Start-Up Visa:
Diligence is the mother of good luck
-Benjamin Franklin
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The Start-Up Visa program falls under the category of Business Immigration. This program targets aspiring entrepreneurs having the capability and expertise to create and run businesses in Canada that are ingenious, globally competitive, scalable and lead to the creation of jobs for Canadians.
It is a gateway to Canadian Permanent Residence for entrepreneurs/business owners and their families. What started as an avant-garde, 5-year pilot program, has today found its place among the more successful and permanent schemes in the Canadian Immigration scene.
“THE FUTURE BELONGS TO THOSE WHO BELIEVE IN THE BEAUTY OF THEIR DREAMS”, THIS QUOTE BY ELEANOR ROOSEVELT PERFECTLY REFLECTS OUR ORIENTATION AND DRIVE. CONNECT WITH US, IF YOU TOO WANT YOUR CANADIAN DREAM TRANSFORMING INTO A BEAUTIFUL REALITY.
BRIEF HISTORY
The difference lies in the processing times of the application and the additional qualifying terms. In order to qualify for this faster processing, accelerated stream, the candidate has to fulfill the following conditions:
Launched in April 2013, this program was formulated to draw in pioneering foreign entrepreneurs who would cater to the ever- evolving and increasing demands of the Canadian economy, while actively running business enterprises in Canada.
After its initial review in 2016, it was found that it was indeed bringing in quality human capital to Canada – in terms of age, education, and knowledge of English/French, compared to the early business immigration programs. The success rate of applications under this was found to be approximately 80 percent.
In March 2018, it found its place among the permanent programs that offer an opportunity to settle in Canada.
The number of applicants admitted in 2019, following the increasing trend which has continued throughout, was more than double the number of those admitted in the previous year.
The key metrics used in the evaluation of this program have consistently confirmed its positive impact on the Canadian economy.
SALIENT FEATURES
First of its kind program, which has set the tone for several business immigration programs in countries across the world.
A single business idea provides the opportunity to multiple entrepreneurs and their dependents/families to move to Canada as Permanent Residents.
Emphasis on connecting business owners/entrepreneurs with investors, creating ties that benefit both the parties.
PR status not contingent/conditional to the fulfilment of any further requirements related to the figures/success of the business.
No stipulations related to applicant’s own investment/blocking of funds.
No minimum net-worth related pre-requisites.
Eligibility Criteria
The qualifying businesses under this program will have the following common characteristics:
- Innovation
- Potential for job creation for Canadians.
- Ability to compete globally.
The more specific requirements for business work in two stages:
Stage 1
- This is the Business Plan/Proposition Stage.
- You get an investment commitment from a designated organization.
- Up to 5 people can apply as business owners.
- Each applicant should hold 10% or more of the voting rights in the outstanding shares.
Stage 2
- This is the stage at the time of receipt of PR status.
- Business must be incorporated in Canada
- Major part of business operations happens in Canada.
- Management of the business is happening from within Canada.
Designated Organizations:
These are private business groups that have been officially permitted to invest in start-up businesses through this program. They pledge their commitment to provide funding as well as direction and expertise to the proposed business ventures.
These are divided into 3 categories:
| Sr. No. | CATEGORY | CRITERIA |
| 1 | VENTURE CAPITAL FUND | MINIMUM INVESTMENT/FUNDING COMMITMENT NEEDED FROM THE ORGANIZATION – CAD 200,000. FIND THE LIST HERE. |
| 2 | ANGEL INVESTOR GROUPS | MINIMUM INVESTMENT/FUNDING COMMITMENT NEEDED FROM THE ORGANIZATION – CAD 75,000. FIND THE LIST HERE. |
| 3 | BUSINESS INCUBATORS | THE PROPOSED BUSINESS MUST GET ACCEPTED INTO ONE OF THE 29 PROGRAMS LISTED HERE. |
Letter of Support:
If a designated organization opts to support a business idea, it is done through a written/documentary commitment. This document is known as the Letter of Support. The organization sends this certificate to the applicant(s) and also one copy directly to IRCC.
Steps for the applicant(s):
- Approach the designated organization for support.
- Pitch the business idea/plan to the designated organization.
- Procure a letter of support from them.
Canadian Language Benchmark:
It is the national standard in Canada for identifying and evaluating the aspirant’s language proficiency in the Official languages of Canada (English/French). These standards assess the skill and level of knowledge of an applicant in the 4 skills of the particular language – Listening, Reading, Writing and Speaking.
- The applicant must take the language test for either English or French or both, from an approved agency.
- A minimum level of CLB 5 in the language of the test is needed to qualify for this program, in each of the 4 language skills mentioned above.
- The proof of possession of funds is required at the time of the application.
- The funds referred to here are the financial means of support that the applicant would bring to Canada, to support themselves and their dependents/family members.
- These funds should be applicant’s own and must be – available, transferrable and free of debt or any financial liability.
- The requirement of funds depends upon the size of the applicant’s family. This amount is periodically updated by IRCC. (For current values,)
FUTURE AND SCOPE:
An analytical/critical viewpoint – IN PROGRESS.
