Canada is a happening place for people from all around the world who want to start a new business.
Today we are going to tell you everything you need to know about how to apply for a Canada startup visa. A lot of people want this visa right now, which shows that Canada is becoming a popular place to start a business and create new things.
Let’s get into the details to learn more
Surge in Startup Visa Applications:
In recent times, there has been a significant rise in the number of immigrant entrepreneurs flocking to Canada. If the current trend continues, it is expected that this year Canada will welcome approximately 823 new business minds through the Startup Visa (SUV) program. This marks a substantial 43.1% increase compared to last year.
According to recent statistics from the Immigration, Refugees, and Citizenship Canada (IRCC), there has been a remarkable month-on-month growth in the number of newcomers entering through this program. To give you a clearer picture:
- July: 135 new entrants (an increase of 107.7% from June)
- June: 65 new entrants
With this growing number, it is evident that the Canadian market is becoming an attractive destination for startups, especially for tech entrepreneurs in countries like India, who are looking for a gateway to North American markets.
Getting to Know the Canada Startup Visa Program
The Startup Visa Program is specially designed to attract entrepreneurs with innovative business ideas and the potential to make a global mark. This program aims to foster job creation in Canada and develop businesses that can compete on a global level. Here are the main features of this visa program:
- Innovation Centric: The business must have a fresh and innovative approach.
- Job Creation: It should have the potential to create jobs for Canadians.
- Global Competitiveness: The business should be scalable on a global platform.
Investment and Financial Requirements
To qualify for this program, immigrant entrepreneurs need to secure a significant investment from designated entities. Here are the financial aspects in detail:
- A minimum investment of $200,000 from a designated venture capital fund.
- Alternatively, an investment of at least $75,000 from angel investor groups.
- Being accepted into a designated business incubator program can also help meet the criteria.
Expert Guidance and Support
Entrepreneurs are encouraged to work closely with business consultants and experienced immigration lawyers in Canada. These experts guide you in crafting a business plan that aligns with the stringent due diligence standards set by government-approved organizations.
Eligibility and Language Proficiency Requirements
Before applying, ensure that you meet the basic eligibility requirements set by the government. The fundamental requirements include:
- Owning a qualifying business.
- A commitment certificate and a letter of support from a designated entity.
- Adequate funds for settlement, which are unencumbered, available, and transferable.
- Proficiency in English or French (minimum Canadian Language Benchmark level 5), although higher proficiency levels might be required depending on the due diligence requirements of the designated entities.
Additional Information for International Students
The Startup Visa program also opens a valuable pathway for international students to gain permanent residency in Canada. This option is particularly beneficial for those who might not qualify under the skilled worker program due to the high minimum score requirements.
Moreover, this program does not necessitate prior management experience, which is a prerequisite in many other federal and provincial entrepreneur programs.