An Opportunity for Foreign Entrepreneurs
If you are a foreign entrepreneur with the skills and know-how to build an innovative company in Canada and scale it to eventually hire Canadians and potentially become a global company, then the Startup Visa may be the option for you. This visa allows you to bring your family and business partners to Canada.
The Startup Visa Program Explained
The Startup Visa program is for entrepreneurs who are mainly outside Canada or do not have permanent resident status in Canada. It is aimed at those looking to establish an innovative, scalable business that could provide jobs for Canadians and expand globally.
Permanent Residency Application
The Startup Visa is essentially a permanent residency application. It is for entrepreneurs with innovative business ideas, many of whom have existing businesses in their home countries but want to expand to Canada. The program includes a work permit component.
Work Permit Component
Applicants initially apply for permanent residency. However, because the residency application can take several years to process, the program offers a quicker work permit. This allows you to come to Canada with your family while your permanent residency application is being processed.
Eligibility Requirements
To be eligible for the Startup Visa, you need to establish your business in Canada. If you own the business with partners, you must have at least 10% ownership of the voting shares. Together with your partners, you must own more than 50% of the voting shares, ensuring that controlling interest lies with the members who will be in Canada.
Co-Founders and Joint Applications
If you are a co-founder or co-owner, up to five co-founders can apply jointly for the Startup Visa. Each founder must have at least 10% ownership of the voting shares, and together you must own more than 50% of the voting shares. This is a key requirement.
Letter of Support
You need a letter of support from one of the government’s designated organizations. These organizations are approved to issue letters of support for Startup Visa applicants. You must convince one of these organizations that your business is worth supporting. These organizations often provide an environment for your company to get established in Canada and are selective about which ideas they support.
Language Requirement
You need to demonstrate proficiency in English or French by taking a designated language test and scoring at least a level five.
Proof of Funds
You must show that you have enough personal funds to support yourself and your family in Canada. The amount required depends on the size of your family. For a single individual, you need to show just under $14,000 with the required amount increasing for each additional family member.
The Work Permit Element
The work permit allows you to come to Canada and actively engage in your business. This is necessary for you and your partners to meet the permanent residency requirements. The work permit ensures you are in Canada and working on your business while your residency application is processed.
Conclusion
If you are a foreign entrepreneur with an innovative idea or an existing business, the Startup Visa program could be a way to bring you, your family, and up to four business partners to Canada. This program provides a path to permanent residency while allowing you to establish and grow your business in Canada.
