CANADA STARTUP VISA PROGRAM

Under Canada’s Startup permit program, candidates can come to Canada on a work permit which is sponsored by their Canada-based investor and then apply for a permanent residence once their business is established in the country.

This program encourages immigrant entrepreneurs to develop their start-ups in Canada. Successful applicants can tie-up with private sector investors in Canada to receive help on funding and guidance on running their business. The three types of private sector investors they can approach are:

  • Venture capital fund
  • Business incubator
  • Angel investor

 Eligibility requirements for applicants for the permit are:

Have proof that the business has the required support from a designated entity in the form of a Commitment Certificate and Letter of Support

  • Have a qualifying business
  • Have the required proficiency in English or French
  • Have completed at least one year of post-secondary education
  • Have enough funds to settle in Canada and support dependent family members
  • Have cleared the medical tests and security requirements
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FAQ
What are the eligibility requirements for Startup permit applicants?

Have proof that the business has the required support from a designated entity in the form of a Commitment Certificate and Letter of Support

  • Have a qualifying business
  • Have the required proficiency in English or French
  • Have completed at least a year of post-secondary education
  • Have enough funds to settle in Canada and support dependent family members
  • Have cleared the medical tests and security requirements
What are the specific guidelines of this program?

This program has specific guidelines on the ownership and shareholding requirements for a start-up.

Applicants for this permit must have the support or sponsorship of a specified Canadian venture capital fund, angel investor or business incubator to qualify for the permit.

The IRCC has designated specific venture capital funds, investor groups and business incubators to be part of this program.

Start-ups that succeed in getting through this program must be able to get the minimum investment required. If it’s from a venture capital fund, minimum investment should be USD 200,000. If the investment is from an angel investor group, the investment should be at least USD 75,000. Applicants must be accepted by a designated business incubator as a member of the business incubator program.

What is the processing time for work permit and permanent residence under the Startup permit program?

If the entrepreneur has a viable business project, the commitment letter or letter of support will take about 4 to 6 months. Once the candidate gets this letter, he can make an application for permanent residence. It will take approximately 18 months to get the permanent residence application processed.

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