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Canada Startup Visa Work Permit
The Startup Visa Program in Canada is intended to align the country’s immigration laws with its economic objectives. This is one of the few business immigration programs that offer international entrepreneurs a simple road to permanent residence status and citizenship. Work permits such as the Owner-Operator LMIA and C-11, as well as practically other PNP programs, may lead to PR. If you are an entrepreneur with a unique business vision, you may be qualified for a Canada startup visa work permit, which allows you to move to Canada.
Canada is searching for outstanding entrepreneurs who want to develop firms that will help the country’s economy grow while also providing jobs for its citizens. Read on to learn all you need to know about Canada’s startup visa program, including how to apply.
Requirements for Canada’s startup visa work permit
In order to be eligible for a Canadian startup visa work permit, you must satisfy four requirements:
- Business-wise requirements
At least 10% of the voting rights associated with all of the company’s shares must be held by you, and you and the designated organization must own at least 50% of the voting rights linked to all of the company’s shares.
- Providing a letter of support from a designated organization
You must show that you have received funding from a venture capital firm, an angel investor organization, or a business incubator. To do so, you must propose your business concept to the organization and persuade them that it is worthwhile to sponsor. Each organization will have its own approach for proposing your business concept. If your pitch is successful, the organization will provide you with a letter of support, which you must submit with your startup visa application.
- You must meet the language requirements
You must take a language exam from an authorized organization and demonstrate that you can speak, read, listen, and write at the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French.
- Proof of funds
When you arrive in Canada, you must demonstrate that you have enough money to sustain yourself and any dependents. The quantity you will need is determined by the size of your family. Funds required for a one-member family are 12,960 Canadian Dollars, and for a three-member family, 19,836 Canadian Dollars will be sufficient, for example.
Designated Organizations for startup visa work permit
You must submit documentation (Commitment Certificate and Letter of Support) that your company is backed by a designated organization as part of the qualifying criteria. These papers are critical to your startup visa application since they outline the specifics of your agreement with one or more designated organizations. Unlike federal and provincial investor programs, which require applicants to contribute their own money, applicants will not be asked to invest any of their own money.
Those who fulfill the qualifying standards must instead seek a minimum of $75,000 from a Canadian angel investor or $200,000 from a Canadian venture capital fund approved by the Canadian government. No investment funding is needed if the application is accepted into a qualified Canadian business incubator.
Designated organizations are categorized into three types:
Venture Capital Funds like:
- 7 Gate Ventures
- BCF Ventures
- BDC Venture Capital
- Celtic House Venture Partners
- Extreme Venture Partners LLP
- Golden Venture Partners Fund, LP
- Impression Ventures
- Innovation Platform Capital International LP
- iNovia Capital Inc.
- Lumira Ventures
Angel Investor Groups like:
- Canadian International Angel Investors
- Ekagrata Inc.
- Golden Triangle Angel Network
- Keiretsu Forum Canada
- Oak Mason Investments Inc.
- Southeastern Ontario Angel Network
- TenX Angel Investors Inc.
- VANTEC Angel Network Inc.
- York Angel Investors Inc.
And Business Incubators like:
- Alacrity Foundation
- Alberta Agriculture and Forestry
- Biomedical Commercialization Canada Inc.
- Creative Destruction Lab
- Empowered Startups Ltd.
- Extreme Innovations
- Genesis Centre
- Highline BETA Inc.
- Innovacorp
- Interactive Niagara Media Cluster o/a Innovate Niagara
- Invest Ottawa
- Knowledge Park o/a Planet Hatch
- LatAm Startups
How to apply for a Canada Startup Visa Work Permit
All the processes to obtain the Canadian startup visa can be done online. Follow the instructions below:
- First of all, fill out the Generic Application Form for Canada in ca
- After you have filled all the necessary fields, click on the Validate button
- Print out the validated application form, plus the barcode page
- Sign and date the validated form
- List all the documents required: copy of the pages of your passports showing the passport number, date of issue and expiry, the photo, name and date and place of birth, and pages with amendments in the name
- Place all of these documents in a sealed envelope
- Pay your application fees which include processing fees for you and the member of your family
- Pay the fee for the right of permanent residency
- Pay 3rd party fees, which include medical exams, police certificates, and language testing
- Pay your biometrics fees
- Before submitting your application, make sure it is complete and has your signature on all forms
- After paying your processing fees, place the receipts in the envelope
- PUT all the necessary documents in a 9 x 12 envelope and write “START-UP VISA” on the outer top of the envelope, and send it to the appropriate address.
FAQ about Canada startup visa work permit
How long does it take to get a startup visa in Canada?
The startup visa now takes between 12 and 16 months to complete.
Can I establish a company in Canada while on a work permit?
You must be a Canadian citizen or a permanent resident to lawfully establish a company in Canada.
What is the bare minimum investment required to apply for a Start-up Visa?
You must acquire a minimum investment of $200,000 if the investment originates from a qualified Canadian venture capital fund.
Last Note
In this article, we discussed how to apply for a startup visa work permit and its conditions. This short-term work permit Canada is only for people who have received a letter of commitment and a letter of support from the designated organizations. If you are eligible for this permit, you must apply for it before applying for permanent residence.
A Canada startup visa work permit allows you to work as an entrepreneur in growing your business. This permit will only be valid for one year and will allow you to work in Canada while your permanent residency application is being processed. Most permanent residence applications are processed within the year. Otherwise, it will be possible to extend this permit.
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