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Startup Visa in Canada
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startup visa in Canada
The Start Up Visa program provides immigrant entrepreneurs with permanent residence while assisting them to become established in Canada. The program encourages immigrant entrepreneurs to grow their companies in Canada.
Successful applicants link with private sector organizations in Canada, where they can receive funding, guidance and expertise in opening and operating their enterprise in Canada so they incorporate their business in Canada and manage the business actively inside Canada. The purpose of this program is to recruit innovative foreign national entrepreneurs who will create new jobs and drive more economic growth.
In order to be eligible, applicants for a Start-Up Visa must meet the following requirements:
- Meet minimum language requirements in English or French (Canadian Language Benchmark 5 in all abilities);
- Have sufficient funds to settle in Canada; you’ll need to prove that you have the money to support yourself and your dependents when you arrive in Canada. The amount you need depends on the size of your family.
- Plan to settle in a province other than the Province of Quebec;
- Pass Canadian security and medical clearances;
- Prove your business is supported through a designated organization; and
- Show your business meets ownership requirements.
If your intention is to immigrate and obtain a visa from another country and immigrating to Canada is one of your priorities, Unique Immigration has more than 24 years of successful experience in the field of visas, including:
- Work visa in Canada
- Visitor visa in Canada
- Study visa in Canada
- Business visitor visa in Canada
- Startup visa in Canada
- Refugee visa in Canada
- Adoption in Canada
- Denied Entry To Canada
- And…
and can help you in this important matter of immigrating to Canada through the most appropriate method.
Investment Details:
Immigration, Refugees and Citizenship Canada (IRCC) has designated a number of venture capital funds, angel investor groups, and business incubator organizations to participate in the Start-Up Visa program.
Immigrant entrepreneurs need to contact the designated organizations and convince them about their Business Plan to get their support. The organization gives a letter of support to Immigrant entrepreneurs which applicants will need to submit with their application for permanent residence and sends a commitment certificate to Immigration, Refugees and Citizenship Canada directly.This document includes information regarding the agreement between the applicant and the investment organization. Its purpose is to summarize the relevant details of the commitment between the investment organization and the applicant.
As soon as a designated venture capital firm invests in a business, the minimum total investment amount that must be invested in that business is $200,000, even if a designated angel group also invests in the same business.
If the business receives support from at least one designated angel group, but not designated venture capital groups, then the minimum total investment amount that must be invested in that business is $75,000.
Peer review process:
In this program, a peer review process has been included. Incorporating a peer review process into this program plays a crucial role in validating the legitimacy of agreements between investment entities and foreign national entrepreneurs. This process is like a safeguard, ensuring that commitments made align with industry standards and regulatory requirements
When requested by an immigration officer, a commitment undergoes independent assessment by a peer review panel. These panels are established by reputable industry associations corresponding to the nature of the investment entity involved. For instance, the National Angel Capital Organization oversees panels for angel investor groups, while Canada’s Venture Capital and Private Equity Association manages those for venture capital funds.
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While the initiation of peer reviews may be at the discretion of immigration officers, they can also be triggered randomly.
It’s important to note that the assessment provided by the peer review panel does not bind the immigration officer to any decision. Rather, it confirms that the investment organization has conducted thorough due diligence in line with industry standards. Notably, the peer review does not opine on the merits or feasibility of the proposed venture.
The peer review scrutinizes various aspects, including:
- Confirmation of the company’s incorporation in Canada.
- Verification of business ownership to meet program prerequisites.
- Evaluation of the proposed business model’s viability and the competence of its management team.
- Authentication of intellectual property ownership.
- Assessment of the business’s focus on high-growth potential products/services.
- Validation of acceptance into an incubator program for business incubator applicants.
By undergoing this comprehensive evaluation, commitments can demonstrate adherence to program requirements and enhance confidence in the integrity of investment agreements within the immigration process.
You can contact us at Unique Immigration through the link in front and get free advice from the experts of the institute.
How to apply:
As of October 14, 2022, it is now mandatory to apply online.You must include all the forms, supporting documents, signatures (if required), language test results and the proof of payment of the processing fees. If any are missing, your application will be incomplete and IRCC sends it back to you without processing.
