CANADA'S START-UP VISA PROGRAM: 

WHO CAN APPLY
By Harbir Singh | September 03, 2024 

Overview

If you are a foreign entrepreneur with the skills and knowledge to establish and actively manage an innovative business in Canada, this program might be the best option for you. There are several requirements that must be met to be eligible. Those includes things like:

-            Having a qualifying business

-            Obtaining a letter of support from a designated organization

-            Language Requirements

-            Showing enough settlement funds

Let’s go into further detail on each of these eligibility requirements below.

Have a qualifying business

There can be up to five applicants per business, applying for permanent residence. Each applicant needs to hold at least 10& of the total voting shares in the business. In total all applicants and the designated organization must hold in total more than 50% of the total voting rights in the business.

We will talk more about designated organizations below and what that entails.

Furthermore, if the applicant’s application is successful the business would need to be incorporated in Canada. Moreover, applicants are required to actively manage the ongoing operations of the business while inside Canada.

Letter of support from a designated organization

Applicant(s) are required to get a letter of support from an approved designated organization. A list of designated organizations can be found online. These include:

-            Business incubators.

-            Venture Capital Funds, and

-            Angel investors.

The designated organization is required to send a commitment certificate directly to the Immigration, Refugees and Citizenship Canada (IRCC). Applicant(s) are required include and submit the letter of support with their application, to the IRCC.

Language Requirements

As one can imagine, it can be vital to effectively communicate in English of French, to run a successful business in Canada. For that reason, there are language requirements. Applicant(s) are required obtain at least a Canadian Language Benchmark (CLB) 5 from an approved agency. The approved agencies for tests are:

English:

-            CELPIP General test,

-            IELTS General Training test, or

-            PTE Core test.

French:

-            TEF Canada, or

-            TCF Canada

Settlement Funds

Applicant(s) will need to prove they can support their stay in Canada, along with their family (if applicable). The funds that are required vary by family size. Currently, as of the last update on June 3, 2024, the funds (in Canadian) dollars, start at $14,690 for one person, and increase by a few thousand for each additional family member.

Contact BGK Global Immigration

If you are planning on going forward with an immigration application, ensure it is handled with care and expertise. At BGK Global Immigration, our goal is to use our expertise to help empower our clients in achieving their immigration goals with confidence and peace of mind.