What is a Canadian Start-Up Visa?
The Start-Up Visa program gives Canadian permanent residence to immigrant entrepreneurs who are qualified. This program is designed to onboard innovative entrepreneurs to Canada and connect them with private sector businesses in Canada. This can include angel investor groups, venture capital funds, and business incubators and help with the establishment of their new start-up business.
Candidates who are approved will receive a letter of support from a government designated group. The government designated entity is mostly responsible to make a determination if the applicant’s intended business is viable and then present the proposed project with a Commitment Certificate to immigration authorities.
Applicants interested in the Start-Up Visa program need to meet four eligibility requirements:
- Have a business that is qualified
- Receive a commitment from a designated entity with a Commitment Certificate and a Letter of Support
- Have sufficient funds that are unencumbered, available, and readily transferable (These amounts are updated each year)
- Have sufficient proficiency in English or French through testing with a Canadian Language Benchmark level of 5
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The requirement of commitment from a designated entity which must meet one of the following:
- The designated angel investor group has to confirm it will invest at least $75,000 CAD into the qualified business or two or more investment commitments which total $75,000
- The designated business incubator has to confirm it is accepting the new applicant into its incubator program
- The designated venture capital fund has to confirm, it will invest at least $200,000 CAD into the qualified business or two or more investment commitments which total $200,000 CAD
In addition, in order to qualify, the proposed business must be incorporated as well as doing business in Canada when the commitment is made and:
- There is no other person holding 50% or more of the voting rights in the corporation
- The applicant must own at least 10% of the voting rights in the corporation
There can be up to five people that may have their application to request permanent residence supported by the same business investment. However, there can be some individuals that can be deemed essential to the intended business. If an essential applicant retracts their application or is refused, all other applicants will see that their applications are turned down as well.
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