If an individual is interested in opening up a business in Canada, there are ways to do so. People might have successful businesses overseas and wish to expand. Others just maybe want to start fresh in a new country or have a good idea for that specific location. Canada has a program called a Start- up Visa. This visa targets the type of entrepreneur who can build a business that has the ability to compete on a global scale and creates new jobs. Many people are drawn to Canada due to its strong economy, low taxes and business costs, excellence in research and innovation, and top quality of life.
Eligibility:
- Before an individual applies for the Start-up Visa, he/she must gain the support of a designated Canadian organization.
- The applicant must also obtain a Letter of Support (this is proof of their support) from this organization.
- The individual must meet the language requirements in order to be approved. The individual must be able to communicate in either French or English and will be tested on four general areas: speaking, reading, writing, and listening. In each category the minimum requirement level is a Canadian Language Benchmark (CLB) 5.
- The language test must be completed abroad
- If you do not meet language requirements, you will be refused.
- If the language assessment is not included, then your application will not be processed.
- The applicant must have sufficient funds.
- The government will not provide financial support to immigrants coming with a Start-up Visa.
- Your funds must be sufficient enough to support yourself and your dependants upon arrival to Canada. The amount of money you need will depend on the number of dependants you have. It can be anywhere from $11,931 to $31,574
- Minimum investment:
- 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.
If those requirements are met, your application would then be reviewed on CIC’s standard admissibility criteria, including health, criminality and security.
Necessary Documentation & Forms:
- Generic Application Form to Canada (IMM 0008)
- Additional Dependants/Declaration (IMM 0008DEP) (if applicable)
- Schedule A: Background/Declaration (IMM 5669)
- Supplementary Information - Your Travels (IMM 5562)
- Schedule 13 - Business Immigration Programs - Start Up Business Class (IMM 0008 - Schedule 13)
- Additional Family Information (IMM 5406)
- Use of a Representative (IMM 5476)
- Copy of the pages of your passport or travel documents for you, your spouse or common-law partner and your dependent children, showing:
- the passport number,
- date of issue and expiry,
- the photo, name, date and place of birth,
- pages showing any amendments in name, date of birth, expiration, etc.
- Proof of language proficiency
- Letter of Support
- You must provide the following documents for you and your spouse or common-law partner:
- Birth certificates;
- Legal documents showing name or date of birth changes (if applicable);
- Marriage certificate(s), final divorce or annulment certificate(s). If married more than once, include certificates from each marriage and divorce or annulment you, your spouse or common-law partner have had;
- Death certificate for former spouse(s) or common-law partner(s) (if applicable);
- National IDs, family/household registry/book (if applicable);
- If you have a common-law partner, complete and include the Statutory Declaration of Common-Law Union (IMM 5409 – original) and provide evidence that you have cohabited with your partner for a period of at least 12 continuous months. Provide the following documents listing both your names, for example: copies of joint bank account statements, copies of leases, utility bills, etc.
- If you have children:
- Children's birth certificates (which name their parents);
- Adoption papers issued by recognized national authorities showing the legal, approved adoption of adopted dependent children;
- Proof of full custody for children under the age of 18 and proof that the children may be removed from the jurisdiction of the court;
- If the other parent of your children is not accompanying you to Canada, you must submit a signed Statutory Declaration from Non-
- Accompanying Parent/Guardian for Minors Immigrating to Canada (IMM 5604 - original). You must submit one form for each child and a copy of the non-accompanying parent's photo ID showing their signature;
- You must submit proof if the child is 19 years of age or older and depends substantially on the financial support of the parent since before the age of 19 and is unable to be financially self-supporting due to a physical or mental condition.
- Police Certificates and Clearances
- Include six (6) photos for each member of your family, whether accompanying or not, and yourself.
- Fee Payment
- Secondary education documents: secondary school (high school) diploma.
- Post-secondary education documents:
- evidence of having attended a post-secondary educational institution for at least 1 year (this could include certificates or diplomas, transcripts, letter from the registrar confirming completion of at least one year);
- evidence of being in good standing at the institution while you were in attendance for at least 1 year at the educational institution (this could include a certificate or diploma, a letter from the educational institution that you attended stating that you were in good standing for at least 1 year while you were in attendance, or transcript that indicate whether or not you were in good standing).
- Settlement Funds
As one can tell, with the amount of documentation necessary, this visa is a little more difficult to obtain. Canada has a program called a Start- up Visa. This visa targets the type of entrepreneur who can build a business that has the ability to compete on a global scale and creates new jobs. If you feel that you fit this category, then the Start-up Visa may be an option. The start up visa pretty much allows an individual to open up their own business and pretty much start a life in Canada. However, the government will not help these individuals financially. The government expects that the individuals coming to Canada on this basis have a business plan and funding ready to go and just create a business and improve Canada’s economy overall. For this sort of visa, the help of a recognized immigration law firm would greatly help your application. Akrami & associates can help you with your application to open your own business in Canada. Contact us Today!