Having a well established and successful business in a foreign country is a dream of many. With the introduction of the Canada startup visa program now, it has become possible to do so. The entrepreneurs having innovative business ideas can now immigrate to Canada to start with their business.
The visa program has been designed for entrepreneurs living across the world who wants to set up a business in Canada or want to expand the existing business there. With this visa program, the government of Canada looks forward to improving the economic growth of the country.
How does this visa program of Canada work?
- For business startups in Canada, you need an eTA visa application. The eTA will be valid for five years. During the given time period you can fly to Canada as many times as you want. For start-ups, you need an investor who believes in your idea and is willing to support by making an investment in the business.
- The investor who believes in your idea and is willing to support by investing in the business.
- The investor must be designated by the government of Canada to invest in the visa program.
- Different investors have their guidelines and rules for the processing of the application. You need to contact the investor to learn the investor’s guidelines and accordingly present your business idea to them.
Check Out The Eligibility Requirements For The Program
Satisfy the language requirement:
For running a successful business entity in Canada, you must be proficient enough with languages like French and English. You may be well versed with any of these languages or both. You can check your language proficiency by going for a language test conducted by an authorized agency.
The result of the test you undertook is to be submitted with the application form. CLB i.e., Canadian Language Benchmark minimum level is 5. You need to meet this minimum CBL in either English or French in all different areas like writing, speaking, listening, and reading.
Have sufficient funds:
Immigrants are not provided by any financial support from the government of Canada. Therefore the immigrants must have enough settlement funds to successfully meet their own as well as their family’s financial requirements. The money required depends upon the family member number. Also, have evidence to prove you have enough funds if asked anytime.
Apply for the letter of support:
Applicants need to have a letter of support from a designated organization i.e., a business group which has been authorized to make an active investment in startups having good potential.
For this all you need to do is
- Learn how to get the letter by contacting the designated organization.
- Prove to the organization that your startup idea is good and can perform well.
If the designated organization is satisfied with your proposed business idea, then it will give you its letter of support. This will serve as proof that an angel investor or venture capitalist is supporting your opinion and investing in it.
Fulfill the medical and safety requirements:
With all different immigration programs of Canada, the immigrants are required to go for a medical examination and also security clearance. This is done to make sure they do not possess any security threat. Also, it ensures that they are not likely to impose any burden on the healthcare system of the country and are safe to be allowed to live in the country.
It is important to note that there are some other factors also associated with eligibility. You must be open to living in any province of Canada and not only Quebec.
How is this program helpful?
- Unlike provincial entrepreneur program, the startup visa project is not subjected to any conditions. If you satisfy the eligibility criteria, you can apply for it.
- This is the easiest and convenient way to obtain a permanent resident card in Canada. Once you get a PR card, you eventually become a citizen of Canada. Even if the business fails because of some reason, you will still be a permanent resident of Canada.
- You do not need to invest your own money. Some venture capitalist or angel investor invest the minimum investment required for the business.
- The program will help entrepreneurs compete globally and create more job opportunities in Canada.
- Investors are also benefited with good returns. Once they successfully become eligible to invest in the startup visa program, they can start earning returns according to the percentage of the share they own in the business.
If you are planning to apply for a startup visa program, the first thing you need to do is collect all the necessary documents. Once you are done with collecting documents, proceed to fill the application form.
Provide all the required documents and pay the fees online. Processing time of your application form can be around 12 to 16 months. However, it depends on several factors.