Are you an entrepreneur? Thinking about starting a business abroad?
If yes, Canada is the place to be. Its government is hosting a startup program designed to attract creative business minds from all countries. The program offers applicants the help and resources needed to make their projects successful. And as those businesses succeed, they contribute to Canada’s economy and create new jobs for Canadian citizens.
Plus, the program has a few perks - like permanent residency for all accepted applicants!
But you’re probably wondering how the Canada startup visa program works. There are FIVE steps you’ll need to go through. We’ll discuss each below.
This is the initial requirement. It’s also the most important, as it defines the feasibility of your business.
Designated entities are organizations qualified by Canada’s government to finance your business project.
There are three types of designated entities. They are accredited business incubators, domestic angel investment groups, and authorized venture capital funds. You’ll need one or more of the previous organizations to fund your startup.
You must present your project plans to those entities, and your goal is to convince them of the business’ feasibility. If an entity chooses to fund you, they’ll give you a support letter (demanded by Canadian authorities). Also, they’ll send the IRCC a Commitment Certificate which specifies the arrangement made between you and those entities.
The capital you need to secure for your project is based on the entity funding you:
Keep in mind that multiple investment entities may back your project. This is called a syndication, and in that case, the entities will send the IRCC a joint Commitment Certificate.
Canada’s startup visa program requires you to work and communicate in French, English, or both.
When handing your application to the IRCC, you’ll need to give them evidence of your language proficiency. That evidence usually involves passing a language test (that’s recognized by Canadian authorities).
Minimum language benchmarks are as follows:
The Canada startup visa program allows up to 5 owners per business. Each applicant should have 10% or more of the business’ voting power. Also, the applicants and their designated entities must jointly have 50% or more of the business’ voting rights.
Keep in mind that accepted applicants do not get financial support from the Canadian government. Thus, when you migrate there, you need to show authorities that you are able to support yourself and your family until your business starts to generate profit.
Funds required depend on the number of family members per applicant, which is as follows:
Applicants and their family members must go through a medical exam and security check to determine if they:
You’ll need an in-depth CV plus the initially required paperwork. Getting your documents together is the main goal of this step.
Your complete project plan should be given to the designated entities that you want funding your business. We’ve specified earlier the types of organizations that qualify as designated entities.
After receiving approval, a Commitment Certificate will be sent to the IRCC, and you will get a support letter.
Submit the required documents and support letter to receive a permanent residency permit.
Your application will be reviewed by Canada’s Department of State. They will decide if the application gets approved or is denied.
You’re still allowed Canadian permanent residency if your project fails. Canadian authorities understand that not all businesses succeed, and that there’s always a risk factor involved.
Also called the SUV, it gives business owners and their relatives permanent residency if they launch a qualifying startup in Canada. It lets migrating entrepreneurs apply with a business plan plus their personal info. After getting approved, applicants can then migrate to Canada.
Dependents include the primary applicant’s children and spouse. Children must be younger than 22 years.
The program offers a multitude of advantages, which include:
No, you’re not required to be in Canada during that time. However, the program does require its accepted applicants to maintain active management of their project in Canada. Thus, after being approved, you might have to travel there to fulfill the management requirement. Also, as an applicant immigrating to Canada, you should show intent on using your work permit as a way of avoiding validation issues.
Earlier in the article, we provided a breakdown of the finances required when settling in Canada.
No proof is required for fund paths or sources. The only requirement is that you show there are sufficient funds per program requirements.
Qualification requirements are mentioned throughout the article.
The first phase (drafting your startup plan) takes up to two months.
The second phase (getting a letter of support) takes six to ten months.
The third phase (getting permanent residence) takes eight to twelve months.
Applicants are expected to express themselves comfortably in French, English, or both. They must demonstrate a minimum competency level by taking a test approved by Canadian authorities. Various centers around the world offer the required tests.
Yes. More information on that can be found in our blog section.
Canada has always been considered one of the best countries to launch a startup business. It offers a supportive startup structure, and the country is constantly attracting worldwide talent. In fact, the updated Global Startup Ecosystem Index ranks Canada as fourth, and its major cities are listed in the top 100 (Ottawa, Montreal, Vancouver, and Toronto).
