Plan on launching a business? Want to do so in Canada?
If yes, you’re at the right place. You should be looking into the Canada Startup Visa program!
Also called the Entrepreneurship Visa, this isn’t a recent program. It’s a project started by Canada’s government to bring in creative business minds from all parts of the world. They do that by offering them the support and funds the need for their businesses to grow. In exchange, Canada relies on them as a way of creating new jobs for Canadian citizens, and improving their economy as a whole.
As a result, the Canada Startup Visa program has many advantages. One is its fact-track route, so you can immigrate and launch your business fast! Plus, the visa offers permanent residency, which is a path to Canadian citizenship!
But let’s get deeper into the program. We’ll outline the process in a few simple steps. If it looks appealing to you, continue reading the article, which will discuss everything in detail!
Table of Contents
The whole process can be explained in four steps, which are:
Part 2 will discuss this step in-depth. But overall, you’ll need a designated investor(s) organization to give you a support letter. It should be specified in the letter that the investor(s) will fund your project.
Canada requires its applicants to work and communicate in French, English, or both. You’ll need to submit evidence of language proficiency to the IRCC (Immigration Refugees and Citizenship Canada). This’ll require you to sit an exam from an agency approved by the IRCC, and you’ll need to pass that test at a specific language requirement.
A business can have up to 5 owners when applying for the entrepreneurship visa. Each applicant is required to have voting rights (10% min. per individual). Also, applicant(s) and the designated investors must jointly own over 50% of total voting rights.
Canada’s government needs to see that applicants have the finances to support themselves and families after immigrating. The government will not financially support any entrepreneurial migrants.
To know the funds required of you, you can check Part 2.
Consider those steps the basics of the process. It’ll help you evaluate and decide if the Canada Startup Visa program is best for you.
But assuming you’ve already made your decision (or want more info), then keep reading. We’ll break down the previous points in detail throughout the remainder of the guide!
To be eligible, you’ll need to offer FIVE forms of proof, which are:
Designated organizations (or investors) are groups recognized by Canada’s government that’ll finance your project. They can include angel investment groups, venture capital funds, or business incubators. One of those entities (at minimum) must consent to supporting your startup.
If the financier you’ve selected is not classified as a “designated” entity by the government, you won’t be able to partake in the entrepreneur visa for Canada.
Each group or fund operates separately. Usually, applicants need to reach out to those groups while applying to them through different means. After that, applicants need to showcase their business ideas to their chosen group. How much information you need in your business plan depends on the designated investor. Some expect a complete plan, others do not.
We recommend taking the time to research each group. Head to their website, and get to know the types of businesses they prefer to invest in. Each fund or group has different long-term goals, and they prefer to focus on specific industries or services. On each designated entity’s website, you’ll also find a summary of how to apply to them.
Congrats! After submitting your business idea and convincing your designated angel investors, venture capital fund, or incubators of joining in, they’ll hand you a support letter. Also, they’ll give to the IRCC a complete Commitment Certificate (which details the commitments and agreements made with you, the program’s applicant).
Keep in mind that it’s possible to get the support of multiple investors. This is called syndication. If that occurs, entities that support you will send the IRCC a joint Commitment Certificate.
After getting your letter, you can now submit an application for the Canada startup visa program.
Yes. You’re required to secure the following (in Canadian dollars):
You need to prove that you can work and communicate in French, English, or both languages. This requires you to sit an exam from an agency approved by the IRCC. Also, you’re required to meet the following:
Applicants need to finish at least 1 year at a postsecondary educational institution. They’re also required to offer degrees, diplomas, transcripts, letters of standing, or certificates that show they pass this requirement.
To qualify for the program, you need proof that you can finance yourself and family after immigrating to Canada. Minimum income required is based on family size.
Below is an IRCC-sourced list for reference:
(3492 CAD is added per extra family member)
While the previous values represent the required minimum, we recommend bringing in the maximum amount of funds possible when moving to Canada. After all, startups and new projects don’t generate a living overnight, and you’ll need an initial balance to cover your livelihood during that time.
One more thing. If you’re entering Canada with over C$10,000, you’ll need to inform CBSA officers (Canada’s Border Services and Agency) on entry.
Applicants and their family members must go through a medical exam and security check to see if they:
Below is a list of current application fees required per individual (in Canadian Dollars). The fees below can be changed by Canada’s government at any time.
