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May 17, 2022

Canada Startup Visa

Canada Startup Visa program invites aspiring & talented business professionals and entrepreneurs to Canada. Initially, the Canada Startup Visa program was introduced as a pilot program, but it is now a permanent program under the Federal Immigration Program of Canada.

Applicants under this startup program can set up their business in Canada and acquire permanent residency for their entire family. These new startups bring new ideas, businesses, and employment opportunities for Canadian citizen and Permanent Residents.

Under this program Canada invites around 2750 applications every year.

Benefits of the Canada Startup Visa?

The Canada Startup Program is quite popular among all the startup programs across the globe. And there are various reasons for this popularity.

  1. Applicants can get direct permanent residency for business partners and their family members.
  2.  Enjoy all the Social Benefits under Canada PR.
  3. Up to 5 members can form a team and apply under this program.
  4. No direct investment is needed as you can acquire investment from designated investment bodies.
  5. Unlike other startup programs this program doesn’t have any minimum net-worth requirement.
  6. Age limit is not a constraint to apply for this Canada Business Visa. People from any age can apply under this program.
  7. Applicants under this program except the province of Quebec can set up their business in any province of Canada.
  8. Applicants can apply for Canadian Citizenship after residing in the country for 1095 days in 5 years.
  9. Enjoy visa-free access to over 150 countries post Canadian citizenship.

Eligibility Requirements for Canada Startup Visa?

  1. Draft a detailed business plan for the startup visa.
  2. Identify the designated investment body in Canada as per the business idea or concept.
  3. Reach the designated body and pitch your proposed business idea.
  4. Receive the letter of support from the designated investment body.
  5. You can good to go and setup your business in Canada.
  6. A business partnership team of 5 members can apply under this program.
  7. Each applicant under this program must have 10% or more voting rights linked to the shares of the company.
  8. The designated investment body and applicants together must hold more than 50% of the total voting rights.
  9. Demonstrate active involvement in the business. It is a mandatory requirement in order to apply for Canada PR.
  10. Meet minimum language requirements of CLB 5.
  11. Meet the proof of funds requirements. Must have sufficient financial capacity to support yourself and your family members to settle in the country. Below is the detailed list of minimum funds you need to have to qualify under this program:

Number of Family Members

Funds Required

1

CAD 13,213

2

CAD 16,449

3

CAD 20,222

4

CAD 24,553

5

CAD 27,847

6

CAD 31,407

7

CAD 34,967

For each additional family member

CAD 3,560

What is the step-by-step process of a Canada Start-up Visa?

  1. Prepare a detailed business plan for the Canada startup visa program.
  2. Contact the designated investment body (Venture Capital Fund, Angel Investor Group, and Business Incubator).
  3. Pitch your business idea or concept to the chosen investment body and convince them to invest in your business.
  4. Acquire the letter of support and investment from the Designated Investment bodies in Canada.
  5. Prepare the required documents and apply for a temporary Canada Work Permit application for the Canada startup visa.
  6. Use the temporary work permit to enter in Canada and establish your business in Canada by acquiring investment and strategic support from the investment bodies interested in your project/business idea.
  7. Demonstrate active involvement in the business and generate revenue and employment for the Canadian residents and citizens.
  8. Put together all the required documents and application form along with the applicable government free for the Canada PR application.
  9. The immigration office may reach out to the designated authority and demand a peer review before granting you Canada PR.
  10. After due diligence, checks, and investigations, the immigration authority will approve your Canada PR Visa.

Simply put, the Canada Startup program is a transparent, straightforward, and easy program to apply.

What are the Documents Needed for the Canada Start-up Visa?

  • Original copy of the Startup Visa Application fee payment.
  • Photocopy of a valid passport.
  • Language proficiency examination result (IELTS or CELPIP).
  • Document of Letter of Support from the Designated Organization.
  • Proof of initial settlement funds.
  • Spouse and dependent documents (birth certificates, marriage certificate, passports).
  • Original copy of PCC from each country you have spent (more than six months).
  • Medical certificate of each applicant (business partner) including the family members applying under this program.

