It is a great place to start a business and Canada are ranked number 2 in the world for ease of starting a business, according to the World Bank to get started on your Canadian adventure, you may want to consider applying for the Start-Up Visa Program, which will allow you and your family members to come live and work in Canada.
The Start-Up Visa Program
This is a business immigration program that helps newcomers to Canada turn their business dreams into a reality, the program offers permanent residency to qualified applicants who have the potential to grow the economy and create jobs in Canada.
Successful applicants will receive open work permits, which allow them to participate in any job or business opportunity they wish.
To qualify for the Start-Up Visa Program, applicants must:
- have experience in an innovative idea or business venture
- have at least one year of foreign work experience
- intend on settling in one of 38 participating communities across Canada
How to Apply for the Program
First, you will need to have a minimum of $200,000 CAD in qualified Canadian investments or net worth and if you do not meet this requirement, the investor and entrepreneur stream may be an option for you.
The first step is to apply for a temporary resident visa (TRV) from the Immigration Department and then apply for permanent residence after that.
A representative will help walk you through these steps, making it a little less intimidating and more straightforward!
What You Need for the Application
Before you can apply for your Start-Up Visa Program, there are a few requirements that you will need to meet.
- First of all, you need to prove that your business is viable and has potential for growth in Canada. You will have to prove this with documents like a detailed business plan. You’ll also need the necessary financing from a designated Canadian financial institution.
- Secondly, you’ll need two years of management experience or an educational credential within the last five years related to entrepreneurship or business management.
- Thirdly, between $100,000-$150,000 Canadian dollars depending on province will be required to invest in your company at the time of application and again when you arrive in Canada.
- Lastly, you’ll need 10 letters of support from Canadians who attest that they believe your business has potential for growth in Canada.
Validating Your Application
The first step in the process of applying for a canada startup visa program is to submit a proposal of your future business and your proposal will be reviewed by immigration authorities, who will decide on its viability.
The proposal includes information about how you plan to run your business and how it meets the eligibility requirements.
After you’ve submitted your proposal, the government will send you a letter informing you if your application is being considered or not.
The next step is to submit supporting documents with more details about your proposed business and you’ll need to provide evidence that there’s an economic need for what you’re proposing, as well as financial and non-financial resources needed to start up your business.
You’ll also need to prove that there’s no one in Canada who could do this job and that hiring someone from outside won’t negatively impact Canadians’ employment opportunities.
Once all of these supporting documents have been submitted successfully, you’ll receive an Open Work Permit, allowing you to work anywhere inside the country while waiting for the final decision on your application.