The Startup Visa Program is a pilot program designed to welcome immigrant entrepreneurs to establish their businesses in Canada and obtain permanent residency.
Innovative entrepreneurs who have the potential and skillset to establish a business in Canada are ideal applicants for this program. The aim of this program is to strive for new business, higher economic growth and increased local Canadian jobs.
The immigrant entrepreneurs should build businesses with the below features:
- Innovative in nature
- Ability to create jobs for citizens and permanent residents of Canada
- Capable of competing globally
- Support from at least one of the designated companies
Canada is a business-friendly country with a robust economy, low tax regime with a brilliant research base.
Who is Eligible?
- Successfully meet minimum language proficiency requirements in English or French
- Possess adequate settlement funds to establish themselves in Canada
- Intend to settle in any Canadian province except Quebec
- Successfully clear the necessary security and medical requirements
- Demonstrate proof of support from at least one designated company
- Demonstrate the mandatory ownership requirements
- Maximum limit of foreign nationals who can apply for permanent residency under the same Startup venture is five (5)
- Applications under this pilot program are limited to 2750 per annum
- Start-ups are connected to designated private sector companies for guidance, expertise and funding
- The designated groups are validated by Immigration, Refugees and Citizenship Canada (IRCC) and include angel investor groups, venture capital funds, business incubator groups
- Documentation from the designated groups is necessary and needs to be included at the time of making the Startup visa application
- Minimum investment requirements differ based on the source of the funds
- Startup founders are not required to invest any money
- Peer review process protects against fraud by ensuring the legitimacy of the deals between the Startup and the designated groups
The permanent resident status of the entrepreneur once granted is valid irrespective of the fact whether or not the Startup proves successful.
We can Help
The well-informed immigration lawyers and consultants at Nanda & Associate Lawyers will assist you in all matters for the Startup Visa program. Connect with us today to discuss the options available to you. We will impart sound legal advice to help you on the path to a better future.