If you are one of those people who has a brilliant idea to start a business, and has the capability to raise capital or find investors, the new Start-Up Visa may be a unique opportunity for you.
New Start-Up Visa Program
The Ministry of Citizenship and Immigration Canada has announced the Start-Up Visa Program with quota-annual 2,750 for applications, which aims to connect immigrant entrepreneurs with investors and private sector organizations to work with start-ups.
The Entrepreneur Start-Up Visa Program is a new Canadian immigration pilot project. The Start-Up Visa Program links successful applicants with private sector organizations in Canada who are able to provide funding as well as guidance and their expertise on establishing and operating a business in Canada. Successful applicants will be granted their Canadian permanent residency.
Interested candidate must submit a business project to a designated agency, “Angel Investor Groups” or “Ventura Capital Funds” and convince that the project is profitable to be financed by one of them. In exchange for the investment, the agency will be 50% shareholder of the business and the candidate must become a member of it.
Unlike other categories economic immigration, where immigrants are admitted based on their professional experience, level of language and educational background, entrepreneurs enter Canada through their business ideas.
Angel Investor Group offers up investment CAD $ 75,000,00 while the Venture Capital Funds will invest up to CAD $ 200,000.00. Once one of the Agencies approve the business idea, the entrepreneur will get a support letter for implementation of the permanent residence process.
The Start-Up Visa program grants Canadian Permanent Residence to immigrant entrepreneurs while assisting them to become established in Canada. Successful applicants link with private sector organizations in Canada, where they can receive funding, guidance and expertise in opening and operating their enterprise in Canada. The purpose of this program is to recruit innovative foreign national entrepreneurs who will create new jobs and drive economic growth.
The Entrepreneur Program seeks to bring people with business experience to Canada. These people should plan to build and manage a business in Canada that contributes to the economy and develop work stations.
Why Canada?
Canada is the best place to build your business because it offers:
- a strong economy
- low taxes and low business costs
- excellence in research and innovation
- a high quality of life
- an immigration program with investment and lower requirements compared to other countries like England, Australia and New Zealand
Eligibility
Applicants for a Start-Up Visa must meet the following requirements. They must:
- Have received a letter of support from a government-designated organization
- Meet minimum language requirements in English or French (CLB 5 in all abilities)
- Have completed at least one year of post-secondary education, during which the applicant was in good standing at their educational institution
- Have sufficient funds to settle in Canada
- Plan to settle in a province other than the Province of Quebec, and
- Pass Canadian security and medical clearances
No more than five foreign nationals may apply for permanent residence as part of the same business venture under the Start-Up Visa Program.
To learn more about the Start-up Visa Program, contact: enquiries@rogersonlaw.com
Rogerson Law Group provides immigration services in the entire GTA including Toronto, Scarborough, Mississauga, Vaughan, Brampton, Richmond Hill, Etobicoke, and Barrie and surrounding areas with offices located in downtown Toronto, Barrie, and our associated office in Ottawa.