Canada Startup Visa Program

Canada’s Start-Up Visa Programme (“StartUp Visa”) is becoming a widely popular program for Permanent Residency in Canada. Focusing on entrepreneurs seeking to start innovative businesses, the Start-Up Visa offers a direct path to Permanent Residency. Applicants are not selected based on the Express Entry points system. The applicant’s age and education level are not determinative. No prior education or work experience in Canada is required.
Central feature of the Start-Up Visa is that entrepreneurs must be formally supported by Canadian private company known as a Designated Organization. The Designated Organization plays the role of helping to guide the launch of the start-up business. Processing times are fast. Processing takes 18 to 24 months from start until Permanent Residency.

Designated Organization:
A Designated Organization is an Immigration, Refugees and Citizenship Canada (IRCC) approved private company that will support the immigrant entrepreneur to sponsor Start-Up Visas.
Types of Designated Organization:
1. Angel Investors: Companies that agree to invest at least $75,000 in a start-up.
2. Venture Capital Funds: Companies that agree to invest at least $200,000 in a start-up.
3. Business incubators: Companies usually associated with a Canadian university and evaluate the business project of the start-up company

Role of a Designated Organization:
They evaluate business proposals and decide whether they deserve funding. Successful applicants receive funding, guidance and expertise in opening and operating their enterprise in Canada through a Designated Organization in Canada.

Who can apply?
-The Start-Up Visa is open to applicants regardless of age or education.
-The focus of the Start-Up Visa is on the applicant’s desire to pursue an entrepreneurial investment of capital in a new Canadian company.
-Previous business experience and education are helpful
-Entrepreneurs are required to own a minimum of 10% of the common voting equity capital of a newly incorporated Canadian corporation.
-Applicants must have knowledge of English or French at the conversational level of Canadian Language Benchmark (CLB) 5.
-Applicants must have sufficient funds to settle in Canada after approval of the Permanent Residency application. The total amount of settlement funds required for a family of two is approximately CAD$ $16,500, and approximately C$23,600 for a family of four.

Examples of Businesses that qualify:
The Start-Up Visa is seeking to attract entrepreneurs in technology fields, and other novel business concepts.
Examples (this is not an exhaustive list):
• Software development and web-based businesses
• Innovative materials development
• Engineering research and novel engineering applications
• Data analysis and artificial intelligence
• Robotics and automation
• Biosciences and health sciences
• Nanotechnology
• Financial services and technology innovation (“FinTech”)
• Environmental and clean energy innovation

Successful business proposals tend to be service or solve a particular problem. Proposals should have broad market appeal to attract potential customers both nationally and internationally. The potential for job creation in Canada is highly valued by the Start-Up Visa.
The applicant’s visa process does not depend on the success of the business.

Advantages of Canada Startup Visa:
Fastest and most flexible path to Permanent Residency for Entrepreneurs.
The applicant’s age and education level are not determinative.
The Permanent Residence Visa is not tied to the performance of the business.
One application includes the principal applicant and the applicant’s spouse and unmarried children under age 22.
Start-Up Visa avoids the Express Entry points system and is significantly more flexible than the Provincial Nominee – Entrepreneur System.
Canadian Permanent Residency can lead to naturalization as a Canadian citizen in 5 years.
Applicant and family can live anywhere in Canada.
Applicant will have a membership with the angel group or incubator which allow for the applicant to network, do some additional investments in the start up space.

Eligibility:
-You must be a skilled worker who is not a permanent resident or citizen of Canada.
-You must have a qualifying business that is supported by a designated organization.
-You must meet the language requirements.
-You must have enough money to support yourself and your family.

How to apply:
-You must submit an online application to Immigration, Refugees and Citizenship Canada (IRCC).
-You must include your business plan, proof of funding, and a letter of support from a designated organization.
-You must also provide proof of your language skills and financial means.

Processing time:
-The processing time for a start-up visa is typically 6-12 months.

Benefits of a start-up visa:
-If you are approved for a start-up visa, you will be granted permanent residence in Canada.
-You will also be eligible to apply for Canadian citizenship after 3 years.
-Your spouse and dependent children will also be eligible to apply for permanent residence.

Risks of a start-up visa:
-There is no guarantee that your application will be approved.
-You may have to pay application fees.
-You may have to provide additional documentation.
-You may have to attend an interview.

If you are interested in applying for a start-up visa, you should consult with an advisor to discuss your eligibility and the application process.