Do you qualify for a Canadian Start-Up Visa?
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Canada’s Start-Up Visa program is generating much interest in many parts of the world. What exactly is it and what does it entail?
Here are some FAQs and the response from Immigration, Refugees and Citizenship Canada:
What is the minimum investment that I need to apply through the Start-up Visa Program?
If the investment comes from a designated Canadian venture capital fund, you must secure a minimum investment of $200,000.
If the investment comes from a designated Canadian angel investor group, you must secure a minimum investment of $75,000.
You don’t need to secure a financial investment from a business incubator. You must be accepted into a Canadian business incubator program.
See the list of designated organizations on the IRCC website for more information.
How can I qualify for the Start-up Visa Program?
To qualify for the Start-up Visa Program, you must meet all four eligibility requirements, as well as the admissibility requirements to enter Canada.
Eligibility requirements for the Start-up Visa Program
You must:
Have a qualifying business
Have a letter of support from a designated organization
Meet the language requirements
Have enough money to settle and live in Canada before you make money from your business
Admissibility requirements to enter Canada
To be eligible to come to Canada, you must meet the admissibility requirements to enter Canada. These apply to all applicants, not just Start-up Visa Program applicants.
Your application may be refused if you are inadmissible to Canada.
What is the application process for the Start-up Visa Program?
First, you must pitch your business idea to a designated organization and convince it to support your start-up company. Once a designated organization decides to support your business, it will send IRCC a commitment certificate and give you a letter of support.
The process to pitch your idea varies for each designated organization. You must contact the designated organization to find out what you must do to seek its support. If you meet all eligibility criteria, you can submit a completed application, which must include your letter of support.
How much money do I need to cover living expenses when I get to Canada through the Start-up Visa Program?
The amount of money you need depends on how many family members will be coming with you.
In some cases, the designated organization may give you additional money to help cover your living expenses. You can’t use the investment money for your start-up business to cover your living expenses.
How can I get support from a designated organization?
You need to contact the designated organization to find out how to get its support.
You need to convince the organization that you have a business idea that is worth supporting.
The process to pitch your idea is different for each organization. Each organization has its own requirements. For example, you may be asked to present your business concept in person or submit a detailed business plan.
If you reach an agreement with a designated organization, it will send you a letter of support. You need to include this letter when you submit your application to IRCC. This is the proof you need to show that the venture capital fund, angel investor group, or business incubator is supporting your business idea.
The organization will also send a commitment certificate directly to IRCC. Both your letter of support and the organization’s commitment certificate will be used to assess your application.
Do I have to invest my own money if I want to apply through the Start-up Visa Program?
No, you’re not required to invest any of your own money. The minimum investment required is an investment that comes from a designated Canadian venture capital fund or angel investor group.
If I immigrate through the Start-up Visa Program, what happens if my business fails?
If your business fails, it doesn’t affect your permanent resident status. We recognize that not every business will succeed and this program is designed so that the risk is shared between the public and private sector.
What happens if I receive investment support from more than one designated organization?
Receiving support from multiple designated venture capital funds or angel investor groups is known as syndication. If you have syndicated support, then all investment organizations involved in the syndication must be identified. Only one commitment certificate will be sent electronically to IRCC and one letter of support will be provided to you.
If a designated venture capital fund invests in your business, the minimum total investment amount is $200,000, even if a designated angel group also invests in your business.
If at least one designated angel group but no designated venture capital fund invests in your business, the minimum total investment amount is $75,000.