Start Up Visa Program
Canada's Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that:
- are innovative
- can create jobs for Canadians
- can compete on a global scale
If an entrepreneur can get support for their start up idea from one of the designated organizations, they may be able to immigrate to Canada.
There are many reasons why Canada is the best place to build a business. Canada's advantages include:
- a strong economy
- low taxes
- low business costs
- excellence in research and innovation
- a high quality of life
To be eligible for the Start-up Visa Program:
Business to be supported by a designated organization
Before an entrepreneur can apply for the Start-up Visa Program, they must have the support of a designated organization. Designated organisations are business groups that have been approved by Canadian government to invest in or support possible start-ups.
If a designated organization decides to support the start-up business, it will give a Letter of Support which is essential document for Start up Visa application.
Entrepreneur must secure a minimum investment of $200,000 if the investment comes from a designated Canadian venture capital fund.
Entrepreneur must secure a minimum investment of $75,000 if the investment comes from a designated Canadian angel investor group.
Entrepreneur does not need to secure any investment from a business incubator. However, entrepreneur must be accepted into a Canadian business incubator program.
Up to five people can apply for the Start-up Visa Program as owners of a single business. However, to meet the ownership requirements:
- Each applicant must hold at least 10 percent of the voting rights in the business and
- The designated organization and the applicants must jointly hold more than 50 per cent of the voting rights in the business.
Note: Voting rights are the right of a business owner to vote within a company. The right to vote is attached to each share of a business that is outstanding at a given time.
The ability to communicate and work in English, French, or both will help entrepreneur business succeed in Canada.
An entrepreneur must take a language test from an approved agency and include the results with their application
An entrepreneur must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all of these four areas:
An Entrepreneur must show that they have enough money to support themselves and their dependants after they arrive in Canada. They cannot borrow this money from another person. They will need to give proof that they have the money when they apply.
The amount an entrepreneur will need depends on the size of their family. The funds required as per the government directives are as below
|For each additional family member
We can assist you in choosing the right path to be chosen by a designated organisation.
Our guidance will help you in setting up a relationship with a Designated Organisation (Incubator, Angel group or a Venture Capitalist group). Designated organizations are business groups that have been approved by ICCRC to invest in or support possible start-ups.
ICCRC’s Approved Organizations choose which business proposals to review. If one organisation decides to review your start up, it will assess the potential of your proposal and whether or not it will succeed. Each organization has its own intake process for proposals and criteria used to assess them. Our job is to help you present the proposal in the way that the designated organisations like to receive them for the maximum chances of acceptance.
If an organization chooses to support your business idea, it will give you a Letter of Support.
Please contact us, to apply for the Start-up Visa Program and speak to our experts