Through the start-up visa program, aspiring entrepreneurs can immigrate to the country along with their families and may set up a new business. Since its launch in 2013, the start-up visa program has granted admission to several eligible candidates and through the years there has been a steep rise in the number of admissions, as depicted in the graph below:

The positive prediction is evident from this graph for investors in the Canadian economy. While many applicants may not have had the opportunity to study in Canada, we offer them an alternative as a business/ investor immigration option. This wonderful venture provides small businesses in other countries to make a mark in culturally versatile and socially diverse environment, spurring not only their growth but also the growth of their community. This double ended benefit program has thus made it popular for entrepreneurs and business owners all over the world.

To qualify for start-up visa, an applicant must meet several requirements. The four major requirements are outlined below:

• The applicants must have an existing business that qualifies under the program

For a business to be considered qualifying, an applicant must have at least 10 percent of the voting rights for all attached shares of the corporation. Up to five individuals can apply together as owners of an establishment. The applicants and the designated organization must hold more than 50 percent of the voting rights jointly. The applicants must also ensure that all essential activities of the business take place in Canada.

• They must secure the commitment of a designated organization in Canada

The designated organizations fall under 3 categories:

1. Designated angel investor group (must agree to invest a minimum of $75,000)

2. Designated venture capital funds (minimum investment of $200,000)

3. Designated business incubators (applicant must be accepted in any of the programs; financial investment is not required)

The candidate must secure a commitment through any of the above-mentioned designated organizations before applying for a start-up visa. A letter of support from the organization must be included in the application. These letters of support are valid up to 6 months from the date they are issued.

• Language proficiency:

The candidate must prove their ability in either English or French by passing any of the approved language tests with a score of CLB 5 or higher. The approved tests are IELTS/CELPIP in English and TEF/TCF in French.

• Proof of funds:

Applicants must have sufficient financial backing to support settlement of themselves and their family members in Canada. The IRCC specified guidelines for minimum necessary funds are outlined below:

If a candidate meets all the above requirements, then he may apply for the start-up visa. In addition to the four major requirements, the applicant must also produce supporting documentation like medical checks/ police certificates to ensure their admissibility.

The application for super-visa must be submitted by post with all the supporting documents enclosed in one single envelope. The processing time for start-up visa is around 12-16 months and the applicants may apply for a temporary work permit meanwhile to help them start off their business.

If the application is approved, then the principal applicant and their family members will receive permanent resident status in Canada.

The self-employed persons program is meant for candidates who have relevant experience in cultural activities or athletics. For a candidate to qualify in the self-employed persons program, they must showcase relevant experience for a period of at least 2 years and must be within 5 years of the date they submit their application. Candidates with more than 2 years of experience will receive higher scores. The minimum requirements for the program include:
For cultural activities:

• 2 one-year periods of self-employment in cultural activities
• 2 one-year periods of participation in world-level cultural activities
• A combination of both – each for a period of one-year

For athletics:

• 2 one-year periods of self-employment in athletics
• 2 one-year periods of participation in world-class athletic events
• A combination of both for 2 one-year periods

The selection criteria depends on the individual’s experience, education, age, linguistic skills and adaptability.

How to apply?

Once the application is submitted, it will be reviewed for all necessary information. Incomplete applications will be sent back to the applicant. If the application is complete, the candidate will receive a letter demanding their fingerprints for biometrics, medical checkup and police certificates. Candidates who qualify will then receive their permanent resident visa, which includes a confirmation of permanent residency (COPR) and entry visa.

How long does it take?

Since the application process is done manually via post, the processing time is longer for the self-employed persons program and may take up to 22 months from the date of submission.

Several provinces in Canada can nominate an individual for immigration depending on the economic needs (PNP programs). The PNP programs also include business immigration categories for candidates who wish to set up their businesses or invest in the same province.

The minimum investment and net worth requirement varies from province to province and the applicant must submit a suitable business plan to qualify. The required work experience in business management also varies per province and the candidate must carry out detailed research to ensure their eligibility. The candidates must refer the Immigration, Refugees and Citizenship Canada (IRCC) website to obtain information on the latest cut-off details and other requirements for each province.

Conclusion:

Business ventures are a lucrative option in Canada as the Canadian government actively encourages avenues that can bring about a positive social, cultural and economic impact. Considering the vast scope and expectations of the business immigration program, it is inevitable that the processing of applications takes a longer time. However, we advise our patrons to not fret but continue working on the shift and settlement as our team takes care of the rest of the business, no pun intended!

To learn more about the eligibility of your business, contact our experts for a free consultation.