There’s an interesting development now seen in Canada immigration. There’s a steady increase in the number of new permanent residents making an entry into the country via Canada’s Start-up Visa program.
A jump from 250 immigrants arriving this way in 2018 to 510 new permanent residents in 2019 is clearly showing a positive trend in the making. The Start-up Visa program offers qualified immigrant entrepreneurs with permanent residence in Canada.
The number of immigrants taking advantage of this program has been showing a steady increase over its last 5 years.
The program that was conceived as a 3-year pilot program became one of the permanent solutions to the question “how to immigrate to Canada?” in 2018.
The private sector investors in Canada find this program a good source of innovative entrepreneurs. These investors help the immigrants set up their start-up businesses in Canada.
Before qualifying for a permanent residence, these start-up entrepreneurs arrive in Canada with a Canada work visa. They will have the support of their designated investor based in Canada.
The types of private sector investors can be classified into:
- A designated angel investor, who must invest a minimum of $75,000 into the qualifying business. A candidate is permitted to qualify with more than one investment made by angel investor groups, bringing the total investment to $75,000.
- A designated venture capital fund that must invest a minimum of $200,000 in the qualifying business. A candidate is permitted to qualify with more than one commitment from designated venture capital funds. Thus, the total investment will be brought to $200,000.
- A designated business incubator must take the applicant into its business incubator program.
Candidates owning a qualifying business must get a Commitment Certificate and Letter of Support from a designated entity. This is to prove that they have enough settlement funds. The candidates must also be proficient in English or French. Their minimum Canadian Language Benchmark level required is 5.
Though the candidate would start his/her work in the business by applying for a short-term work permit, they can in time apply for a permanent residency. The candidate will qualify for this when:
- He/she has incorporated and conducted business in Canada
- He/she has owned a minimum of 10% of the rights to vote in the business
- There’s no other party allowed to hold 50% or more of the voting rights in the business.
4-6 months is the time required to get a commitment certificate or letter of support from a designated entity for a viable start-up business.
Upon receiving the letter of support, the candidate can apply for permanent residence. It will take another 18 months to get a PR visa issued.
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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