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Why Canada Startup Visa?
It is possible to come to Canada as a start-up company owner with a novel business concept if you are an entrepreneur with a unique business idea. In order to improve the Canadian economy while also generating job possibilities for its citizens, the country is searching for creative entrepreneurs who are interested in founding firms in Canada. Everything you need to know about Canada startup visa program, including step-by-step guidance to the application procedure, is provided in the following.
What Is Canada Startup Visa Program?
The Canada startup visa program allows entrepreneurs to move to Canada in order to start a new business. Immigrant entrepreneurs must show that their company is creative, that it will generate new employment for Canadians, and it can compete globally.
Benefits of a Canada Startup Visa
- Successful entrepreneurs and their families are awarded permanent residency
- PR may also be used as a work permit
- After that
- the candidates may seek citizenship
- Citizens of Canada are permitted to have dual citizenship
- You do not need to identify a source of cash to apply
- and the primary applicant has no age restrictions
- It has a quick processing speed (Bear in mind that the Canada startup visa now takes between 12 and 16 months to complete.)
What are the requirements for a startup visa in Canada?
In order to be eligible for a Canadian startup visa, you must meet four requirements:
1. You must have a company that qualifies:
- At least 10% of the voting rights associated with all of the company’s shares must be held by you
- You and the designated organization must own at least 50% of the voting rights linked to all of the company’s shares
2. You must meet the language requirements:
- You must take a language test from an authorized agency 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
3. You must prove that you have enough funds:
- Once you arrive in Canada, you must demonstrate that you have enough money to maintain yourself and any dependents. The quantity you will need is determined on the size of your family
- For a one-member family 13,960 CAD
- For a two-member family 16,135 CAD
- For a three-member family 19,836 CAD
- For a four-member family 24,083 CAD
- For a five-member family 27,315 CAD
- For a six-member family 30,806 CAD
4. You must have a letter of endorsement 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 company concept to the organization and persuade them that it is worthwhile to sponsor
- Teach organization’s approach for presenting a business concept will be different
- If your pitch is successful, the organization will provide you with a letter of support, which you must submit with your startup visa application
What are the designated organizations for a Canada startup visa?
You must submit documentation (Commitment Certificate and Letter of Support) that your company is backed by a specified organization as part of the qualifying criteria. These papers are critical to your Canada 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.
How to Apply for a Canada Startup Visa
Applying for a Canada startup visa, you need to pass four steps:
- Complete the following sections of the application form:
- Fill up the Canada Generic Application Form
- Make sure you’ve filled out all of the relevant fields before clicking the “Validate” button on the form
- Print the application form that has been verified, making care to include the barcode page
- The form must be signed and dated
- Complete the following checklist for the document
- Collect all of the papers mentioned in the document checklist in the order indicated
- Put all of your important papers in a sealed envelope
- Sign the document checklist after printing it
- As the cover page of your application, provide the document checklist
- Your application costs must be paid
- Paying application costs covers both you and anybody else listed on your application
- Pay the price for the privilege of permanent residency
- Fees for medical tests, police certifications, and language testing must be paid to third parties
- Biometrics costs must be paid:
- For individual applicants 85 CAD
- For families applying altogether 170 CAD
- For groups of 3 or more performing artists and their staff 255 CAD
- Send your application in
- Make sure your application is complete before submitting it
- Check to see whether you’ve signed all of the paperwork
- Payment of processing costs is required, and receipts must be included with your application
- All supporting documentation should be included
- Put all of your paperwork in a 9″ x 12″ envelope, label it with “start-up visa,” and ship it to the right location
Bottom Line
You do not need to go to or live in Canada to get a Canada startup visa. However, since it is necessary for immigrant entrepreneurs to maintain continuing management of a qualifying business in Canada, you may be obliged to remain in the nation after you have been permitted to meet these criteria. To prevent validation issues, you must demonstrate your intent to come to Canada and utilize the work permit.
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