The Start-Up Visa business immigration stream is a relatively new but very successful business immigration program targeting entrepreneurs who want to come to Canada and start their own business.
Designed to attract dynamic entrepreneurs around the world who will build competitive businesses that create jobs for Canadians, the program fast-tracks qualified applicants. The goal is to get successful applicants into Canada within weeks.
Support of Designated Canadian Investors
To qualify, you must meet a minimum language requirement, demonstrate that you have enough money to settle and support yourself in Canada and, most importantly, show that your start up business has the support of a designated Canadian investors.
These investors must be part of the group identified by the Canadian government as permitted to participate in the Entrepreneur Startup Visa program. They include Canadian venture funds, angel investor groups or business incubators. Find designated angel investor groups and/or venture capital funds here.
You may request and receive support from multiple investors. Once you receive this support, you must prepare and provide Immigration Refugees and Citizenship Canada (IRCC) with a Commitment Certificate and a Letter of Support.
Business Requirements For Start-Ups
The business you are proposing to create must meet several conditions.
During the process that you are applying for letters of support and investment commitment from investors:
- Each applicant must hold 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners), and
- Applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time.
After this initial application and when you receive your permanent residence, you must:
- Provide active and ongoing management of this business from within Canada;
- Conduct an essential part of the operations of the business in Canada; and,
- Incorporate the business in Canada.
There are several additional requirements and stages to this process. Our business immigration lawyers have considerable experience in successfully guiding clients through the application process. In addition to ensuring your application packages put the case forward, we can connect you with Canadian business consultants and advisors who can work with you to help your start-up business idea qualify for the required funding.
Think the Start-Up Visa program may be right for you? Let’s get the process started.
