This program targets skilled and innovative immigrant entrepreneurs, with an intention of creating jobs for Canadians to compete on a global scale. The candidate must meet the following criteria to be eligible to obtain a Start-up Visa.
Proof of business supported by a designated organization:
- Prior to applying for a Start-up visa, the applicant must have a letter of support from a designated organization which needs to be included with the application:
- Designated venture capital funds
- Designated angel investor
- Designated business incubators
Up to five people can apply for a Start-up Visa as owners of a single business. But, to meet the ownership requirements:
- each applicant must hold at least 10 percent of the voting rights in the business, and
- the designated organization and the applicants must jointly hold more than 50 percent of the voting rights in the business;
- To be eligible for permanent residence, the business must be incorporated in Canada and the candidate must be actively managing the business and its operations from within Canada.
The applicant must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all of these four areas(speaking, reading, listening, and writing). Must take a language test from a CIC-approved agency.
Settlement Funds Requirements:
The applicant must show that he/she has enough money as listed below while submitting an application. This money can not be borrowed from another person.
|7 or more||$34,299|
Processing timeline and Fee:
It takes about 12 to 16 months to process the application and the processing fee is CAD $2,075
Once you submit your application and while waiting for a permanent residency, you can apply for a temporary work permit to come to Canada and start building your business.
Disclosure of funds
If you are bringing more than CAN $10,000 across the Canadian border, you must tell a Canadian official when you arrive. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:
- securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
- negotiable instruments (for example, bankers’ drafts, cheques, travelers’ cheques, or money orders).
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