A lot of new immigrants and students who wish to study or live in Canada often ask us “How to Apply for Canada Start Up Visa Program?
Are you an entrepreneur? Do you have an innovative business idea that would bolster the country’s economy? If yes is your answer to the above questions, then you have just got lucky, you’re eligible to migrate to Canada using the Start-Up Visa Program.
Meaning of Canada Start Up Visa Program
The Canada Start Up Visa Program is meant for entrepreneurs and business oriented personnel with amazing business acumen and ideas to establish businesses that would bolster the country’s economy. The program is geared towards attracting personnel with great business ideas to the country so as to bolster the country’s economy as well as create more job opportunities for Canadian citizens
Basic Requirements for Canada Start Up Visa Program
In order to be fully eligible for Canadian Start Up Visa Program, there are four basic requirements that you must fully meet. Without this, you shouldn’t even consider applying for the Start-Up program.
- Having a Qualified Business for the Program
* The ownership requirement must be met before you can apply for the program which implies that as an applicant you must hold a minimum of 10% of the company’s shares voting rights.
* Along with designated organization, as an applicant you must hold a minimum of 50% of the company’s shares voting rights.
- Having a Letter of Support from a Designated Organization
* As an applicant, it is important for you to show that you have the support of a designated organization like an investor group, a business incubator, or a venture capital fund.
How to get a letter of support from a designated organization
- First and foremost, you need to pitch your business ideas to the organization and be able to convince them that it’s worth investing on
- How you go about pitching your business ideas might be different from one designated organization to the other
- After a successful evaluation of your pitch, you’ll be issued a letter of support from the designated organization which you must use as part of your requirement for the Start-Up Program application.
- Meeting the Language Requirements
It’s important to take a language test and have appropriate certification to prove that you meet the minimum requirement of the Canadian Language Benchmark in either French or English. An IELTS certification or others can be used
- Funds Authentication
Another requirement for the application of the Canada Start-Up Visa Program is a proof of having enough capital to cater for yourself and family once you migrate to Canada. This is largely dependent on the size of your family.
Minimum Investment Required for Start-Up Visa Application
After successful evaluation of your business ideas by designated organizations, you’re required to secure a minimum of $200,000 Canadian Dollar or $75,000 Canadian Dollar from Canadian Venture Capital Fund and Canadian Angel Investor respectively recognized by the government. However, if you’re lucky to be accepted into any recognized Canadian Business Incubator, you’ll not require any investment capital.
Steps to Apply for the Canada Start-Up Visa Program
- Fill out the application form by completing all the required fields
- Print out your validated application form
- Arrange all necessary documents required for your application
- Print out the document checklist online
- Place all along with your printed application form using the print document check-list as your cover letter in an envelope
- Pay your application and processing fees
- Ensure that all the document is in the envelope with the caption of “Start-Up Visa” at the back of the envelope then mail it to the appropriate authority
Processing Time for Canada Start-Up Visa Program
Currently, the processing time for the program is within 12 – 16 months
What Happens When the Business Fails?
I know you must have been wondering about what will be your fate if the business fails. You don’t have to live with the fear of getting deported back to your country if the business fails as you can still remain in the country if you finally get your permanent resident status.
Now that you know How to get started with the Canada Start Up Visa Program, are you thinking of moving and need a little help? Contact us for guidance
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