Top Facts About Canada Startup Visa

Canada welcomes entrepreneurs with brilliant-innovative ideas. The government introduced the Canada startup visa to attract such people to the country. Don’t worry if you have a business idea but don’t have enough funds. The officials created a system to provide enough funds for you. You can also bring your family as well.

In this blog, we will explain what a Canada startup visa is, who is eligible for it, the importance of designated organization, requirements, application, FAQs, and more.

 

What is a Canada start Up visa?

A Canada startup visa is a way for foreign investors and entrepreneurs to move to the country. The government welcomes such people with open arms. If you want to apply for a startup visa, you should know how the program works.

 

How Does Canada Startup Visa Work?

To apply for a Canada startup visa, you need assistance from a Canadian Venture capital fund, Angel investor group, or Business incubator (from now on, we call them VABs). The VABs have the authorization to support foreign investors for Canada startup visa. The VAB must be enthusiastic about putting money into your business. The Canadian government must have designated the VAB you choose.

So, the first requirement is to get support from a designated VAB. The point to remember is that VABs have a different procedure to do this. You need to research the way they perform. Please note that a few of them only invest in particular fields. They have complete information on their website.

When you receive support from one of VABs, they issue a letter of support. VABs send a Commitment Certificate to IRCC.

Investors can also receive assistance from multiple organizations. They also get called syndication. If this is true, all the syndication supporting you will send a united letter to IRCC.

When you hold the letter of support, you can apply for a Canada startup visa. However, you must comply with the other requirements. Applying for a startup visa without a letter of support is impossible.

To continue applying for a Canada startup visa, you must be eligible.

 

Who is Eligible for a Canada Startup Visa?

The eligibility criteria for a Canada startup visa is as follows:

1. Hold qualifying business

The first requirement for a Canada Startup Visa is to have support from a VAB. As we mentioned above, the IRCC must verify the VAB. The VAB grants you a letter of support and sends IRCC a Commitment Certificate. Without a letter of Support, you can not apply for a startup visa.

The requirement for each VAB is as follows:

Venture capital funds

You must get acceptance from a Venture capital funds to invest at least C $200,000 in your business.

Angel investor groups

Applicants have to get acceptance from one of Angel investor groups

to invest at least C$75,000 in their business.

Business incubators

You have to just get accepted by one of the business incubators. The least required amount is not necessary.

Please note that the IRCC must designate the VAB.

2. Proof to be proficient in English/French

You must be proficient in both or one of Canada’s official languages; English or French. To prove your language proficiency, you must take a test approved by the Canadian government:

English

  • IELTS (General test)
  • CELPIP (General test)

French

  • TEF
  • TCF

 

Taking a language test will not merely suffice. You need to use the Canadian Language Benchmark to achieve level 5 in:

  1. Writing
  2. Reading
  3. Speaking
  4. Listening

3. Proof of ownership

The business you want to start in Canada must fulfill a few requirements. In the startup program, up to five people can own a business. Each one of them must possess at least 10% of the voting right. The candidates and the designated company must own more than 50% of the voting right in the business.

4. Have enough funds to settle in Canada

You must own enough money to cover your expenses in Canada upon arrival. If your family accompanies you, you have to support them as well. The least required amount depends on the number of families. To know the least required fund, you can see the table below:

Number of family members  Required funds 
1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299

Please remember when you enter Canada, you need to make a declaration. If you are carrying precious things (jewelry, gold, a lot of cash, etc.) you must declare it to the authorities. You must tell them. If you carry more than C$10,000 or precious things, you have to inform the officials. If not, you will get fined, and your property would get seized.

 

Application Process for Canada startup visa

The application process for a Canada startup visa is as follows:

1. Complete the application

In the first step, you have to complete the application form for a startup visa. Please be careful while you complete it. The information you put must be the same as your documents. When completed, print, date, and sign it.

2. Gather requirements

The requirements for a Canada startup visa are as follows:

A. Passport

It must be valid for at least six months over the date you will leave Canada. It must also have been issued in the past ten years.

B. Photo

You should provide two passport size photos. It must have been taken in the past three months, not older. They must be according to the photo requirement set by the government.

C. Proof to have enough funds

You must state that you have enough money to cover your expenses in Canada. The amount depends on the number of family members. You can see the list in the above parts.

D. Civil status proof

It includes:

  • Birth certificates.
  • National identity cards.
  • Marriage certificates.
  • Divorce/annulment certificates.

If your children are with you, you have to provide their documents as well.

E. Previous passport

If you have had another passport, you should provide them as well. It could improve your chance of getting a visa.

F. Travel itinerary

You should provide the complete plan for your trip, places you will visit, people you will meet.

G. Police record

You must provide a clean record certificate from the Police station in your home country.

H. Medical certificate

You should prove through a medical exam that you are in good health conditions.

I. Proof to be proficient in English or French

You can take one of the tests we mentioned above in English or French.

G. Clean record certificate

You must provide a clean record certificate from the police in your home country. It shows you have not done any criminal activity. If you have lived in other countries for six months (plus), you must provide another certificate.

K. Receipt of paid processing fees

You also have to pay the fee for processing your application. Don’t forget to attach the receipt to the supporting documents.

Please remember that the Canadian authorities might ask for more documents. It depends on your case and the country you apply from.

L. Biometric

In most cases, you have to provide your Biometrics for a Canada startup visa. The authorities will inform you when and where to submit them.

Note:

You must have your documents translated into English or French.

3. Sending requirements

When you gather all the requirements and forms, you should send them to Canada.

Where to apply for a Canada startup visa?

Once you gathered all the supporting documents, you have to mail them by post or courier to the following address:

 

Immigration, Refugees and Citizenship Canada

Centralized Intake Office – Start-Up Business Class

P.O. BOX 8700

Sydney, NS B1P 0G2

Canada

 

How Much Do You Need to Invest In Canada?

The required amount for a Canada startup visa depends on the organization you appeal to. The least required amount for each one is different, as follows:

Venture capital funds

You must get acceptance from a Venture capital fund to invest at least C $200,000 in your business.

Angel investor groups

Applicants have to get acceptance from one of Angel investor groups

to invest at least C$75,000 in their business.

Business incubators

You have to just get accepted by one of the business incubators. The least required amount is not necessary.

Please note that the IRCC must designate the VAB.

 

Canada startup visa Fees

Canada startup visa costs you as follows:

Application processing C$1,575.
Permanent residence  $500.
Spouse  $825
Permanent Residence for a spouse  C$500
Dependent child C$225.

 

How Long Does it Take to Receive a Canada Startup visa?

The required time for processing the Canada startup visa is from 12 to 16 months. However, you can also apply for a Canada temporary work visa to work in the country. You can work and wait for the processing of a startup visa.

Let’s sum up…

In this blog, we explained all you need to know about a Canada startup visa.

We have covered who is eligible for a startup visa, designated organization, and their importance, requirements, processing, FAQs, and more.

To find out more about the visa that suits you, go through the menu of the site. You can find all the types of Canada visas at the left sidebar.

You can check Visa Library to find more information about other countries’ visas.

In case you have some experience, please write it down in the comment section. Your comments let the readers choose better and avoid mistakes. Conveying your experiences as comments is a great help for applicants.