Canada is on the lookout for newcomers who have the entrepreneurial experience, the talent, and the innovation to start, manage, or buy a business in the country. With new foreign investments, Canada can ensure the continued success of its economy through diversification and development. Let's take a close look at the several Entrepreneur and Investor Visa options available for those who want to immigrate to Canada.
Start-up Visa
The Start-up Visa Program is a general Business Immigration or Investor Visa option that allows you to immigrate to Canada by starting a business anywhere in the country. You and your business will have to meet a set of requirements in order to be successful with your application. In general, your business must be innovative, create jobs for Canadians, and be able to compete internationally. While you wait for your application’s approval, you can also apply for a temporary work permit to keep you busy in Canada.
Start-up Visa Program Requirements:
1. Business requirements
Once a designated organization commits to your business:
all applicants (up to 5 people can apply as owners) must each hold at least 10% of the voting rights attached to all outstanding shares of the business; and together with the designated organization, they must hold more than 50% of the voting rights attached to all outstanding shares of the business.
Once you receive permanent residence, you must make sure that:
you play an active role in the ongoing management of your business while living in Canada;
the essential operations of the business must partly take place in Canada; and your business is incorporated in Canada.
2. Letter of support
You must get a letter of support from a designated organization that proves they are willing to invest in and support your start-up. These organizations include:
- Venture Capital Firms ($200,000 investment);
- Angel Investor Groups ($75,000 investment); and
- Business Incubators.
3. Language requirements
You must score a minimum of Canadian Language Benchmark level 5 in speaking, reading, listening, and writing in either English or French.
4. Settlement money
Because the Canadian government doesn’t give financial support to this "investor" visa, you will have to be able to prove that you have enough money to settle you and your family in Canada.
