Can I get Canada PR Visa -The Canada Start Up Visa Program?
We’ll tell you how the Canada Start-Up Visa program can help your business get started. Do you have a project or idea that you would like to bring to Canada?
If you are an entrepreneur and have a great idea for your new business, then you may be eligible for the Canada Start-Up Visa Program. This program is designed to promote entrepreneurship through immigration opportunities by providing expedited processing, lower cost of living, and an entrepreneurial visa option.
What Is Canada Start-Up Visa?
Qualified immigrant entrepreneurs can apply for permanent residency in Canada through the Start-Up Visa Program. The Canada Start-Up visa is the name given to it formally. But the Start-Up Visa program is the name given to it most often (SUV).
The initiative seeks out creative business owners and connects them with Canadian investors from the private sector who will aid in the establishment of their start-up company.
Before becoming eligible for permanent residency after their business is operational, candidates can initially enter Canada on a work permit funded by their chosen Canadian investor.
Three different categories of private sector investors exist
- Angel financiers.
- Fund for venture funding.
- Enterprise incubator.
Eligibility Requirements For Canada Start-Up Visa For 2023
Canadian Immigration’s requirements for a Canada entrepreneur visa applying for Canada PR under the SUV program are as follows:
- Foreign nationals must get a letter of support from one of the designated organizations in Canada or an investment promise from them.
- Each foreign national must hold 10% or more of the company’s initial stock. Foreign nationals must jointly own more than 50% of the total shares in the startup company with their designated organization.
- The applicant must be at least CLB level 5 proficient in either French or English.
- The applicant must have sufficient cash to settle in Canada, which ranges between $ 13,000 and $35,000 depending on the applicant’s family size.
For this program to be successful, entrepreneurs must also fulfil the following prerequisites:
- Ownership of a cutting-edge or fruitful company with solid market validation or income that is scalable and sustainable;
- The ability to raise money to launch your business, typically starting at $200,000 per applicant;
- Possess unique expertise in your field, possess highly specialized knowledge, or possess extensive managerial experience; and
- Possess upper-intermediate English and/or French language proficiency (s).
Canada Business Immigration Programs!
In addition to the Start-Up Visa program, there are several business immigration options in Canada that entrepreneurs can use to relocate there. You can specifically look at the Canada entrepreneur visa, Intra-Company Transfer Program, Self-Employed Category, or even the LMIA Pathway (formerly Owner-Operator LMIA).
Intra- Company Transfer Program
|Business Idea||Innovative, highly scalable and high revenue-generating business||Unique businesses that will create jobs stimulate the economy or transfer knowledge or skills to Canadians||Entrepreneurs who have successful companies in their home country can set up similar operations in Canada||Self-employed businesses in certain creative professions related to art, culture & sport||Small or medium businesses in Canada (can be convenience stores, cafes, restaurants, salons etc.)|
|Ownership Structure||At least 10%||At least 50%||In Canada, companies must be owned by foreign companies or by similar groups of individuals||100%||At least 50%|
|Minimum Investment||Investment in business: around $200,000||A minimum of $100K+ is needed for entrepreneurs, depending on their business||A minimum of $100K+ is needed for entrepreneurs, depending on their business||Applicants should have access to at least $50K+||Cost of business purchase (usually $100K+)|
|Language Skills||CBL 5||No Need||No Need||Not Required, but recommended CBL 5||Not Required|
|Timeframes for Relocation (Work permit)||Generally takes 3-6 months||3-6 months||Generally, 3-6 months||Timeframes for relocation (Work permit)|
Stage 1: LMIA: 3+ months
Stage 2: Work permit: usually 3-6 months
|Timeframe for Permanent Residence||Current processing time: 3+ years||Using Express Entry pathway after 1 year: 8 months -1 year (2+ years in total)||Using Express Entry pathway after 1 year: 8 months -1 year (2+ years in total)||2- 4 years||Using Express Entry pathway: 8 months -1 year|
You can reach us at the mentioned contact information if you have any questions or concerns.
Documents Required For Canada Start-Up Visa
- Certified copy of passport
- Evidence of language skills
- Letter of support of designated entity
- Birth Certificate (if applicable)
- Marriage Certificate (if applicable)
- Certified copy of ID Card
- Evidence of Residential Address
- Affidavit of support for Dependents
- Original Police Clearance Certificate
- Two passport-size photos
- Bank Statement
- Original Bank Reference Letter (Not older than 6 months)
- Proof of net wealth
- Statement of Source of Funds
- Medical Certificate
Now Is The Time For Your Next Step!
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