Canada Startup Visa is now made permanent!

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When the Startup Visa for Entrepreneurs was launched in 2013 it was a novel idea. It was a business immigration pathway which did not require any minimum investment or minimum personal net worth. However, you mandatorily had to have designated entity in Canada invest in your business. The designated organizations could be business incubators, venture capitalists or angel investors in Canada.

The Govt. of Canada has recently announced that the Startup program would be a permanent feature on its immigration list from 2018. The Program was declared a success after it managed to attract many foreign entrepreneurs and CAD $3.7 million in investment. The recent federal budget has allocated CAD $4.5 million for the next 5 years to keep the program running, as per CIC.

The Eligibility requirements for the Startup Visa are as follows:

  1. A designated organization in Canada has to issue you a letter of support or a certificate of commitment
  2. You have to have sufficient settlement funds as mandated by IRCC
  3. You should have at least one year of post-secondary education
  4. Prove your language proficiency in either English or French (equivalent to CLB 5)

The first step in the process is for you to prepare a detailed business plan. It should not only describe your proposed venture but also detail the scope and prospects of it being successful. Then you need to get in touch with the designated entities in Canada.

To obtain a PR Visa under this program, you have to secure CAD $ 75,000 from an angel investor or CAD $ 200,000 from a venture capitalist. In case of a business incubator, you should have received acceptance into any of its incubation programs.

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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