Canada is known as one of the best places to live and work. With its thriving economy and excellent job market, Canada has also emerged as a popular choice for entrepreneurs looking to launch their businesses. Canada’s immigration Program seeks immigrant entrepreneurs with the abilities and capacity to start new enterprises in Canada so that it can boost jobs for the local populace, and also compete on a global scale.
The Start-up Visa Program, which began as a pilot program in 2013, has admitted hundreds of immigrant entrepreneurs to Canada, with the number of admissions growing each year. Canada immigration consultants assist in understanding the eligibility criteria for an entrepreneur visa.
To be eligible for the entrepreneur visa, you must meet the following requirements:
- Own a qualified business
- Get a letter of recommendation from an authorized organization
- Plan to settle in any Canadian province other than Quebec
- Fulfil the language requirements
- Have sufficient funds to settle
Foreign entrepreneurs who have applied to the Start-up Visa Program are eligible for a temporary work visa that allows them to travel to Canada to set up their business while they wait for their permanent residency. Newedge is the best immigration consultant for Canada.
Qualified Business
A qualified business is one that satisfies the standards outlined below:
When you receive a promise from a designated organization:
- You must own at least 10% of the voting rights associated with all of the company’s shares.
- Both you and the designated organization must have at least 50% of the voting rights linked to all shares of the firm.
When you receive your permanent residence:
- You actively manage your business from within Canada
- An important part of business activities takes place in the country
- The business is incorporated in Canada
Get in touch with work visa consultants to find out if your company meets the requirements of a qualified business.
Language Requirements
Knowledge of English, French or both languages is crucial to the success of your Canadian business. A language test from an approved organization is mandatory for the application. The applicant must achieve the Canadian Language Benchmark (CLB) 5 in speaking, reading, listening, and writing in either English or French or in some cases, both.
Designated Organizations
You must submit documentation (Commitment Certificate and Letter of Support) that your business is backed by a designated organization as part of the eligibility requirements. These documents, which will include the relevant information about your agreement with one or more selected organizations, are critical to your entrepreneur visa application.
Unlike the federal and provincial investor programs, which require applicants to contribute their own assets, applicants will not be needed to invest their own funds. Instead, individuals who fulfill the qualifying conditions must obtain a minimum of $75,000 from a Canadian angel investor, or a minimum of $200,000 from a government-recognized Canadian venture capital fund. No investment funding is required if the application is accepted into a qualified Canadian business incubator.
Sufficient Funds
The Canadian government has no scheme to provide financial aid to immigrant entrepreneurs. When you apply, you must demonstrate that you have enough money to sustain yourself and your dependents after you arrive in Canada. You cannot borrow this money from anybody else. The quantity required is determined by the size of your household and is updated each year. Learn more about funding requirements for entrepreneur visas from work visa consultants.
How to Apply for Entrepreneur Visa
Step 1: Fill up the Standard Application Form for Canada
- Check that you have filled in all the needed information before clicking the “Validate” button on the form.
- Print the verified application form, including the barcode page.
- Date and sign the form.
Step 2: Complete the documentation
- Fill out these digital forms:
- Schedule A – Background/Declaration
- Additional Family Information
- Supplementary Information
- Collect all papers listed in the document checklist in the order indicated.
- Put all required documents in a sealed envelope.
- Print and sign the document checklist.
- Include the document checklist, as on the cover page.
Step 3: Pay the application fees
Application fees include:
- Processing fees for you and anybody else listed on your application
- Fee for the right of permanent residence
- Fees for third-party services such as medical tests, police certifications, and language testing
- Biometrics
Step 4: Submit the application
If more than one person is applying for permanent residency (PR) as a partner in the same qualified firm, applications won’t be processed until all the documents have been submitted for every candidate. Each partner must submit their own application.
Before submitting your application, be certain that you:
- Answer all questions
- Electronically sign your application (make sure that your name matches the one in the passport)
- Include your processing fee receipt
- Upload all supporting papers
If an entrepreneur has a credible start-up company proposal, obtaining a commitment certificate/letter of support from a specified body will take roughly 4-6 months. After receiving a letter of support, the application for permanent residency can be submitted. It will take roughly 18 months to complete the application and issue the visa.
So, what are you waiting for? Join us to get our Canada immigration program!
