Canada Start-up Visa Program
The Canada Start-up Visa Program is an immigration pathway specifically designed for foreign entrepreneurs who aim to establish startup businesses in Canada. This program enables immigrant entrepreneurs to obtain permanent residency by contributing to the Canadian economy through innovative business ventures.
With so much global talent, the Start-up Visa Program is a way to draw creative and innovative entrepreneurs to Canada to foster economic growth, generate new projects, and bolster the national economy.
Advantages of the Start-Up Visa Program
The Canada Start-up Visa Program offers many advantages to participants. There is no minimum investment requirement, and all entrepreneurs will secure financial support for their ventures before establishing their businesses. Canada offers a supportive environment for start-up ventures, including a robust ecosystem of venture capital funds, incubators, and angel investors.
Once approved for the program, participants can immigrate to Canada and receive permanent residency. Their dependent family members will also receive permanent residency. Residents of Canada can benefit from the excellent national healthcare, education, and social services. Participants can tap into a diverse and highly skilled workforce that encourages collaboration and growth.
Eligibility and Requirements
To participate in the Canada Start-up Visa Program, all applicants must meet the criteria and requirements. To be eligible for the Program, all applicants must have a qualifying business, get a Letter of Support from a designated organization, meet the language requirements, and be financially secure enough to settle in Canada. In addition, applicants must prove that they intend to commit to settling in Canada.
More specifically, applicants must have a business idea that is innovative, scalable and has the potential to create jobs in Canada. The business must be part of a qualifying industry that can contribute to Canada’s economy. Applicants must secure a Letter of Support from a designated organization. These organizations can be venture capital funds, angel investor groups, or business incubators in Canada.
Applicants for the Start-up Visa Program must also demonstrate proficiency in English or French. This requirement is typically assessed through standardized language tests like IELTS for English or TEF for French.
Participants must have enough funds to financially support themselves and their families for their stay in Canada. Financial requirements will vary depending on the number of dependents. All participants and dependents must undergo security and medical evaluations before arriving.
What is a Designated Entity for the Start-Up Visa Program?
A designated entity in the context of the Start-Up Visa Program is the organization that will support the immigrant entrepreneur’s venture. The designated entity is typically a business group approved to invest in the start-up.
Entrepreneurs must contact their target designated entities to pitch their business plan. If the venture is approved, the designated entity will issue a Letter of Support. Each entity will have a different process for pitching start-up ideas, so entrepreneurs must contact the entity directly for this information. Entrepreneurs may be asked to submit a business plan or make a presentation.
Once an agreement is reached between the entrepreneur and the designated entity, the latter will provide a Letter of Support. The Letter is a necessary part of the Start-up Visa application and is proof of financial backing from a credible enterprise. They will also issue a commitment certificate directly to the relevant authorities in the Canadian government. These two elements are necessary for the application to be processed.
Designated entities typically include the following types of organizations:
Applicants can secure a minimum investment of $200,000 from one of the many venture capital groups in Canada such as 7 Gate Ventures, BCF Ventures, INP Capital, Lumira Ventures, or Real Ventures.
Entrepreneurs might seek an investment from an angel investor group such as Canadian International Angel Investors, Ekagrata Inc., Golden Triangle Angel Network, Keiretsu Forum Canada, Oak Mason Investments Inc., or TenX Angel Investors Inc. They must agree to invest a minimum of $75,000 in the start-up venture.
If seeking funding from a business incubator, the applicant must be accepted into an available program. Business incubator programs in Canada include Alacrity Foundation, Food Processing Development Centre, Empowered Startups Ltd., ISM Arts & Culture Ltd, North Forge East Ltd., Treefrog, Waterloo Accelerator Centre, among many others.
These designated entities have business acumen and know how to support start-ups in the early stages of their development. Applicants can reach out to these entities by email and inquire about the pitch process for start-ups.
Document Checklist
Since October 2022, the application process for the Start-up Visa program has been entirely online. The following supporting documents must be uploaded as part of the Canada Start-up Visa Program application process:
Applications must be complete and electronically signed. Applicants must include their processing fee receipt and ensure that all supporting documents have been uploaded properly. Business partners or team members must each submit their own application. If multiple individuals apply for permanent residence as partners in a qualifying business, all applications must be received before the Canadian authorities can process them.
Application Process
To apply for the Canada Start-up Visa Program, applicants can take the following steps:
1
Secure support from a designated entity
Entrepreneurs must secure a Letter of Support and a Certificate of Commitment from a designated entity.
2
Complete the visa application
Applications must be completed online. All forms should be completed digitally or signed and uploaded.
3
Upload supporting documents
Applicants must complete all required documentation, including language test results, and upload their recent photo.
4
Pay the processing fees
- The application fees typically include processing fees, third-party fees, biometric fees, and the Right of Permanent Residence Fee (RPRF).
- Visa fees can be paid online using a valid credit card, debit MasterCard, or Visa debit card.
5
Give biometrics
Applicants must give their biometrics after submitting the application. Biometrics usually include fingerprints and a photograph.
6
Provide police and medical certificates
For the application to be processed, applicants must submit police clearance and medical examination certificates.
7
Receive a decision
Once all steps are completed, the application will be processed, and the applicant will receive a decision.
To obtain a commitment from a designated entity, entrepreneurs must identify which organizations they want to contact. From there, they must contact the designated entity and ask about their pitch process. To secure a commitment, they should follow the pitch procedure as stipulated by the entity.
Designated organizations that can support a Start-up Visa applicant include organizations with the expertise to determine the quality and value of a venture. This includes venture capital funds, angel investor groups, or business incubators.
