If you’re an immigrant entrepreneur who wants to set up a business in Canada, you may be eligible for the Start-up Visa program. Here are some things you need to know about this immigration pathway.
The first thing you’ll need to do is find a designated angel investor group, business incubator or venture capital fund that’s willing to invest in your startup idea. These groups will then send a Letter of Support and Commitment Certificate to IRCC.
Processing Time
The processing time for a startup visa from IRCC depends on your country of origin, the status of your application, and the nature of your business project. You can apply for a Canada start-up visa if you’re a foreign national and want to set up a new business in Canada.
In order to qualify for this visa, you must have an idea for a business that could make money and have received support from at least one of the designated incubators, angel investor groups, or venture capital funds. These organisations will send you a letter of support and a completed Commitment Certificate that IRCC can use to assess your startup visa application.
IRCC is the government agency in charge of offering immigration programs and helping immigrants to become permanent residents of Canada. Previously known as CIC, it has rebranded itself to IRCC to focus on its immigration and humanitarian initiatives. The department also aims to improve its program delivery and processing times.
Requirements
A startup visa is an immigration program that provides a direct pathway to permanent residence for foreign entrepreneurs who can establish and run innovative Canadian businesses. It is an important component of the Government of Canada’s priorities for attracting innovation, investment and global skills.
Launched through Ministerial Instructions in April 2013, Start-Up Visa has been a five-year pilot program that has demonstrated success in attracting high-calibre entrepreneurs to Canada. It leverages partnerships with venture capital funds, business incubators and angel investor groups to identify promising entrepreneurs who can build high-growth companies in Canada that compete on a global scale.
In order to get a startup visa from IRCC, you need to demonstrate that you have a business idea and have support from one of the private sector organisations designated by IRCC. These designated organisations will provide you with a Letter of Support which details the commitment they are willing to make towards your business idea.
Once you have a Letter of Support, you need to submit your application to IRCC. You can use a paid representative to complete your application online on your behalf.
Fees
If you are planning to apply for a startup visa from IRCC, there are some fees involved. These fees include the processing fee and right of permanent residence fee for yourself and your dependents (if you have any).
There is also an immigration medical examination fee as well as a police criminal record report fee. These fees are due before you can be allowed to enter Canada.
As part of the application process for a startup visa, you must show proof that you have sufficient money to support yourself and your dependents in Canada. This amount, updated by the government every year, is based on your family size and where you plan to live.
Getting started with your business idea can be a challenge, but it is possible to secure the necessary funds for your startup through the Start-up Visa Program. Applicants who have successfully secured a commitment from one or more designated organizations will be issued a Commitment Certificate to include in their Start-up Visa application.
Assistance
The Immigration, Refugees and Citizenship of Canada (IRCC) offers a number of resources to help foreign nationals navigate the startup visa process. They can provide information about available programs, answer questions regarding permanent resident and citizenship applications, and offer general advice about how to best prepare for a Canadian visa.
However, they don’t encourage call centre agents to speak with applicants from outside Canada unless there is an issue with the application or it is taking a long time for them to complete it. This means that if you have any questions, you will need to get in touch with IRCC directly by email or online form.
To qualify for the startup visa, your business must have been accepted in an authorized business incubator and receive a letter of support from the designated organization. This letter must be attached to your permanent residency application.