It is a program for talented entrepreneurs with innovative business idea who are interested in starting a business that will stimulate the Canadian economy while creating employment opportunities for Canadians. The program provides the entrepreneurs the opportunity to immigrate to Canada to establish a new business. Immigrant entrepreneurs must demonstrate that their business is innovative, will create new jobs for Canadians, and can compete on a global scale. Applicants in this program are required to partner with a variety of preapproved organizations, such as venture capital funds, angel investor groups, and business incubators. The good thing about this program is that up to five candidates may have their permanent residence application supported by the same business investment. However, certain candidates may be designated essential to the business. If any essential candidate withdraws their application, or are refused, all other candidates under the same business investment will see their applications terminated.
What are the requirements for Startup program?
The applicants in this program should:
1) have a qualifying business
2) get a letter of support from a designated organization
3) meet the language requirements
4) bring enough money to settle
1) What is a qualifying business?
The intended business must be incorporated in Canada and its operations, or an essential part of it, must take place in Canada.
The candidates must hold at least 10% of the voting rights attached to all shares of the company and must be actively involved in the management of the business in Canada
Together with the designated organization, the candidates must hold at least 50% of the voting rights attached to all shares of the company which means no other person can hold 50 percent or more of the voting rights in the corporation.
2) What is the Letter of Support and what are Designated Organizations?
The designated organizations include a venture capital fund, an angel investor group, or a business incubator and the applicants need to demonstrate that they have the support of these organizations. So, the applicants should get a letter of support from them. The hyperlink provides you with a comprehensive list of these organizations.
The applicants must pitch their business idea and convince one of these organizations that their business idea is worth supporting. Upon convincing these organizations, the process of which may differ widely from one to another, the applicants can obtain the letter of support which is to be included in their start-up visa application.
3) What are languages requirements for Startup program?
A minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in speaking, reading, listening, and writing is required for each applicant.
4) What is the Proof of funds?
The applicants need to show that they have and are bringing sufficient unencumbered, available and transferable settlement funds to support themselves and their dependents in Canada. The initial amount of funds required in this program depends on the size of the applicant’s family. For example, the required funds for an individual annually is $12,960, $16,135 for a couple (2 people), $19,836 for three, and $24,083 for a family of four. These amounts are subject to change each year.
5) What are the other conditions?
-Be in good health
-Not to be inadmissible for reasons such as criminal activity, human rights violations or other security reasons
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