Some of the world’s best universities are in Canada. Prominent institutions include the University of Waterloo, the University of British Columbia, McGill University, and the University of Toronto. Canada’s market can always expect large numbers of fresh skilled graduates each year, and many of them tend to prefer Canadian startups at the start of their careers. This means it’s easy for your company to find the talent it seeks.
Canada helps its startups by improving its educational structure. For example, business incubators are important contributors in multiple Canadian universities. Incubator programs are supported by the government, which benefit from the Scientific Research and Experimental Development Tax Credit. As a result, almost two-thirds of R&D (Research and Development) costs are considered refundable.
The help that entrepreneurs get from Canada’s government is one of the biggest reasons to launch a startup there. Canada’s government is a constant supporter of new businesses. It does so using incentives such as refunds, credits, and tax rebates. This gives new businesses a multitude of funding sources, including loans and grants. Plus, the government offers a Venture Capital Catalyst Initiative program, which supports all types of businesses.
Three of Canada’s cities rank in the top fifty in the Global Startup Ecosystem Index. They are as follows:
It ranks 26th globally, and is Canada’s top startup hub. Based on the Startup Ecosystem Report, Toronto’s ecosystem is valued at $17 billion (higher than the world average of $10.5 billion).
Toronto offers a skilled and well-educated workforce. It also offers multiple support routes for startup projects. Plus, it offers the Toronto-Waterloo corridor, which is North America’s 2nd largest technology hub. It hosts around 15,000 tech companies, with over 300,000 tech employees working there.
Like Toronto, Vancouver attracts global interest as a tech city. This is due to its AI and software development schools, which constantly produce new tech innovators and leaders. Vancouver’s ecosystem value is estimated to be $30.5 million.
Since 2018, Montreal has received venture capital funding of around $1.7 billion. This makes it an excellent hub for startups and entrepreneurs. It’s home to 30+ accelerators and incubators.
Montreal offers an ecosystem value of $8.7 million. The city excels in a multitude of sectors, which include fintech, cybersecurity, video games, and aerospace. It’s also reputed to be North America’s most affordable big city.
Are you an entrepreneur? Thinking about starting a business abroad?
If yes, Canada is the place to be. Its government is hosting a startup program designed to attract creative business minds from all countries. The program offers applicants the help and resources needed to make their projects successful. And as those businesses succeed, they contribute to Canada’s economy and create new jobs for Canadian citizens.
Plus, the program has a few perks - like permanent residency for all accepted applicants!
But you’re probably wondering how the Canada startup visa program works. There are FIVE steps you’ll need to go through. We’ll discuss each below.
This is the initial requirement. It’s also the most important, as it defines the feasibility of your business.
Designated entities are organizations qualified by Canada’s government to finance your business project.
There are three types of designated entities. They are accredited business incubators, domestic angel investment groups, and authorized venture capital funds. You’ll need one or more of the previous organizations to fund your startup.
You must present your project plans to those entities, and your goal is to convince them of the business’ feasibility. If an entity chooses to fund you, they’ll give you a support letter (demanded by Canadian authorities). Also, they’ll send the IRCC a Commitment Certificate which specifies the arrangement made between you and those entities.
The capital you need to secure for your project is based on the entity funding you:
Keep in mind that multiple investment entities may back your project. This is called a syndication, and in that case, the entities will send the IRCC a joint Commitment Certificate.
Canada’s startup visa program requires you to work and communicate in French, English, or both.
When handing your application to the IRCC, you’ll need to give them evidence of your language proficiency. That evidence usually involves passing a language test (that’s recognized by Canadian authorities).
Minimum language benchmarks are as follows:
The Canada startup visa program allows up to 5 owners per business. Each applicant should have 10% or more of the business’ voting power. Also, the applicants and their designated entities must jointly have 50% or more of the business’ voting rights.
Keep in mind that accepted applicants do not get financial support from the Canadian government. Thus, when you migrate there, you need to show authorities that you are able to support yourself and your family until your business starts to generate profit.
Funds required depend on the number of family members per applicant, which is as follows:
Applicants and their family members must go through a medical exam and security check to determine if they:
You’ll need an in-depth CV plus the initially required paperwork. Getting your documents together is the main goal of this step.
