show that you have met the minimum level of Canadian Language Benchmark (CLB) 5. This could be in either English or French in reading, speaking, listening, and writing.
4. Proof of Financial Independence:
You need to prove that you have enough money to support yourself and your dependents once you start living in Canada. The amount will vary depending on the family size. The Canadian government wants to give Visa to people who can support themselves and create new employment to support their citizens rather than increase their burden.
Applying for a visa in another country is a tricky task that needs you to fill in applications and abide by various regulations. Also, some regulations and rules change at times. Hence, remember to research well and go through their latest policies and regulations before applying for a Start-up visa program so that you do not miss out and lose your opportunity.