Assuming you have the fees and meet all qualification requirements above, you may apply to get permanent residency. Expect a total waiting time of 12-18 months. The steps are as follows:
Applicants need to present an in-depth CV to initially qualify. They need to write their business plan’s draft during this step. Also, they should submit their CVs with all the main documents required for the applications. Those documents will be discussed later in the guide.
Drafting a business plan and submitting to a designated investor organization is the end of the first step. Here, you’ll wait for the designated investor (as mentioned above) to review your business plan. That organization can include angel investors, venture capital funds or a business incubator.
The designated entities funding your project must approve the business plan. They must then send you a Letter of Support, and to the IRCC a Commitment Certificate.
It is the final step. Here, you’ll apply for permanent residency. You’ll need your investor’s Letter of Support and other required documents.
Canada’s state department will look into the application before accepting or rejecting your request.
You’ll need the following:
Each document requires a legalized French or English translation. The translation must be apostilled and certified from the country of issuance. Also, expect immigration offices to ask for more documents if they’d like more information.
Below is some additional information you should about the Canada startup visa program:
No worries. If your business fails, you’ll still be allowed to keep your permanent residency.
Also called the SUV, it lets entrepreneurs gain permanent residency (along with their families) for launching an eligible business in Canada. It also lets migrant entrepreneurs submit their business project and other required personal info. After getting approval, applicants can immigrate there.
The spouses and children of the primary applicant may qualify as dependents. However, children must be under 22 years of age.
Yes. They include the following:
Not at all! There’s no need to enter or stay in Canada. However, the program requires immigrating applicants to maintain active management of their qualified Canadian business. As a result, it’s likely that they may have to be in Canada to fulfill those requirements (after approval). Also, as an applicant, you should indicate that you’re willing to immigrate there and make use of your work permit to prevent validation issues.
Yes. Earlier in our guide, we listed the amount you should bring alone.
This isn’t necessary. You aren’t required to show your path or source of finances. You only need to demonstrate that there are enough funds to fulfill qualification requirements.
To be eligible, you’ll need to meet each requirement mentioned earlier in the guide.
Three phases exist, each with a different timeline:
Consider comfortable competence to be the key requirement. Applicants are expected to express themselves comfortably in all means of French, English, or both. They’ll need to take the required language tests and pass a specific competency level. Various locations worldwide offer approved tests.
Plan on launching a business? Want to do so in Canada?
If yes, you’re at the right place. You should be looking into the Canada Startup Visa program!
Also called the Entrepreneurship Visa, this isn’t a recent program. It’s a project started by Canada’s government to bring in creative business minds from all parts of the world. They do that by offering them the support and funds the need for their businesses to grow. In exchange, Canada relies on them as a way of creating new jobs for Canadian citizens, and improving their economy as a whole.
As a result, the Canada Startup Visa program has many advantages. One is its fact-track route, so you can immigrate and launch your business fast! Plus, the visa offers permanent residency, which is a path to Canadian citizenship!
But let’s get deeper into the program. We’ll outline the process in a few simple steps. If it looks appealing to you, continue reading the article, which will discuss everything in detail!
Table of Contents
The whole process can be explained in four steps, which are:
Part 2 will discuss this step in-depth. But overall, you’ll need a designated investor(s) organization to give you a support letter. It should be specified in the letter that the investor(s) will fund your project.
Canada requires its applicants to work and communicate in French, English, or both. You’ll need to submit evidence of language proficiency to the IRCC (Immigration Refugees and Citizenship Canada). This’ll require you to sit an exam from an agency approved by the IRCC, and you’ll need to pass that test at a specific language requirement.
A business can have up to 5 owners when applying for the entrepreneurship visa. Each applicant is required to have voting rights (10% min. per individual). Also, applicant(s) and the designated investors must jointly own over 50% of total voting rights.
Canada’s government needs to see that applicants have the finances to support themselves and families after immigrating. The government will not financially support any entrepreneurial migrants.
To know the funds required of you, you can check Part 2.
Consider those steps the basics of the process. It’ll help you evaluate and decide if the Canada Startup Visa program is best for you.
But assuming you’ve already made your decision (or want more info), then keep reading. We’ll break down the previous points in detail throughout the remainder of the guide!
To be eligible, you’ll need to offer FIVE forms of proof, which are:
Designated organizations (or investors) are groups recognized by Canada’s government that’ll finance your project. They can include angel investment groups, venture capital funds, or business incubators. One of those entities (at minimum) must consent to supporting your startup.
If the financier you’ve selected is not classified as a “designated” entity by the government, you won’t be able to partake in the entrepreneur visa for Canada.
