Business

How To Relocate To Canada Through Canada Startup Visa Programme

Published

2 years ago

January 23, 2023

How To Relocate To Canada Through Canada Startup Visa Programme

Foreign business owners can launch cutting-edge ventures in Canada and petition for permanent residency under the Canadian Startup Visa programme.

Additionally, it is designed for expanding enterprises seeking to expand into Canada as well as active investors in businesses.

Canada is a leading trade market and one of the richest nations in the world, with a high per capita income. The nation routinely appears on lists of the best locations in the world to live. It is highly known for its high level of living, pristine surroundings, low crime rate, and first-notch infrastructure.

READ ALSO: 22 Career Opportunities in Canada for immigrants

One benefit of residence by investment in Canada is that your family is included in the application and there is no age restriction or net worth requirement. As a resident, you will have a high standard of living with affordable healthcare and many other benefits.

To crown it all, after three years (or 1,095 days) of physical presence out of five years, the startup visa allows for citizenship.

Requirements of the Programme: To obtain permanent residence in Canada, foreign entrepreneurs must propose an innovative start-up business, approved by a designated organization.

One of the following options must be chosen:

Business incubation: No minimum investment is required
Angel investment: Raise CAD 75,000 from an angel investment group, depending on a certain stage of the business
Venture capital fund: Raise CAD 200,000 from a venture capital fund, depending on a certain stage of the business

For all three options, additional fees apply for optional consulting, government fees, business structure, document processing, and immigration filing.

Investors are also required to:

Have English or French language proficiency at the CLB/IELTS 5 level
Be in good health
Have no criminal record

The procedures and time frame: To start an application, the client needs to draft and submit a business proposal for review and approval by a designated government business organization.

Thereafter, the client will receive a letter of support enabling them and their family to apply for permanent residency once they have received approval from a business incubator, an angel investment group, or a venture capital fund (depending on the investment option selected).

A physical presence will be needed for two out of every five years (or 730 days) in Canada necessary to keep permanent resident status. The procedure takes between 12 and 31 months.

How to Apply

To apply for the Start-up Visa Program, your business idea or venture must get the support of one or more of the designated organizations listed below:

Venture capital funds
Angel investor groups
Business incubators

These designated organizations are business groups that have been approved by the Start-up Visa Program to invest in or support potential start-ups.

These organizations decide which business proposals to review through their proposal process and evaluation criteria. You may be asked to present your business concept in person or to submit a detailed business plan, for example.

If an organization decides to review your business idea, it will evaluate its potential and whether or not it will succeed. A Letter of Support. will be sent if the organization backs your business idea.

Designated Venture capital organizations: You must get at least one of these groups to agree to invest a minimum of $200,000-