Eligibility Requirements for the Canadian Immigration Start-Up Visa
- Letter of Support and Commitment Certificate
Applicants must have received a letter of support from a designated investor organization. In order to receive a letter of support, the applicant must convince a designated venture capital fund or angel investor group to invest in his or her proposed business. The investor organization will also have to provide a Commitment Certificate directly to Citizenship and Immigration Canada, summarizing the details of the commitment made with the applicant.
- Investment Requirement
Applicants must secure an investment from a designated venture capital fund, angel investor or a business incubator. Applicants are not required to invest any of their own money for this Canadian immigration program.
- Language Requirement
The applicant must be able to communicate and work in English or French. Applicants must provide language test results from an approved agency and must meet the minimum level of CLB 5 (IELTS 5).
- Education Requirement
Although it is not a mandatory requirement, but it is highly advisable for applicants to provide an educational background to support their proposed business.
- Sufficient Settlement Funds
The applicant must have sufficient settlements funds to support themselves and their family once they immigrate to Canada. The amount of money required depends on the number of family members that will be accompanying the applicant. Average funds required for a family of 4 is CAD$24,000 in a year.
- Security and Medical Clearances
As with all Canadian immigration programs, the applicant and accompanying family members must undergo a security clearance and a medical examination.
- Application fees: –
- Main Applicant: CAD$ 1,540
- Spouse: CAD$ 1,040
- Dependent child: CAD$ 150
- Permanent Residency Card: CAD$ 50 per applicant
- Business Consultancy fees: This is associated to the assistance in drafting the business plan. To be discussed.
- Legal fees: To be paid after the issuance of letter of support and while submitting request for Permanent Residency.
Note: Fees might vary due to changes by Government of Canada.
If the applicant meets the eligibility requirements, they can apply for Permanent Residency through Start-up Visa program. The duration of processing Canada PR is up to 12 months. The PR is unconditional and the applicant along with the family can move to Canada and initiate the proposed business.
Phase 1 – Draft of Innovative Business (1 – 2 months):
- Detailed CV provided for preliminary qualification.
- Signing of agreement for assistance in drafting a business plan.
- The applicant provides the initial required documents.
Phase 2 – Issuance of Letter of Support (6 – 10 months):
- Completion of the business plan with an innovative idea.
- Submission of the plan to business incubator, angel investor or venture capital.
- Issuance of Letter of Support from any one of the designated organizations.
Phase 3 – Submission of the PR application (8 – 12 months)
- Submission of the Permanent Residency application along with the Letter of Support and other required documents.
- Issuance of Canada’s unconditional Permanent Residency.