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
Ownership Requirements:
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.
Language Requirements:
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.
| Number of Family Members |
Funds Required (CAD) |
|---|---|
| 1 | $12,960 |
| 2 | $16,135 |
| 3 | $19,836 |
| 4 | $24,083 |
| 5 | $27,315 |
| 6 | $30,806 |
| 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
Work permit:
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:
- cash
- 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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