Canada Startup Visa
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What you should know about Canada Start Up Visa Program?
This is an option under Canada Business Migration that can be looked at for any one wanting to set up an innovative business idea in Canada through a designated business organization who is ready to sponsor.
You will be assessed on a number of criteria. You will need to pass in all the four main areas in order to be considered for a Startup visa accelerator approval and visa application. These include the following:
Designated Business Organizations (DBO)
The Startup Visa program has appointed designated organisations which are “Angel Investors” “Venture Capitalists and “Business Incubators” who will grill you and your business plan and if they approve then consider your business proposal. These approved organizations include designated business incubators, designated Canadian angel investment groups, and designated Canadian venture funds. Visa Emperor can help you with selecting the best organization for your needs. To pass, you will need to come up with a proposal which can be accepted by one of these groups.
Please note, you will need to secure a minimum investment of $200.000 CAD, if you are using a secured a Canadian venture fund. You can receive a minimum vestment of $75,000 CAD from a designated angel investment group. In the case of a designated incubator, you may not need to secure a loan, but you will have to follow any program they lay out for your or your group.
What are the Ownership Requirements for Canada Startup Visa?
Five different people can apply for this visa together, if they are joint owners in a business. Each applicant should have 10% voting rights, as a minimum, in part ownership. The overall total ownership of the business by any applicant or applicants, should be 50% or more of any voting rights within that business.
What is the Language Requirement for Canada Startup Visa?
You will need to have achieved Canadian Language Benchmark 5, in either English or French. This covers speaking, reading writing and listening. You will need to take courses and examinations that are approved of by the Immigration, Refugees and Citizens of Canada(IRCC). Visa Emperor will gladly help you with this.
What are the Funds Requirements (Show money) for Canada Startup Visa?
You will need to show that you have enough money to support yourself and your family when you arrive in Canada. This ranges, at present, from CAD$12,960 a year for one individual up to CAD$34,299 for 7 family members and additional CAD$3,492 for each additional family member.
Important General Information when you Fly to Canada
This applies to every visa application involving the transfer of money. If you bring more than $10,000 CAD into Canada, you need to notify the Canadian authorities first, and explain why you need to move this amount of money across the border. If not, your money could be taken from you and you may be fined. This includes cash, bonds, securities, traveler’s checks and banker’s drafts etc.
What will you get from a Canada Startup Visa?
If you and/or business partners pass these four main criteria then you can move onto an immigration program that will give you and any family remembers, the right to stay in Canada permanently. This will be done through the IRCC, and Visa Emperor will help you in every way with this. Simply book your consultation with one of our business migration and startup visa expert to get your desired outcome.
Please note that as a compulsion applicant will be clearing medical check, police check and security checks. If a letter of Support was needed by the organization supporting your investment, this will need an independent peer review to confirm that due diligence has taken place and the designated organisation provides support letter to the client with an approved application.
Canada govt does not provide monetory support to new start-up visa migrants.
When applied for a start up visa, you will be asked to give proof that you have enough money to support you and your immediate family while you will be in Canada. It is important to know that you cannot take this money from another person or on loan.
Final amount to show depends on the size of your family. The latest updated amounts are given below.
|Your Family Members||You Require Funds|
|1 (Only you, single)||CAD$12,960|
|2 (You and spouse)||CAD$16,135|
|3 (adding first child)||CAD$19,836|
|4(adding second child)||CAD$24,083|
|5(adding third child)||CAD$27,315|
|6(adding fourth child)||CAD$30,806|
|7(adding fifth child)||CAD$34,299|
|For each additional family member||$3,492|