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 which is required for eligibility.
Financial Resources – Applicants must have the economic stability and funding for their family’s needs.
English or French Language Proficiency – A minimum of a level 5 score is required 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 is required from 1 or more designated organizations located in Canada.
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 a deal is confirmed with an angel investor, the National Angel Capital Organization will form a review panel for your assessment.
This process ensures the deal was formed 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.
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