Each group or fund operates separately. Usually, applicants need to reach out to those groups while applying to them through different means. After that, applicants need to showcase their business ideas to their chosen group. How much information you need in your business plan depends on the designated investor. Some expect a complete plan, others do not.
We recommend taking the time to research each group. Head to their website, and get to know the types of businesses they prefer to invest in. Each fund or group has different long-term goals, and they prefer to focus on specific industries or services. On each designated entity’s website, you’ll also find a summary of how to apply to them.
Congrats! After submitting your business idea and convincing your designated angel investors, venture capital fund, or incubators of joining in, they’ll hand you a support letter. Also, they’ll give to the IRCC a complete Commitment Certificate (which details the commitments and agreements made with you, the program’s applicant).
Keep in mind that it’s possible to get the support of multiple investors. This is called syndication. If that occurs, entities that support you will send the IRCC a joint Commitment Certificate.
After getting your letter, you can now submit an application for the Canada startup visa program.
Yes. You’re required to secure the following (in Canadian dollars):
You need to prove that you can work and communicate in French, English, or both languages. This requires you to sit an exam from an agency approved by the IRCC. Also, you’re required to meet the following:
Applicants need to finish at least 1 year at a postsecondary educational institution. They’re also required to offer degrees, diplomas, transcripts, letters of standing, or certificates that show they pass this requirement.
To qualify for the program, you need proof that you can finance yourself and family after immigrating to Canada. Minimum income required is based on family size.
Below is an IRCC-sourced list for reference:
(3492 CAD is added per extra family member)
While the previous values represent the required minimum, we recommend bringing in the maximum amount of funds possible when moving to Canada. After all, startups and new projects don’t generate a living overnight, and you’ll need an initial balance to cover your livelihood during that time.
One more thing. If you’re entering Canada with over C$10,000, you’ll need to inform CBSA officers (Canada’s Border Services and Agency) on entry.
Applicants and their family members must go through a medical exam and security check to see if they:
Below is a list of current application fees required per individual (in Canadian Dollars). The fees below can be changed by Canada’s government at any time.
Assuming you have the fees and meet all qualification requirements above, you may apply to get permanent residency. Expect a total waiting time of 12-18 months. The steps are as follows:
Applicants need to present an in-depth CV to initially qualify. They need to write their business plan’s draft during this step. Also, they should submit their CVs with all the main documents required for the applications. Those documents will be discussed later in the guide.
Drafting a business plan and submitting to a designated investor organization is the end of the first step. Here, you’ll wait for the designated investor (as mentioned above) to review your business plan. That organization can include angel investors, venture capital funds or a business incubator.
The designated entities funding your project must approve the business plan. They must then send you a Letter of Support, and to the IRCC a Commitment Certificate.
It is the final step. Here, you’ll apply for permanent residency. You’ll need your investor’s Letter of Support and other required documents.
Canada’s state department will look into the application before accepting or rejecting your request.
You’ll need the following:
Each document requires a legalized French or English translation. The translation must be apostilled and certified from the country of issuance. Also, expect immigration offices to ask for more documents if they’d like more information.
Below is some additional information you should about the Canada startup visa program:
No worries. If your business fails, you’ll still be allowed to keep your permanent residency.
Also called the SUV, it lets entrepreneurs gain permanent residency (along with their families) for launching an eligible business in Canada. It also lets migrant entrepreneurs submit their business project and other required personal info. After getting approval, applicants can immigrate there.
The spouses and children of the primary applicant may qualify as dependents. However, children must be under 22 years of age.
Yes. They include the following:
Not at all! There’s no need to enter or stay in Canada. However, the program requires immigrating applicants to maintain active management of their qualified Canadian business. As a result, it’s likely that they may have to be in Canada to fulfill those requirements (after approval). Also, as an applicant, you should indicate that you’re willing to immigrate there and make use of your work permit to prevent validation issues.
Yes. Earlier in our guide, we listed the amount you should bring alone.
This isn’t necessary. You aren’t required to show your path or source of finances. You only need to demonstrate that there are enough funds to fulfill qualification requirements.
To be eligible, you’ll need to meet each requirement mentioned earlier in the guide.
Three phases exist, each with a different timeline:
Consider comfortable competence to be the key requirement. Applicants are expected to express themselves comfortably in all means of French, English, or both. They’ll need to take the required language tests and pass a specific competency level. Various locations worldwide offer approved tests.