What is the Average Processing Timing of the Canada Startup Visa?

Canada startup visa processing time can differ from case to case: however, the average documentation and processing time may take around 6-12 months. In some cases it may even take up to 18 months.

What is the Canada Startup Visa fees?

Below is the detail of the fee that you need to pay while applying under the Canada Startup Visa program.

  • Single Applicant Fee (CAD 1575) + Right of permanent Residence Fee (CAD 500) = CAD 2,075
  • Additional Applicant (Spouse) fee (CAD 825) + Right of permanent Residence Fee (CAD 500) = CAD 1,325
  • Dependent Children Fee (each) (CAD 225)

 Other Expenses:

  • Biometrics fees – Single applicant (CAD 85) and for the family of minimum 2 (CAD 170)
  • Police Clearance Certificate – (Costs may vary for different countries)
  • Language Proficiency Examination Cost – IELTS (Costs vary for different countries).
  • Consultant fee — If you are using a consultant like Visa Ray to help you apply for Canada Startup Visa then consider adding the consultant’s fee in the expenses.

How Can Visa Ray Help You?

Visa Ray specializes in all Canadian business visa programs such as startup visas, entrepreneur visas, investor visas, Self-employed programs, and intra-company transfer programs. Visa Ray holds more than 12 years of industry experience armed with talented Immigration Specialists, and business associates – specializing in Start-up programs, work visas, investment programs, citizenship and residency by investment programs. We help you in:

  1. Profile assessment and guiding you in correct documentation.
  2. Advising suitable business immigration program and destination.
  3. Provide guidance in developing the business idea.
  4. Drafting the professional business plan for Canadian Business Program.
  5. Company Incorporation in Canada.
  6. Consultancy in the development and preparation of idea pitch deck.
  7. Taxation Planning and Advice on your overseas business plan.
  8. Conduct Exploratory Visits with active assistance from Local associates.
  9. Guidance for investment bodies collaborates to acquire a letter of support.
  10. Compiling all the documents, form, and the Application in right way.

Use the form below to contact us and our business immigration specialists will get in touch with you.

Frequently Asked Questions

How do I get a Canadian Startup Visa?

You can apply under the Canada Startup Visa by following the step-by-step process of the program. First, you need to have a unique business plan that can generate revenue and employment in Canada, then acquire a letter of support and investment from the designated investment bodies in Canada with your business plan. Then you get a Temporary Resident permit under that you can set up a business in Canada. After meeting certain criteria you can apply for permanent residency in Canada.

How much do I need to invest to get a Business Visa in Canada?

If you choose the investment body of a Venture capital fund, you need to acquire a letter of support and an investment of CAD 200,000 against your business plan for a startup visa. From the Angel investor group, you need a minimum investment of CAD 75,000. But, if you choose and qualify under the Business incubator program, you do not require any investment but need approval from the incubator in order to setup your business in Canada.

How Do I Open My Own Startup in Canada?

Though it is a very simple and straightforward process. But, if you have any confusion you enlist help of a business visa consultant. The business visa consultant can help you with visa process from inception, documentation to successful PR grant. Usually the business visa consultants have association with the investment bodies and they can help you setup your business easily.

How much money do you need to show for your Canada visa?

You must show minimum settlement funds to support you and your family for the initial stay in Canada. Below is the minimum funds required:

Number of Family Members

Funds Required

1

CAD 13,213

2

CAD 16,449

3

CAD 20,222

4

CAD 24,553

5

CAD 27,847

6

CAD 31,407

7

CAD 34,967

For each additional family member

CAD 3,560

  • eg. +44-1234567890
  • Sorry for asking, but we have to know if you can sustain yourself in Canada. or the country you are applying for.
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