Developing Your Business Plan
A comprehensive business plan is vital for the Canadian Startup Visa Program as the preliminary evidence of the venture’s unique innovation and viability. It serves as a roadmap and a proposal that can be used to pitch the start-up to designated entities. The business plan must show that the start-up has the potential to succeed, create jobs, and contribute to Canada’s economy.
To meet the Start-up Visa Program criteria, the business plan should include certain elements. First, it should have an executive summary demonstrating clear market research, a strong business model, financial projections showing growth, and clear funding needs. The plan should include an operational structure, significant milestones and timelines, and risk mitigation strategies.
If done correctly, the business plan will support the Start-up Visa Program application and attract the right designated organization to fund and support the start-up’s establishment and growth.
Processing Time and Considerations
The typical processing time for Start-Up Visa applications is subject to change. The current average processing time is 37 months. Processing times are influenced by several variables, including the complexity of the application and its completeness. High volumes of applications during periods of high demand may lead to longer processing times.
An incomplete application, inaccuracies, or missing documents may lead to delays while the relevant authorities wait to receive the necessary information. To ensure the swiftness of application processing, applicants must carefully check their application is complete and all requirements are met.
How We Can Assist You
CanadaImmigration.org offers a complete range of services to guide applicants through the Start-up Visa application process. Our dedicated team of immigration experts serves as a trusted partner, providing guidance to navigate the intricacies of the Canadian Startup Program. We support applicants in every step of the process, ensuring our clients understand their responsibilities as applicants and feel confident submitting their applications.
Our services include thorough evaluations to confirm the applicant’s eligibility, taking into account the unique criteria of the Start-up Program. We also provide personalized guidance on the documentation needed for a successful submission, ensuring compliance with program requirements.
We specialize in comprehensive assistance to develop robust business plans, a critical component for success in the Start-up Program. Our team also leverages their in-depth knowledge of the designated entity process within the Start-up Visa Program to guide applicants in connecting with designated entities. We also facilitate the pitching of the business plan and supporting applicants through the process, including the crucial issuance of the Letter of Support.
We offer continued support, beyond the initial application process, for obtaining permanent residency and Canadian citizenship, providing a seamless transition for all our clients’ long-term goals.
Path to Permanent Residency
The Start-up Visa Program offers a route for entrepreneurs to gain permanent residency in Canada. Entrepreneurs must first secure a Letter of Support from a designated organization, endorsing their business idea. To qualify, they need to pitch their innovative start-up, meet language requirements, and have sufficient funds to settle in Canada. Once these requirements are met, the entrepreneur can proceed with the application, which includes submitting necessary documents, such as medical and security clearances, and paying any relevant fees. The application is then reviewed by Canadian immigration authorities.
Upon approval, a permanent resident visa is issued, including the Confirmation of Permanent Residence (COPR) and an entry visa. It’s essential for applicants to verify the information on the COPR and report any errors immediately. When arriving in Canada, entrepreneurs must carry their permanent resident visa, the COPR, and the entry visa.
Naturalization and Canadian Citizenship
By meeting certain requirements, permanent residents under the Start-up Visa Program can apply for Canadian citizenship. During the five years of permanent residency, entrepreneurs and their dependents must reside in Canada for at least three (3) years (1,095 days). During this period, they must fulfill their resident obligations, including adhering to national and local laws, filing taxes, and meeting business requirements.
After a period of five (5) years, Start-up Visa holders can apply to become a Canadian citizen. Applicants must demonstrate language proficiency in English or French and pass a knowledge test on Canada’s history, values, and institutions. Some applicants may need to file income tax during the three (3) qualifying years for citizenship.
The naturalization process involves completing an application, submitting the required documents, taking the citizenship test, attending an interview, and participating in a ceremony where the Oath of Citizenship is taken. Once these steps are complete, the entrepreneur and their dependents can settle in Canada as citizens.
What Is the Difference Between the Federal Start-Up Visa and the Quebec Entrepreneur Program?
The Federal Start-Up Visa and Quebec Entrepreneur Program are two different ways entrepreneurs can obtain permanent residency in Canada. There are fundamental differences between the eligibility criteria, application process, and regional variations of the two programs.
The Federal Start-Up Visa is a nationwide program, while the Quebec Entrepreneur Program is specific to the province of Quebec. Entrepreneur applicants for the Canada Start-up Visa Program must secure a Letter of Support from a designated entity, meet the language requirements, and have an innovative business plan prepared. In contrast, the Quebec Entrepreneur Program is province-specific, and applicants must demonstrate business experience, adequate financial resources, and commit to establishing their business in Quebec.
FAQ
Designated entities play an important role in supporting and vouching for new ventures. They assess the applicants’ business plans, provide Letters of Support, and guide immigrant entrepreneurs through Canada’s business ecosystem. Designated entities can include government-approved venture capital funds, angel investor groups, or business incubators.
No, the program is designed for foreign entrepreneurs with innovative business ideas who do not have a business established in Canada. It’s intended to support the development of new, innovative ventures led by talent from abroad.
Unlike other similar programs, the Start-Up Visa Program does not have a minimum investment requirement. Instead, it focuses on the potential for innovation and economic growth. However, all applicants require a Letter of Support from a designated entity that will assess the proposal’s viability. If they determine that it will not generate the required jobs and economic growth expected of a start-up, they may not grant the Letter. Therefore, the entrepreneur will not be eligible to apply for the Start-up Visa.
Processing times can vary based on factors like application volume and the complexity of the individual case. Currently, the processing time is averaged at 37 months. Applicants are advised to check the official website for the latest information.