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Everything You Need to Know about Canada Start-up Visa

August 20, 2020BY Anik Chowdhury

Are you an entrepreneur and seeking a few facilities? Undoubtedly, Canada can be the best option for you.

Canada is one of the top choices for anybody who wants to make a start-up business. Canada also invites and takes entrepreneurs, and that is why they offer a start-up visa.

This is a visa to encourage entrepreneurs to come to Canada. For this reason, it is recommended for any guy who wants a Canada start-up visa to start his business.

What is Canada Start-up Visa?

Canada is a country of big economics, and they are increasing it more day by day. This country is taking people who can take part in growing its economy and make it stronger. So they are welcoming entrepreneurs who have the skills and potentials to build an innovative business.

Moreover, through this, Canada is creating jobs for them to compete globally. For this reason, Canada is giving special visas to entrepreneurs. This is called a start-up visa.

Requirements You Need to Fulfill

Now we will talk about the requirements you need to apply for a start-up visa. Let’s take a look.

Being A Businessman:

This requirement means you must have your own business which you have created. And the business, of course, has to meet some criteria to be qualified according to IRCC. They are:

  1. The designated organization can have the highest 5 owners at the time of getting the commitment from that company.
  2. You must have 10% voting rights which are attached to all shares of the company. You can have more than 10% of voting rights.
  3. The total amount of the voting rights of both, you and the designated company must have more than 50%. The voting rights should be attached to all the shares of the company.
  4. The business must be incorporated with Canada at the time of receiving the P.R.
  5. Some important parts of the business have to be done in Canada after getting your P.R.
  6. You will give management in Canada for that business.

Read Also: How to Get Canada Investor Visa from India?

Supporting Letter from a Designated Organization:

You have to show a letter of support from a designated organization. Organizations that invest in start-ups through the start-up visa program and approved by the Canadian Government are considered designated organizations. They give you a loan to build your business. Designated organizations are of 3 types-

  1. Venture Capital Funds: They at least give you 200,000 USD for your start-up.
  2. Angel Investor Groups: They invest at least 75,000 USD.
  3. Business Incubators: There are a few listed programs in which you have to be included.

Each organization has its own procedure and requirement. Make your business plan and convince them that it is worth investing.

If they agree, they will give you a letter of recommendation and a commitment letter to IRCC. Attach the recommendation letter with your application. So all you have to do is convincing organizations to invest in your plan.

Language Skills:

English and French are the official languages in Canada. So you have to know either English or French to communicate with others and do business in Canada. You have to prove that you are well enough in any of these languages.

In this regard, you have to sit for the language tests arranged by the IRCC approved agencies. Accepted language tests for the guys who applied for start-up visas are-

  1. For English: IRCC accepts two English language tests. They are CELPIP-G(Canadian English Language Proficiency Index Program.- General) and IELTS-G (International English Language Testing System- General Training).
  2. For French: To show proficiency in the French language, you can submit any of these two French language test results. They are- TEF Canada (Test d’ évaluation de français) and TCF Canada (Test de Connaissance du français). They will also consider the TEF results if you apply before March 1, 2020.

You have to take the language test for 4 skills- reading, writing, speaking, and hearing. You have to get at least 5 in each skill of any of the languages, according to the CLB. CLB stands for Canadian Language Benchmark.

The test result will be valid for the next two years only. You have to arrange the test by an agency and pay for it. Then attach this result with your application as proof of your proficiency in that language.

Enough Amount of Money:

You need to show the proof of funds you need to have according to your family member. This is needed to show that you are eligible to bear your and your family’s cost when you arrive in Canada. You can not borrow them.

Your spouse, children are counted as your family member. You have to count them even if they do not come with you. Check the website of IRCC for the amount of money you need to show. For example, you need to have CAD 19,836 for a family of 3 members.

Find out the place you want to live in Canada. Then estimate how much money you will need to live and settle there. In a word, take as much money as you can with you. It will help to find a home for you.

Post Application Activities

Post applying procedures are given here serially-

  1. Give your fingerprint and photo within 30 days after getting the letter. You have to pay for it.
  2. Then IRCC will check that you filled and signed the form correctly, cleared the payments, and submitted the papers. You have to provide proof of funds.
  3. All of your family members have to do a medical check-up.
  4. Provide the police clearances of each country you have stayed at least 6 months. N.B: Only persons coming to Canada and older than 18 have to provide it.
  5. If there is no problem, you will be requested to send your passport to their visa office.

They will contact you if more documents or info are needed. Afterward, they will issue you a permanent resident visa, including Confirmation of Permanent Residence (COPR) and your entry visa. The whole procedure can take 12 to 16 months.

Let’s Fly

Canada takes people who want to start their own business there. So go for the start-up visa if you have an excellent business plan. Now you know everything about a Canadian start-up visa.

Then why are awaiting more? Start preparing today. Grab your visa and fly to Canada and last but not least, best of luck on your journey for being a future businessman!

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