Canada Start-Up Business Visa Program
Canada Start-Up Business Visa Program, officially known as Canada Start-Up Class, this is a platform through which qualified immigrant entrepreneurs can get a Canadian PR. The main purpose of this program is to attract innovative entrepreneur and create employment in Canada also links them with investors in Canada to establish a start-up business.
An applicant can come to Canada and work on his/her business project through a work permit. The work permit must be supported by the Canada-based designated investor. Once the business is established, an entrepreneur can apply for a Canadian PR.
There are three types of investors under this stream;
• Angel investor.
• Venture capital fund.
• Business incubator.
Designated Entity (Investor)
As mentioned above, there are three kinds of investors – Angel Investor, Venture Capital Fund, and Business Incubator.
• Designated Angel Investor group – Must confirm that they are investing at least $75000 into a qualifying business.
• Designated Venture Capital Fund – Must confirm that they are investing at least $200,000 into the qualifying business.
• Designated Business Incubator – must accept the applicant into its business incubator program.
Support from Designated Entity
An entrepreneur must have a viable and sound business plan. The plan should meet the requirements of the government approved designated entities. An intending immigrant can contact a business consultant in Canada to make sure the business plan is meeting the industry requirements.
• A candidate must have aCommitment Certificate and Letter of Support from a designated entity.
• A candidate must havedebt-free, sufficient, available, and transferable funds.
• A candidate must haveproficiency in English or French at minimum Canadian Language Benchmark level 5.
• Qualifying business.
Business Ownership Requirement
• The proposed business should be set up and operational in Canada.
• The candidate must own at least 10 percent of the voting rights in the business.
• The candidate and the designated entity jointly hold more than 50% of the total voting rights.