Canada Start-up visa Program
There are many start-ups that get started across the globe. Few succeed a lot fail. There could be many reasons why a start-up could fail apart from the micro factors of business. One of the reasons could be the bureaucracy and the stringent rules pertaining to start-ups in a particular country. It could also be that that the start-up is not conducive for the environment of a particular country. There are many people in the world that would have relocated to another country with the sole purpose of starting a business in the new country. This is where Canada Start-up visa comes into picture.
Canada Start-up Visa has been designed for all those who intend to relocate to Canada with the need to start a business. The applicants will be non-residents of Canada and they should be able to prove the viability of the business idea they intend to start. Such business enthusiasts will get permanentresidency in Canada. Canada intends to invite as many as a million immigrants into the country by the end of 2022 of which more than 30% of the immigrants are expected to be innovative thinkers who can run a business in Canada with fresh ideas.
Such an immigrant will first get work permit in Canada with which one needs to start their business. Following this, once the applicant produces business progress documents to the immigrations, the applicant will get his Permanent residency in Canada.
To qualify for this program, the applicant will need to provide letter of support and commitment certificate supporting the applicant from a designated organization. There are three categories of designated organizations –
i. The visa applicant will approach a Designated Angel Investor groups when he would need a minimum investment of CAD $75000 as their initial investment
ii. The visa applicant will approach a designated Venture capital fund group when he would need a minimum investment of CAD $200,000 as their initial investment
iii. The visa applicant will work with designated Business incubators when he would need support more than funding for the project. The applicant should have attended at least one of the business incubation program organized by the business incubator.
5 people together can apply for Start-up visa under the same business idea. However, each of them will have to obtain independent commitment certificate and letter of support to carry on with their respective application. It is best to work with Canada Immigration consultant in Dubai to successfully relocate to Canada. Such immigration consultant will have good standing with business organizations to help applicants obtain the letter of support and certificate of commitment.
To be eligible under this program the applicant will have to fulfill the below conditions –
i. The applicant should have cleared the language ability benchmark that Canada has set
ii. Each of the applicant needs to earn letter of support and commitment certificate
iii. Each of the applicant will have to submit a proof of running business successfully
iv. They must be able to provide certificate of clearing the language benchmark
v. They must submit bank statements to prove that they have enough savings to support themselves and their loved ones when in Canada. They need to prove their credibility that they would in no way be dependent on public funds for survival there.
vi. The applicant must submit police certificate stating that they have clean background
vii. The applicant will have to submit medical certificate proving their health status.
The is visa program requires the applicant, his partners and the designated organization to collectively hold a minimum of 50% of the shares in the business along with holding 50% of voting rights there.
Canada invites many entrepreneurs into Canada through Canada Investmentimmigration programs.
The applicant will need to provide the right business plan to ensure things work out as would be required.