Apply for a Start Up Visa

What is a Start-up Visa?

There is a very unique immigration opportunity available to individuals who are entrepreneurs and have an innovative business idea. The startup visa program, as it sounds, helps individuals who are interested in coming to Canada to start a business which has a good chance of success, accomplish this and become permanent residents of Canada. There is a very selective application process for this type of visa, because the Canadian government must be convinced your business idea actually has a good chance at success. If this cannot be expected, the Canadian government will not allow you to apply for permanent residency through the startup visa program. Keep reading this article if you are an entrepreneurial individual with an eye on the Canadian market, and would like to live in Canada. The startup visa program may be just the option for you.

How Do I Know I am Eligible for the Startup Visa Program?

In short, to be eligible for the Start-up Visa Program, you must have a qualifying business, prove your business is properly supported by a designated organization, meet the language requirements as an individual applicant and bring with you enough money to settle in Canada.

What does it mean to have a Qualifying Business?

To have a qualifying business, you must meet all criteria which apply at various times throughout the application process. First, when you initially receive notice of a commitment from a designated organization, each applicant must hold 10% or more of the voting rights attached to all shares of the corporation at that time. Please note, up to 5 applicants can apply as owners. Also, all applicants and the designated organization must together hold at least 50% of the total voting rights attached to all shares of the corporation at the time. It is important to understand what voting rights are. They are the right of a business owner to vote within a company. Then, at the time you receive your permanent residence, it is your obligation to provide active and ongoing management of the business from within Canada, as essential operations must also take place in Canada, and the business must be incorporated in Canada.

How do I prove my Business is supported by a Designated Organization?

As mentioned, it is required that the business applicant prove they have the support of a designated organization before they can successfully apply for the Start-up Visa Program. This means an organization which has been identified by the Canadian government as having the authority to nominate you for the startup visa program and support your business in Canada, must support you. If a designated organization decides to support your business, they will give you a letter of support. This letter of support must be included with your application. Without this letter, you are not eligible for the startup visa program.

How do I get Support from a Designated Organization?

Unfortunately, it varies from organization to organization. You will need to contact the designated organization you are specifically interested in to find out how to get support. Essentially though, you will need to convince the organization that your business idea that is worth supporting, and it will not be a wasted investment. If you are on the hunt for an investor, you may end up pitching the idea to different organizations, and the process may be different for each. For example, you may be asked to present your business concept in person or submit a detailed business plan electronically, depending on the process. Once you reach an agreement with a designated organization, you will then receive the all-important letter of support. As mentioned, this is what is needed to show that the venture capital fund, angel investor group, or business incubator is supporting your business idea.

What about the Language and Financial Requirements?

The ability to communicate in English, French, or both will help your business succeed in Canada. Therefore, it is important to the Canadian government the applicant is familiar with the English or French languages, as this will increase the chances they are a positive addition to the Canadian economy. Ultimately, you are required to take a language test from an approved agency and include the results with your application. Without results included in the application, it will be returned and refused without processing. Furthermore, you must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all four testing areas. Furthermore, it has been mentioned that it is important for applicants to bring enough money to settle in Canada. There is actually a designated amount of money startup visa applicants must have at the time of application. Depending on the size of your family, the minimum fund required is as follows:

What is the minimum investment that I need to apply through the Start-up Visa Program?

This depends in the type of organization you convince to invest in your company. For example, if the investment comes from a designated Canadian venture capital fund, you must secure a minimum investment of $200,000. However, if the investment comes from a designated Canadian angel investor group, you must secure a minimum investment of $75,000. Finally, if the organization is a business incubator, you do not need to secure a minimum investment. Instead, you must be accepted into a Canadian business incubator program. Please note, you’re not required to invest any of your own money.

Contact Akrami and Associates

The startup visa program is a very unique opportunity provided by the Canadian government to individuals who have creative, innovative ideas which may benefit the Canadian economy. Though, because this is such a unique opportunity, if you would like to benefit from it, it is important to prove to the Canadian government you should be awarded the privileges of a start-up visa. This is why it is so important to submit a strong, well prepared application. Keep in mind, start-up visa applications are difficult to pursue on your own and the process can be overwhelming, especially if you are unfamiliar. It is highly recommended that you seek out professional and experienced help before attempting to apply. Here, at Akrami & Associates, we 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. If you believe that you may be eligible to apply for a visitor visa, please feel free to contact Akrami & Associates at our office 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!