What is the Entrepreneur Canada Start-up Visa Program?
Eligibility for Entrepreneur Start-up Visa Program
The Canadian start-up visa program is to select innovative foreign entrepreneurs who will help in creating new jobs and in the economical development of the country. The minimum requirement that needed to be fulfilled to be eligible under this program is as follows:
- Must be able to meet the minimum requirement for Language Proficiency that is Canadian Language Benchmark (CLB) level 5 in all abilities (English or French)
- Must possess sufficient funds to be able to settle in Canada.
- Plan to settle in a province other than Quebec
- Pass Canadian security and medical clearance
- Business must be supported by the designated organization
- Meet the ownership requirements
A maximum of five foreign immigrants can apply for Canadian permanent residence as part of the same business program under the Start-up Visa program.
What are the investments needed in the Start-up Visa Program?
Immigration, Refugees & Citizenship Canada (IRCC) has included various venture capital funds, business incubator organizations, and angel investor groups in the start-up visa program. Successful applicants must secure a minimum investment for their start-up. For the investment from a designated Canadian venture capital fund, it should be a minimum of CAD 200,000. In the case of the angel investor group, the minimum investment made must be CAD 75,000.
Candidates must get accepted into the Canadian business incubator program. However, they do not require an investment from them.
No investment must be made by the candidate from their side. For the unsuccessful start-up, a candidate who has been granted permanent residency their status will be retained.
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|Number of family members||Required funds (in CAD)|
What is Evidence of Commitment?
When the applicant can successfully get support from a venture capital fund or an angel investor group, or a business incubator, the organization is required to submit a completed Commitment Certificate to the Immigration, Refugees & Citizenship (IRCC). A commitment certificate is a document that includes the information related to the agreement between the applicant and the investment organization. This document summarizes relevant details of the commitment between the investor organization and the applicant.
Other than the commitment certificate, the applicant is provided with a letter of support from the investment organization that must be submitted with the application for the Canada PR visa. If there are multiple applicants for the same business venture, a commitment by the investment organization can be based on a condition where one or more “essential person” receiving their permanent residence. “Essential Person” is for the person who is termed as essential to the business by the investment organization. For the case when the application of the “essential person” is rejected then the application of the others that are included in the commitment certificate will also get rejected.
How to get Support from Multiple Organizations?
There will be cases where the applicant will be able to get support from one or more designated organizations, together termed as “syndication”. These designated organizations, together, must submit a single Commitment Certificate and one Letter of Support.
The minimum investment a designated venture capital firm must make into a business is CAD 200,000, even if an angel group invests in the same business. If the business gets investment from one designated angel group rather than the designated venture capital groups, the minimum investment must be CAD 75,000.
What is the Peer Review Process?
To protect the deals made between the investment organizations and foreign entrepreneurs from fraud, a peer review process has been included. An immigration officer can ask for a commitment to be assessed from a peer review panel. These panels are created by an industry association that shows the investment’s type that committed organization makes.
For angel investor group – Peer review panel is established by National Angel Capital Organization.
For venture capital fund – Canada’s Venture capital and Private Equity Association.
Peer review is requested by the Immigration officer in a case that would assist him/her in making the decision; it can also be initiated on a random basis. The assessment provided by the peer panel is not binding on the Immigration officer. It only checks that the investment organization has been able to carry proper checks and investigations.
Peer review test the level of due diligence that is done by the designation organization and also the following points:
- Ensure the company has been or will be incorporated in Canada
- Ensures that the business owner has been verified and satisfies program requirements
- It confirms that the designated organization has checked the viability of the proposed business including its management team and the verified ownership of intellectual property.
- It makes sure that the business is focused on providing high-growth products and/or services.
- Validates, for business incubator applicants, acceptance into an incubator program.
The Start-up visa program is a pilot program for five years that will process a maximum of 2,750 applications per year. In case the program proves successful, the Canadian government can make the program permanent before its due period of five years.
Why Choose Province Immigration ?
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settlement in abroad, So we provide complimentary services such as Job Assistance, Resume writing, Ielts training, Post Landing Services.
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your invitation from your dream Country without any extra charge.
In order to help us understand your unique visa needs, please drop in your query and our representative will get back to you.