Start-Up Visa eligibility requires aspiring entrepreneurs to have a qualifying business. This implies that as a business owner, you will require to hold a minimum of 10 percent of business voting rights.
Overall, the Start-Up Visa program applies to individuals who seek to establish and own a Canadian business. Therefore, this program is fit for entrepreneurs who wish to start their own businesses and work toward their growth.
The Start-Up Visa enables business owners to gain guidance related to permanent residence. However, they need to convince IRCC of fulfilling the following business objectives:
- Job creation in Canada.
- Demonstrate innovativeness in a specific sector or industry.
- Competition on a global scale.
Essentially, successful applicants will have the chance to resume their PR status, despite their business venture’s failure after Canadian immigration.
Start-Up Visa eligibility- key points
To gain eligibility for this program, the business owners must possess ten percent voting rights at any given period during their business. Additionally, all business owners (a maximum of five of them) can apply collectively, and the Canadian-designated investment organization must own at least 50 percent of the voting rights, that is, in collaboration.
Individuals with business owners must do the following:
- Demonstrate that their business holds sponsorship and receives support from a Canadian designated organization.
- Ensure to meet minimum eligibility criteria in terms of language proficiency- French or English.
- Possessing sufficient settlement funds to live and settle in the country.
- Clearing all background verification checks and medical examinations.
- Presenting proof of support from a Designated organization.
Getting support from a designated organization is mandatory, for instance, funding proof. A Designated Organization implies a business entity having the government’s approval to make investments in start-Up or support them in any way.
Moreover, you will receive a letter of support from these designated organizations and include them further within your PR application. Additionally, the designated organization must submit the certificate to IRCC briefing them about the expectations from the business venture.
Sponsorship and support for the business can come from multiple organizations and this process is called “Syndication.” However, in this scenario, all designated organizations must submit a single letter of support along with a commitment certificate. Also, the designated organizations must be truly identified.
Start-Up Visa eligibility requirement of funding proof
Under this program, investment with your own money is not required. However, investment and funding proof is necessary. Furthermore, you will need to present proof regarding a specific level of funding. This level will largely rely on your business support, either from a venture capital firm or an angel investor group. For instance, if a business incubator sponsors your business, you will not need to present proof of funding.
Take a look at the funding proof requirement in the following cases:
- For designated venture capital groups providing sponsorship, funding proof of $ 200 CAD must be given.
- In the case of receiving sponsorship from a designated angel investor, funding proof of $75,000 CAD is essential.
- The higher level of funding proof will apply in the case of multiple sponsorships.
Also, a third party of the designated institution in the governing position will also conduct a peer review to make sure that all necessary verification and other protocols align with the Start-Up Visa program.
Make sure to possess adequate settlement funds
The Canadian government isn’t liable to provide you with any financial assistance as part of this program. Hence, make sure that before you come to Canada you have enough funds to support yourself and your family.
Basic language requirements
To gain eligibility for the SUVP, applicants will require to present their language ability with at least a CLB 5 in French or English. They must also undergo eligible tests like IELTS, CELPIP, TEF, or TCF. Essentially, Canadian Language Benchmark evaluates an individual’s language ability in terms of all aspects, such as reading, writing, speaking, and listening.
Clearing medical exams and security verification
For any individual to gain admissibility into Canada, they must undergo the standard verification in terms of security and medical exam. It will be important to receive police clearance certificates and undergo other verification measures related to security. Immigration Medical Exams might be a requirement for medical approval.
The Start-Up Visa program will also require applicants to attain a temporary work permit to work in Canada.
