Canada is a beautiful country and it offers tremendous opportunities for qualified and educated people to legally immigrate, reside and work. If you are looking for such an opportunity to get into the country, then the Canada Startup Visa Program may be something you should do your research about.
The Canada Startup Visa Program is meant for people who are not employees or workers themselves but are employers in their own right. So it is different from most other kinds of visas that are available for people who want to legally immigrate into the country.
What It Is
The Canada Startup Visa offers permanent residence in the country t qualified entrepreneurs. The program is focused on getting innovative entrepreneurs and tying them up with established private sector investors who are already residing in Canada. This way the immigrants with start-up opportunities can find the financial backing required to set up business in Canada.
This is a wonderful Visa program for people who want to gain permanent residence in Canada but are not employed by an organisation.
Understand The Eligibility Requirements
It is crucial to understand the eligibility criteria if you are interested in this Visa program that the Canadian government offers. Here it is:
- A qualifying business
- A Letter Of Commitment from a person of authority or a designated entity
- Proficiency in French or English with a Benchmark Level of 5
- Sufficient available and transferable funds
Meaning Of The Term ''Designated Entity''
The designated entity is a person who is Canadian and maybe an angel investor, business incubator, or venture capitalist. For an angel investor, he should be able to provide a letter Of Commitment committing investing at least $75,000 into the qualifying business. You may also be able to get qualified if you can attract investments from 2 or 3 investors if the total amount of investment is $75,000.
For a venture capital fund, one has to get the commitment of at least $200,000 to the qualifying business. For a business incubator, the qualifying business must be made a part of the business incubator program.
To become eligible to be a candidate for permanent residence through the Canada Startup Visa program, the person must have a business that is incorporated in Canada and is carrying on the business in the country. The candidate must also be the owner of at least 10% of the voting rights within the company. Also, it is required that no other person in the company must have more than 50% voting rights in the company.
The qualifying business must operate in Canada or the essential part of it. Also, the candidate must be involved in the management of the company actively.
Funds To Support Yourself
Applying for the Canada Startup Visa program also means that you need to have enough funds. These funds should be sufficient to cover the expenses of yourself and your family. This is because Immigration Canada needs to believe that you have enough funds needed to travel to Canada as well as support yourself and your family in the country. Your family can include your spouse and any dependent children.
The amount of sufficient funds is also mentioned by Immigration.
Apply For The Visa
You must apply for the Visa program as soon as possible after you have decided that you do meet the requirements and eligibility criteria.
Getting A Temporary Work Permit While You Wait
While you wait for the process to be finalised and your Visa to come through, it is a great idea to apply for a temporary work permit. This will mean that you can carry on with your work without wasting any time. You will however have to show proof that you can support yourself and your family financially during this time.
Why Getting A Professional Consultant Is A Great Idea
As you can well witness, getting immigrated to Canada on the Startup Visa Canada program is cumbersome and it can actually take up quite a few months of your time. The bureaucratic process can be complicated and if you are also doing your business at the same time, it can get pretty stressful to deal with it all.
That is why going through professional consultants will help unburden some of the load that the process of immigration really is.
Professional support makes the whole process a little less stress-free because there are a lot of things to do including biometric scanning, filling up documents, and so on. You will have to do most of these things but professional support can ease everything a lot. At Canadapt, let the professional team of immigration consultants get the grunt work and red tape done so that you can focus on your business and what you are going to do after you get permanent residence in Canada.