Your complete project plan should be given to the designated entities that you want funding your business. We’ve specified earlier the types of organizations that qualify as designated entities.
After receiving approval, a Commitment Certificate will be sent to the IRCC, and you will get a support letter.
Submit the required documents and support letter to receive a permanent residency permit.
Your application will be reviewed by Canada’s Department of State. They will decide if the application gets approved or is denied.
You’re still allowed Canadian permanent residency if your project fails. Canadian authorities understand that not all businesses succeed, and that there’s always a risk factor involved.
Also called the SUV, it gives business owners and their relatives permanent residency if they launch a qualifying startup in Canada. It lets migrating entrepreneurs apply with a business plan plus their personal info. After getting approved, applicants can then migrate to Canada.
Dependents include the primary applicant’s children and spouse. Children must be younger than 22 years.
The program offers a multitude of advantages, which include:
No, you’re not required to be in Canada during that time. However, the program does require its accepted applicants to maintain active management of their project in Canada. Thus, after being approved, you might have to travel there to fulfill the management requirement. Also, as an applicant immigrating to Canada, you should show intent on using your work permit as a way of avoiding validation issues.
Earlier in the article, we provided a breakdown of the finances required when settling in Canada.
No proof is required for fund paths or sources. The only requirement is that you show there are sufficient funds per program requirements.
Qualification requirements are mentioned throughout the article.
The first phase (drafting your startup plan) takes up to two months.
The second phase (getting a letter of support) takes six to ten months.
The third phase (getting permanent residence) takes eight to twelve months.
Applicants are expected to express themselves comfortably in French, English, or both. They must demonstrate a minimum competency level by taking a test approved by Canadian authorities. Various centers around the world offer the required tests.
Yes. More information on that can be found in our blog section.
Canada has always been considered one of the best countries to launch a startup business. It offers a supportive startup structure, and the country is constantly attracting worldwide talent. In fact, the updated Global Startup Ecosystem Index ranks Canada as fourth, and its major cities are listed in the top 100 (Ottawa, Montreal, Vancouver, and Toronto).
Some of the world’s best universities are in Canada. Prominent institutions include the University of Waterloo, the University of British Columbia, McGill University, and the University of Toronto. Canada’s market can always expect large numbers of fresh skilled graduates each year, and many of them tend to prefer Canadian startups at the start of their careers. This means it’s easy for your company to find the talent it seeks.
Canada helps its startups by improving its educational structure. For example, business incubators are important contributors in multiple Canadian universities. Incubator programs are supported by the government, which benefit from the Scientific Research and Experimental Development Tax Credit. As a result, almost two-thirds of R&D (Research and Development) costs are considered refundable.
The help that entrepreneurs get from Canada’s government is one of the biggest reasons to launch a startup there. Canada’s government is a constant supporter of new businesses. It does so using incentives such as refunds, credits, and tax rebates. This gives new businesses a multitude of funding sources, including loans and grants. Plus, the government offers a Venture Capital Catalyst Initiative program, which supports all types of businesses.
Three of Canada’s cities rank in the top fifty in the Global Startup Ecosystem Index. They are as follows:
It ranks 26th globally, and is Canada’s top startup hub. Based on the Startup Ecosystem Report, Toronto’s ecosystem is valued at $17 billion (higher than the world average of $10.5 billion).
Toronto offers a skilled and well-educated workforce. It also offers multiple support routes for startup projects. Plus, it offers the Toronto-Waterloo corridor, which is North America’s 2nd largest technology hub. It hosts around 15,000 tech companies, with over 300,000 tech employees working there.
Like Toronto, Vancouver attracts global interest as a tech city. This is due to its AI and software development schools, which constantly produce new tech innovators and leaders. Vancouver’s ecosystem value is estimated to be $30.5 million.
Since 2018, Montreal has received venture capital funding of around $1.7 billion. This makes it an excellent hub for startups and entrepreneurs. It’s home to 30+ accelerators and incubators.
Montreal offers an ecosystem value of $8.7 million. The city excels in a multitude of sectors, which include fintech, cybersecurity, video games, and aerospace. It’s also reputed to be North America’s most affordable big city.
