The Start-up visa program was launched in 2013 with the objective to recruit foreign national entrepreneurs who:
- Have an innovative business idea (qualifying business)
- Are able to get funding and support from a designated Canadian investment organization,
- Can create new jobs and contribute to economic growth.
- Meet the language requirements
- Can Bring enough money to settle
- Pass Canadian security and medical clearances
Start-Up visa Program grants work permits and permanent residence to qualified immigrant entrepreneurs and their families with in a period of one year.
Eligibility Criteria -work permit
- Applicant must have a letter of support and commitment certificate from a designated funding entity
- Applicant must possess the required amount of funds to support the family for one year.
Eligibility Criteria -permanent residence
- Applicants must be actively involved in the day to day management of the business.
- The business operation , or an essential part the same,must take place in Canada; and
- The business must be incorporated in Canada.
Up to five foreign nationals may apply for permanent residence as part of the same business venture under the Start-Up Visa Program. Canada’s Start-Up Visa program is not offered to those who intend to reside in the province of Quebec
Program links the Successful candidates with designated investment organizations in Canada, where they can receive funding, guidance and expertise in opening and operating their enterprise in Canada.
Government-designated entities include
- Angel investor group
- Venture capital fund
- Business incubator
The government designated entity determines the viability of the applicant’s proposed business idea and present an approved plan along with a Certificate of Commitment to Canadian immigration authorities.
The required commitment from a designated entity must meet the following criteria:
- A designated angel investor group must confirm and commit an investment of at least $75,000 CAD into the qualifying business, or two or more commitments from designated angel investor groups totaling $75,000 CAD; OR
- A designated venture capital fund must confirm that it is investing at least $200,000 CAD into the qualifying business or two or more commitments from designated venture capital funds totaling $200,000 CAD; OR
- A designated business incubator must confirm that it is accepting the applicant into its business incubator Program.
Applicants who have secured a Commitment Certificate from a designated entity, and who wish to begin working in the business during the processing of their permanent residence application may apply for a short term work permit on the basis of their Commitment Certificate if the designated entity supports such a request.