The StartUp Visa Canada Program is for Entrepreneurs who want to start a business in Canada.
The program is currently a pilot program which became permanent on March 31, 2018.
Types of Business Qualify for the Canada Start-up
- An Entrepreneurs who is Innovative
- Can create jobs for Canadians; and
- Can be internationally competitive.
In this article, you will find more information on the eligibility criteria for the program. For detailed information on the program, visit Immigration, Refugees, and Citizenship Canada’s (IRCC) webpage about the program’s eligibility.
There are certain criteria which you and your business must meet before you are eligible for the Startup Visa Canada Program and they are as follows:
Have the Support of a Designated Organization
Before you can participate in the Canada Startup visa program, your start-up or new business must receive support from a designated organization. These investors are Canadian venture capital funds, angel investors and business incubators who all have their own application process and selection criteria. If your business idea is selected by a designated organization, you will receive a Letter of Support that you must include in your application.
Business Ownership Criteria
5 people can apply for a StartUp Visa Canada for the same business so long as:
Each applicant controls at least 10 percent of the voting rights of the business; AND
The designated organization and the applicants together control more than 50 percent of the business’ voting rights.
Each applicant must prove that they meet or exceed the Canadian Language Benchmark (CLB) 5 in either English or French in Speaking, Reading, Listening and Writing.
Your Financial Requirements
In your application, each applicant will have to prove they have enough money to support themselves and any dependents that are coming with them to Canada.
IRCC’s eligibility page outlines how much money you must have depending on the number of dependents that are included in your application.
The Startup visa Canada and other immigration visa applications must be made carefully so as to avoid any errors and inconsistencies. At The SmartMove2Canada, we have helped several aspiring CanadaStart up Visa applicants realize their dreams. For guidance and further information, contact our professional immigration consultants for an appointment.