Startup Visa Canada
Startup visa Canada encourages skilled entrepreneurs to immigrate to Canadian provinces and set up or expand their innovative business on the world stage contributing to economic growth and creating jobs for Canadian citizens.
In order to succeed all applicants must comply with the following eligibility requirements:
- demonstrate required proficiency of English or French through testing;
- have necessary amount of money to settle in the country;
- be eager to settle outside Quebec province;
- have medical clearances and Canadian security passed;
- one’s business must comply with all ownership requirements and be supported by one of the designated organizations (business groups supporting or investing in possible start-ups).
Designated organizations approved by government are following:
- Angel Investor Groups
- Venture Capital Funds
- Business Incubator Organizations.
There is a set minimum investment that must be secured by applicant depending on the organization. If an individual is accepted into a Canadian business incubator program he/she does not need to secure any investments.
Applicants may get support from a separate designated organization as well as from a syndication (multiple designated entities).
Canadian government has created a peer review process in order to protect Startup visa Canada program from fraud by checking the deals between foreign national entrepreneurs and investment organizations. The Peer review scrutinizes the level of due diligence performed by the designated organization.
Up to five foreign entrepreneurs may apply for permanent residence supported by the same business investment under this program.
Startup visa Canada is a pilot program, therefore there is a set maximum of applications processed per year and the duration of the program is restricted to a five-year period. If the program succeeds, it may be established on a permanent basis.
Canada is considered to be one of the most prosperous and dynamic places to invest, innovate or grow your business due to its strong economy, low taxes and business costs, and excellence in innovation and research.