Canada is now accepting applications from the brightest entrepreneurs around the globe. It’s a perfect opportunity for new immigrants to migrate to this country, while the country benefits from bringing in new companies and the brightest minds.
Newcomers with entrepreneurial experience, innovative abilities, and selling their business are in high demand in Canada. It can diversify and develop a country’s economy by attracting new foreign investments.
The Canadian government seeks creative talent to establish businesses that enhance the monetary system and potentially create jobs for its residents. Those with a potentially profitable business idea are eligible for startup visas.
Canada’s Start-up Visa: A Quick Pathway to Permanent Residency
The Entrepreneur Start-up Visa is a new and exciting pilot program for Canadian immigration. It is officially known as the Canada Start-Up Class.
This program connects applicants with private sector organization that offer financial assistance as well as assistance and expertise on setting up and operating businesses in Canada.
Immigrant business owners must show that their business is innovative, create jobs in their host country, and compete internationally.
The initiative connects entrepreneurs with investors who can help them establish their ventures. One of the first steps in obtaining permanent residence is to apply for a work permit sponsored by your designated Canadian investor. Once your business is running, you can then apply for Canada citizenship by investment.
Private-sector investors fall into three categories:
- Angel investor
- Business incubator
- Venture capital fund
International entrepreneurs who can secure funding from accredited investors can apply for a Canada Start-Up Visa, which allows them to obtain permanent residence faster.
How to Qualify for the Start-up Visa
The four basic candidate eligibility requirements are:
1. Having a Qualifying Business
In order to qualify as a business, you must meet the following criteria.
When a designated organization commits to your business:
- Each owner (Up to five owners can apply as applicants) must own at least 10% of the voting powers attached to the company’s outstanding shares.
- In collaboration with the designated organization, shareholders must own more than half of the company’s outstanding shares.
As soon as you become a permanent resident, make sure that you:
- Participating actively in your business management team while residing in Canada.
- Your business needs to operate in this country and have your company incorporated there, as well.
2. Obtain a Letter of Support from a Recognized Organization
Whether it is a venture capital firm, an angel investor group, or an incubator, you need to demonstrate that your business has the support of those entities.
To achieve this, you need to pitch your business idea and persuade the organization that your idea is worth exploring.
When you do so successfully, you will receive a letter of support from the organization, which you must submit with your Canada start-up visa application.
3. Language Requirements
A certified language test is required, and applicants are required to achieve a Canadian Language Benchmark CLB 5 level in speaking, reading, listening, and writing in either English or French.
4. Sufficient Settlement Funds
Once you arrive in Canada, you must prove that you have enough money to support yourself and any dependents. The Canadian government doesn’t provide financial assistance for this “investor” visa, so you must prove that you own enough funds and resources to support yourself and your family.
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