Federal Start-Up Visas
What is Canada Federal Start-up Visa?
With a Canada Start-up Visa program, foreign nationals and businesses can migrate and settle in Canada. As a matter of fact, Canada Federal start-up visa has become a key way to obtain Permanent Residency status for expanding the business.
Eligibility of Canada Start-up Visa Program
Qualifying Business – Applicant must hold a minimum of 10% of the voting rights in the company.
Letter of support from Designated Organizations –Designated Organizations must issue the letter of support or commitment. This certain makes you eligible for the program.
Financial Resources – Applicants must have the economic stability and funding for their family’s needs.
English or French Language Proficiency – The applicant needs a minimum of a level 5 score in the approved language proficiency test in order to qualify for the Start-Up visa program.
Designated Organizations for Start-Up Visa Program
A letter of support or commitment from 1 or more designated organizations located in Canada is indeed mandatory.
After receiving the letter, applicants must have a Canadian Angel Investor investing a minimum of $75,000 in your business.
Else, applicants can also go to a Canadian venture capital fund controlled by the government to get $200,000.
Peer Review Process for Start-Up Visa Program
Peer Reviews are responsible for evaluating the deals between investors and designated organizations in Canada. When you indeed confirm a deal with an angel investor, the National Angel Capital Organization will form a review panel for your assessment.
This process ensures to form the deal in accordance with the industry standards.
Start-Up Visa for Canadian Investors
With this visa program, investors from Canada are allowed to help foreign investors in setting up the new business.
The application to be qualified as a designated organization is required to be submitted to the IRCC.
Start-Up Visa Processing time
The overall processing time to acquire a PR under Start-Up Visa ranges between 12 and 16 months. However, the time period differs depending on the current condition.