Canada startup visa is mainly meant for and supports entrepreneurs that have already scaled their business. If you already possess a certified track record of sales and revenue and your primary motivation for moving to Canada is to expand your startup with the help of investors, venture capitalists, and accelerators, then you can see Canada as a place that can help you grow your already profitable business.
What Is the Purpose of The Canada Startup Visa?
- Entrepreneurs who want to start a new firm in Canada can apply for a startup visa. Immigrant entrepreneurs must convey that their company is innovative, that it will create new jobs for Canadians, and that it can compete globally.
- The Canadian government created the program to attract entrepreneurs worldwide and provide them with the money and support to succeed in their businesses. At the same time, Canada expects these companies to grow & expand along with contributing to the economy and creating more job opportunities for its residents.
- Canadian permanent resident visa status is provided via the Canadian Entrepreneur Visa.
- Many business owners outside North America find that Canada provides a perfect work-life balance, including a safe and stable living class and closeness to the US and Latin American markets
- For highly innovative entrepreneurs, startup visas are an emerging governmental tool worldwide.
- There are a lot of benefits for the ones opting for the SUV program, such as direct entry into Canada as a permanent resident and benefits of a Canadian permanent resident visa. It includes access to affordable, world-class education and high-quality healthcare. Permanent residents in Canada can take advantage of high-paying jobs and tax breaks. Immigrants also have access to retirement benefits, such as disability and survivor benefits.
Further benefits of the Canada startup visa are providing a warm welcome to all nationalities. There are no restrictions on corporate activities, no requirement for any net worth verification, allowance for a five-person partnership in the same startup (each partner must own at least 10% of the company), and the ability to migrate to Canada while the permanent residence application is being handled.
Requirements for a Startup Visa Include-
Having a Business Qualifying Criteria:
Each foreign national must own a minimum of 10% of the startup’s voting rights. Foreign nationals and their authorized organizations must own more than half of the overall voting rights in the company.
Letter of Support from a Designated Organization:
You must propose your company idea to the organization and persuade them that it is worthy of support. Each organization’s method for pitching a business idea will be different.
Meeting the Language Requirements:
You need to take a language exam administered by an accredited organization and demonstrate that you fulfill the lowest level of the Canadian Language Benchmark (CLB) 5 in speaking, reading, listening, and writing in either English or French.
Having Sufficient Funds:
When you reach Canada, you must demonstrate that you will be able to support yourself and any dependents. The amount you’ll need is determined by the number of people in your household.
The Success Rate of Startup Visas in Canada:
- If your canada startup visa application is in the right hands, all standards are met, and the relevant evidence is delivered. According to the IRCC, the Startup Visa program has a general success rate of more than 75%.
- Depending on the type of designated organization, the approval rate varies.
- Companies supported by business incubators receive 78 percent of the vote, businesses supported by angel investor networks receive 80 percent of the vote, and startups funded by venture capital funds receive 43 percent.
In this era of growing entrepreneurship, Canada is a lovely place with the well-planned work culture. People exploring for opportunities can indeed consider Canada as it provides a lot of flexibility to stay, work, and grow. These benefits can be fully utilized provided that people know all the policies in their favor that they might require during the process of entering Canada. Hence the provided information will help you gain essential prerequisites for working and settling in Canada.