Business immigration programs are usually built around investment. In contrast, for a Canadian startup visa, it is not the amount of capital transferred to the country that is important, but a business idea with a good perspective. Canadian authorities are ready to issue permanent residence to co-founders and their families under this program, as well as help with raising funds and starting a business in their new homeland. This is a relatively new program: in 2013 it was launched as a pilot one for 5 years, and only in 2018, based on the results of its work, it was launched on a permanent basis.
The official website of the program
Canada is interested in the accelerated growth of finance, as well as intellectual capital. In the eternal confrontation with the United States, the "northerners" need powerful trump cards to prevent a brain drain. For this purpose, the country stimulates the development of innovations. Promising ideas from abroad are welcome.
Canada is ready to issue permanent residence for those, who are ready to invest their energy, ideas and management experience in the development of the country. Therefore, the main condition of a startup program is a promising application that will interest organizations responsible for supporting innovations.
Business development conditions in Canada can be compared to American ones, but the start-up capital can be much less. As for the projects implemented within the framework of the startup visa project, authorized organizations help with financing: venture funds, business angels and business incubators. A list of them can be found on the official website. For this method of immigration to Canada, you need to start with an application for a project. If you get approved, it will be possible to study the formal requirements for candidates.
When you move to Canada, you will receive a permanent residence permit for an indefinite period of time . This status will remain with you even if the project fails. “We understand that not every business is successful, and this program is designed to distribute risk between the public and private sectors,” the Canadian government website says.
The holder of permanent resident status can apply for citizenship. This requires:
Canada recognizes dual citizenship and does not require applicants to give up their first passport.
Start-up visa holders can choose any place to live in Canada, except for Quebec.
from venture capital fund
To obtain project approval and raise funding from CAD 200,000 (approximately $ 143,000) from an accredited Canadian venture capital fund.
from business angels
To obtain project approval and raise funding from CAD 75,000 (approximately $ 53,500) from an accredited Canadian business angel.
from a business incubator
The project must be accepted into the business incubator program. In this case, it is not required to attract investments.
For inclusion in the program, some incubators charge a fee - from CAD 10,000 (approximately $ 7,200).
From a formal point of view, you do not need to invest your own funds, the investment will be provided by an authorized organization and the applicant only needs to pay the costs of paperwork and life in Canada. However, all applicants for a start-up visa should own shares of the project being created. In addition, it will be easier to get approval (letter of support) for the project if the entrepreneur has not only the idea, but the resources for its implementation as well.
Requirements for businesses and applicant
Each business project can have up to 5 owners who can move with their families and continue working in Canada.
Together with the main applicant, a residence permit can be obtained by his relatives: lawful or common-law spouses, as well as dependent children. Family members will receive the right to work in Canada, and children can receive education.
Business requirements
Requirements for a candidate
Application processing fee for all included members:: from CAD 2,075.
Permanent residence permit fee - CAD 500. Not paid for dependent children.
Biometrics: CAD 85 per person, CAD 170 per family.
Medical examination: CAD 300 - for an adult, CAD 150 - for a child under 14 years old.
Police certificate - is usually issued free of charge.
Language testing - $250. Test scores in English: CELPIP-G and IELTS General Training or French: TEF Canada and TCF Canada can be valid.
Permanent residents (PR) of Canada have the right to:
They should:
Permanent residents may not:
To maintain permanent resident status, you must have been in Canada for at least 730 days in total over the past five years.