Canada’s Start-up visa continues to grow
More immigrant entrepreneurs are coming to Canada through the Start-up Visa program and the benefits are spreading growth and opportunity to middle-class families across the country.
As of May 2nd, 2015, 51 entrepreneurs had become permanent residents of Canada through the program, representing 26 start-ups that have launched or will be launching in communities across Canada, Including Sydney, Halifax, Fredericton, Toronto, Mississauga, Waterloo, Thunder Bay, Calgary, Whistler, Vancouver and Victoria.
The start-up visa started slowly but has steadily picked up stream explains Parliamentary Secretary of the Minister of Immigration, Refugees and Citizenship.
Every start-up that is established here has the potential to provide jobs and economic opportunity for Canadians, contributing to our country`s growth and diversity.
The start-up visa Program is drawing successful applicants from diverse range of countries, including, Australia, China, Costa Rica, Egypt, India, Iran, South Africa and Uruguay, and across a number of industries, including technology, food product, manufacturing, education, medical research, banking, human resources and advertising.
This five-year pilot program allows entrepreneurs who have the support of designated Canadian entity to apply for permanent residence as they establish their company in Canada.
Demand for this program is growing, with more than 50 additional permanent resident applications still in process from entrepreneurs from around the world who have the support of designated Canadian Venture Capital Fund, Angel Investor Group or business incubator to launch their start-ups in Canada.
Canada`s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build innovative businesses in Canada that can create jobs for Canadians and compete on a global scale.
Eligibility to apply for Canada`s Start-up Visa Program:
Prove your business is supported by a designated organization;
Show that your business meets the ownership requirements;
Meet the language requirements;
Bring sufficient settlement funds;
Before you can apply for a Start-up Visa, you must have the support of a designated organization. If a designated organization decides to support your business, it will provide you with a Letter of support. You must include the Letter of Support with your application.
If you do not include the letter or do not meet any of the eligibility requirements, your application will be refused.
Up to five people can apply for a Start-up Visa as owners of a single business. However, to meet the ownership requirements.
Each must hold at least 10% of the voting rights in the business, and the designated organization and the applicants must jointly hold more than 50% of the voting rights in the business.
The ability to communicate and work in English, French or both will help your business succeed in Canada. You must take a language test from an agency approved by CIC and include the test results with your application for your application to be processed.
You must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all of the 4 areas: Speaking, Reading, Listening, and writing. If you do not meet the language requirements your application will be refused.
The Government of Canada does not provide financial support to new Start-up Visa Immigrants. You must show that you have enough money to support yourself and your dependents after you arrive in Canada. You cannot borrow this money from another person.
You will need to provide proof that you have the money when you submit your application. The amount you will need depends on the size of your family.
The minimum investment that you would need to apply for a start-up Visa is you must secure a minimum investment of $200,000.00 if the investment comes from a designated Canadian Venture Capital Fund.
Or you must secure a minimum investment of $75,000.00 if the investment comes from a designated Canadian angel investor group. You do not need to secure any investment from a business incubator.
However, you must be accepted into a Canadian Business incubator program. From IRCC web site
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