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Canada start-up visa setting up a business in Canada

Canada start-up visa setting up a business in Canada

According to CEO World Magazine, Canada is the third-most startup-friendly nation in the world. Canada is one of the finest places to live and work due to its ease of doing business, accessibility to resources, burgeoning economy, and livability.

And it's possible that many businesspeople throughout the world are interested in learning how to obtain Canadian residency through investing. A Canada business investment visa is the most preferred option. And for them, the Start-Up Visa would be the best option. You are welcome to bring your family along and support Canada's expansion abroad.

How Do I Apply for A Start-Up Visa In Canada?

Entrepreneurial applicants must fulfill a few crucial criteria before they can apply for a start-up visa:

1. Have a Qualifying Business 

To be eligible for a Start-Up Visa, you must meet a few basic requirements:

- You must own 10% or more of the voting rights for the company's shares in order to qualify. Five people can seek to become partners in the company, and each will have 10% of the voting power.

- The organizations and the applicants must hold more than 50% of the voting rights.

- Once your application has been approved, you must make sure that your company is incorporated in Canada and that the majority of its operations are conducted there as well.

- In essence, you require a company that actively promotes Canada's expansion.

2. Hire an RCIC 

The immigration procedure may be difficult. It is highly advised that you hire an RCIC since they will guide you through your trip. They will respond to your inquiries, offer advice, and guarantee that your paperwork is completed accurately and delivered on time.

Because the immigration process is expensive, a small error could have a big impact on your application's approval and your financial situation. You cannot go wrong by using the services of RCICs because they are devoted experts in Canadian immigration.

3: Possess an endorsement letter from a designated organization

For the Entrepreneur Visa, you must have the backing of a recognized Canadian investment agency or incubator. To get help, you can speak with one or more recognized institutions. You can acquire a letter of support if you are successful in persuading them. This Letter of Support must be included with your application.

You can contact three different kinds of agencies:

- funding for venture capital

- groupings of angel investors

- incubators for startups

Keep in mind that venture capital fund organizations and angel investors will require a minimum investment. Visit the Swis immigration website for Canada investment visas and more information about Canada’s investment program. to see a comprehensive list of authorized organizations.

Things to Think About

For approving starts, each agency or organization has its own set of standards and regulations.

- To learn how to seek their assistance, you must contact an organization.

- Entrepreneurs will need to persuade the agencies that their firm will succeed.

- You must submit business ideas and other paperwork.

- Keep in mind that venture capital fund organizations and angel investors will require a minimum investment. Visit the website for a complete list of recognized organizations.

Minimum Investment

The following are the minimum investments required for a Start-Up Visa:

- investors with at least CAD 75,000

- funding for venture capital: at least 200,000 CAD

- Incubators for businesses: No money is needed

- You must be incorporated into the incubator group in the case of business incubators.

4. Take a language test

Foreign business owners will have to demonstrate their proficiency in either French or English. You must pass specified language exams with a Canadian Language Benchmark (CLB) score of at least 5, which is comprised of the four skills of reading, writing, listening, and speaking.

The recognized examinations are:

- Program for Assessing English Language Proficiency in Canada (CELPIP) (English)

- International English Language Testing System (IELTS) (English)

- TEF Canada: Test of English Evaluation (French)

- TCF Canada: Test of French Knowledge

5. Present proof of funds

To prove you have the resources to maintain yourself and your family in Canada, you must produce proof of funds. Applicants will need to provide proof of additional finances for each member of their traveling family. What you will require in your bank account is as follows: In addition, you should have enough cash to live comfortably in Canada.

Quantity of Applicants and Funds

- $12,960 for a single candidate with one family member

- 2 people, $16,135

- 3 people $19,836

- 4 people $24,083

- 5 people $27,315

- 6 people $30,806

- 7 people $34,299

- $3,492 for each new member

6. Download Your Forms and Submit Them

A number of forms must be completed and delivered in hard copy to the IRCC's Centralized Intake Office in Sydney. To find out where to mail your application, check the address listed on the form. Canada business investment visa is another option for you to choose.

Further Documents

The following documentation is also required for each candidate and member of their family:

- outcomes of a medical checkup

- results of language tests

- Police clearance

7. Pay the fees 

The following fees must be paid together with your application:

- $1,000 application fee

- $490 is the right of permanent residence fee (RPRF).

- $550 plus $490 is the spouse's application fee (as RPRF)

- $150 for each dependent child

- Cost of biometrics

- third-party costs for police records and medical examinations

In order to prevent any complications, business owners can pay the fees online.

Once your application is approved, the IRCC will send you a letter with instructions on how to provide your biometrics. Within 30 days of the letter's date, you must go in person and submit your biometrics. The IRCC won't begin processing an application until it has received the required paperwork, payments, and supporting materials. For a business with partners, the IRCC must receive all partner applications before processing can begin. 

Startup Incubator of Canada

Entering a company incubator is one of the more exciting ways to begin the Startup Visa process. An organization that assists a startup in getting off the ground as soon and effectively as feasible is known as a business incubator. They offer a variety of services, including finance for startups, mentoring, and management training. You can opt for a Canadian investment program and a Canada business investment visa for your business immigration.

A startup visa application typically has to provide evidence that the company will be sustainable and lucrative in the long run. Additionally, they require financial support from either a venture capital fund (minimum investment of $200,000) or an angel investor club (minimum investment of $75,000.

Those that are accepted into a Canada Startup visa incubator do not need to provide proof of investment or funding. To be accepted, all that is required is a simple confirmation from the incubator that the application has been accepted into their program.

Application Method

A proposal can only be submitted to one of Canada's 30 recognized business incubators by interested candidates. So, conduct your study to determine which incubator is suitable for your project and skill set before submitting your application. Keep in mind that each program has a separate set of prerequisites. Canada business investment visa is the option for residency.

Your acceptance would almost certainly result in permanent residency. The duration of the visa's processing will range from 12 to 16 months. While their application is being reviewed, applicants who are now living in Canada may be eligible for a temporary work permit.

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