The startup visa Canada is for one who is an entrepreneur or wants to come to Canada to start a business. The Canadian government has the scheme to attract entrepreneurs from other countries. The government also provides them with funds and support to grow their business. These businesses add value to the Canadian economy and create more jobs in the Canadian market.
The business visa Canada application is fast-tracked. This promotes the approval of successful applicants in a few weeks. This visa also entails permanent resident status which might lead to citizenship later.
Working on the startup visa Canada-
The following steps are necessary to receive a Canadian business visa:
1. The entrepreneur must get their business supported by an investor. You must obtain a supporting letter from one of the investors. The letter must consist of the investor stating that they will fund the business.
2. The businessperson must meet the language requirement. One must be able to work and speak in English, French or both. Proof of linguistic competence should be produced to Immigration, Refugees and Citizenship Canada (IRCC). One of the IRCC authorized agencies provided a language exam must be taken and the requisite language standard must be met.
3. The businessman must demonstrate that their company would fit Canada's ownership requirements. During the application procedure for a business visa in Canada, a business can have up to five proprietors. Each visa candidate must own at least 10% of the voting equity in the company. The investor and the applicant must jointly possess more than 50% of the startup's right to vote.
4. One must prove that they possess enough funds to support themselves and their family in Canada. Financial support will not be provided to business immigrants by the government.
Eligibility for Startup Visa Canada-
• Proof of support by an investor
• Proof of meeting the language requirement
• Proof of meeting the education requirement
• Proof of sufficient settlement funds
• Proof of security and medical clearances
Application fees for Canadian business visa-
Application Fee Required Funds in Canadian Dollars
Main Applicant 1,540 CAD
Spouse 1,040 CAD
Dependent Child 150 CAD
Legal Fees May vary depending on the Law Firm
Application Process for Business Visa Canada-
1. The businessperson must draft the business plan as the first step. One must also provide a detailed CV for preliminary qualification and other documents. This step takes 1-2 months.
2. The letter of support must be obtained from the investor. The investor must approve the business plan and submit a support letter and a Commitment Certificate.
3. The last stage in the process is the application for Permanent Residency with the investment letter and other documents. The state then goes through the submissions and either accepts or rejects the request.
During the process, one will need the following documents:
● Resume (CV) of the visa candidate
● The business proposal draft
● passport copy or other legal travel documentation
● Certificate of Birth
● Certificate of Marriage (if married)
● Clearance from the police. Record of their birth and resident nations.
● Evidence of Funds: a recent declaration that covers at least six months
● Letter of reference from Bank
● Linguistic Test Results for Reference Letters (IELTS CLB Level 5 or NCLC Level 5)
● A letter of support is necessary from a Canadian designated body
This is a short brief comprising all the information required regarding the application of the Startup Visa Canada.