If you are an entrepreneur with a start-up promoting an innovative business idea and are looking to immigrate to Canada, then this blog is for you. On March 30, 2013, the Government of Canada launched the Start-Up Visa program as a 5 year pilot program, in order to attract immigrant entrepreneurs who possess skills, have potential to build businesses, create new jobs and spur economic growth in Canada. After evaluating the success of this program for 5 years, the government decided to permanently establish the Start-Up Visa program and laid the final regulations on April 11, 2018.
In order to migrate under the start up visa program, you will be required to fulfill the following eligibility requirements:
1. The first and most important factor is to have a viable business plan or operational business which is based on a unique concept and can be beneficial for the Canadian economy.
2. The next step is to obtain a letter of support from a designated organization by the Canadian government. This letter is extremely important as it is a proof from the organization that they will support your business idea.
3. In order to conduct a successful business in Canada, you must be able to communicate and work in either English or French. You will be required to meet the minimum level of the Canadian Language Benchmark 5 in either of the 2 languages in writing, reading, speaking and listening areas.
4. Lastly, you must have sufficient proof of funds to support yourself and your dependents once you arrive in Canada as the Canadian government does not offer financial support to new immigrants. The amount required will depend on the size of your family.
Benefits of applying under Start-up Visa program:
1. Multiple applicants can come under one project - Up to 5 people can apply under a single business plan, provided they all are essential to the operations of the business.
2. No prescribed limit for business investment - Unlike the entrepreneurial programs, entrepreneurs seeking permanent residence under the Start-Up Business Class are not required to invest any minimum specified amount of capital in the proposed business.
3. No minimum net worth requirement – In a start-up visa program, you do not have to worry about providing proof for any prescribed net worth requirements.
4. Entrepreneurs can come to Canada before obtaining PR - Entrepreneurs can be eligible for an interim Canada work permit while their PR application is under processing. They can travel to Canada with the work permit to initiate setting-up of their business.
5. Entrepreneurs can bring their family - Entrepreneurs can bring their family along, to Canada. Spouse can also get an open work permit while children can study in a public school at no cost.
How can Exult help you to apply under the Start-up visa program?
1. Business idea vetting - Business ideas are born every second, but not every idea will be successful in the marketplace. Hence, it is important that the concept is not only innovative but also viable & scalable. Screening the idea thoroughly is imperative for success of the application under this program.
2. Market and competition research - Launching a new product in a new market can never be done without a suitable research of the industry, consumer behavior, market trends and competition or foreseeable competition.
3. Preparation of business plan or pitch deck for designated entity - Your business proposal is the most important part of your application. Hence, we will help you ensure that the submitted business plan is specific, well-researched, and viable for the Canadian market.
4. Getting letter of support from the designated entity – The Canadian government has specified certain organizations as a designated entity under this program and we will help you obtain the letter of support from a designated organization, depending on the requirements of the business.
5. Applying for Permanent residency & Work Permit – You will have our complete guidance with your Permanent residency & Work Permit application.
6. Business Incorporation – Our network of specialists in various provinces offer assistance for incorporating the business.
7. Tax Registration – We also have an established network of CPAs/ Tax consultants in different provinces, who can help with getting the tax registrations for the newly incorporated business.
8. Assistance in applying for PR card and later for citizenship – We assist you to apply for your PR card and also with your citizenship application in due course.
The success rate of the SUV program once the letter of support is received is considerably high. However, it needs constant guidance from experts at every step to ensure a successful outcome. Right from vetting the business idea to applying for Permanent Residency, our diligent process leaves no room for errors, thus making the start-up immigration a flawless experience for all our entrepreneurial clients.