If you have an innovative business idea, and you can use that idea to create jobs for Canadians, you may be eligible to obtain permanent residency in Canada. Canada is a country with plenty of opportunities. Immigration, Refugees, and Citizenship Canada allows entrepreneurs, who can compete on a global scale, with to help boost the Canadian economy. However, immigrating to Canada as an entrepreneur is a complicated process. In this blog, you will learn relevant information and a start-up visa application, the required documents, eligibility of an applicant, and so forth.
As its name suggests, a start-up visa gives entrepreneurs the permission to start up their business in Canada. Furthermore, it does give good opportunity for eligible entrepreneurs to obtain their permanent residency. Similar to any other types of visa, a startup visa technically authorizes temporary stays. Since the whole idea of the start-up visa program revolves around boosting the Canadian economy, you are essentially establishing a mutually beneficial relationship with the Canadian government. In other words, you get your permanent residency with the start-up visa, and the Canadian government improves its economy on a global scale.
First and foremost, you have to have a business that meets the following requirements:
1. Your business must be financially supported by a designated organization to invest in your business idea. A designated organization can be a venture capital fund, angel investor group, or a business incubator.
2. The business must hold a minimum of 10% of the voting rights attached to all shares of the corporation outstanding at that time. In addition, you and the designated organization must jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time.
3. At the date on which you obtain your permanent residency, you must make sure your business is incorporated in Canada, and an essential part of your business operation must happen in Canada. Last but not least, you will need to provide active and ongoing management of this business from within Canada.
As previously mentioned, your business needs to be supported by a designated organization. To prove this, you need to obtain a letter from the designated organization. Each organization has its own requirements, and therefore, you need to do a thorough research of the organization prior to requesting the letter. After you have successfully made an agreement with the designated organization, the organization will also send the Immigration, Refugees, and Citizenship Canada a commitment certificate, which will be reviewed alongside the aforementioned letter.
The ability to communicate well in either English or French will help your business succeed in Canada. That being said, you need to take a language test from an approved agency. Please note, failure to provide the language test results will result in the refusal of your application.
Last but not least, you need to make sure you have enough money to settle in Canada. Since the Canadian government does not provide financial support to start-up visa holders, you need to be able to financially support your own business and yourself.
The Immigration, Refugees, and Citizenship Canada will review your documents and your application forms to determine if you meet the criteria for a start-up visa. The visa officer will return your application, if you fail to include essential information or documents in your application, and therefore, it is very important for you to be fully prepared before you submit your application. Additionally, you need to immediately inform the Immigration, Refugees, and Citizenship Canada any changes to your personal information, such as your address, telephone number or email, or the birth of a child, to avoid the delay of your application.
In order to ensure you, as a foreign national, do not possess threat to the general health condition of Canadians, or do not require a great demand on health or social services in Canada, you will need to have a medical exam before you come to Canada. Your family members will need to have a medical exam as well, even if they are not coming to Canada with you.
Canadian government does not allow foreign nationals who pose a risk to Canada’s security to come to Canada. To verify you are not a security risk to Canada, the Immigration, Refugees, and Citizenship Canada might ask you and any family members over the age of eighteen for police certificates. You must get a police certificate from each country or territory where you have lived for 6 or months in a row since the age of 18.
The start-up visa offers entrepreneurs, who have innovative business ideas, to immigrate to Canada. However, a start-up visa application is difficult to pursue on your own, and the process can be overwhelming, or sometimes, overwhelming. It is highly recommended that you seek out professional and experienced help before attempting to apply. Akrami & Associates work and have experience with many different immigration issues. We have helped many of our clients become permanent residents and start their businesses in Canada. Please feel free to contact Akrami & Associates at 416-477-2545 for more information, or if you would like to book a consultation with an immigration professional for more advise.
With Akrami & Associates, there is always a way!