Now that you’ve come to the decision to start a business in Canada the real work starts, but don’t worry it will be well worth the effort! Annually more and more migrants go through the process of establishing businesses in Canada. The reasons are obvious; a good stable economy, a strong exchange rate, government support for start-ups and entrepreneurs, tax breaks and of course residency rights for the entrepreneur and his / her family.
We took a quick look at the Canadian Start-up Visa application basics but we suggest you meet with an experienced migration consultant to discuss the process in depth and to make sure you understand the process. Very importantly a Canadian immigration will be able to judge the likelihood of your visa application success before you start the process.
Four Basic Requirements
• have a Letter of Support from a designated angel investor group, venture capital fund or business incubator
• meet the ownership requirements for a qualifying business
• get scores of at least Canadian Language Benchmark (CLB) 5 in all four categories for either English or French, and
• have an adequate amount of money to settle and provide for the cost of living prior to earning an income.
If these requirements are met, your application will be reviewed based on IRCC's standard admissibility criteria, including health, criminality and security. We may request an independent peer review to ensure that due diligence was performed by the designated organization that issued your Letter of Support.
What is the minimum investment that I would need to apply for a start-up visa?
• You must secure a minimum investment of $200,000 if the investment comes from a designated Canadian venture capital fund.
• You must secure a minimum investment of $75,000 if the investment comes from a designated Canadian angel investor group.
• You do not need to secure any investment from a business incubator. However, you must be accepted into a Canadian business incubator programme.
1. Fill in your application
We suggest getting the help of a professional immigration consultant. This type of visa might be more complicated than other to apply for if you are not experienced in the process. The application requires a number of supporting documents and certain procedures to be followed to the letter or the application will be unsuccessful.
2. Pay your fees
3. Submit your application correctly