Immigrant entrepreneurs can use the Start-Up Visa Program to gain permanent residence in Canada. This program assists the applicant in getting established in the country by linking with private sector organizations. Through this program, the entrepreneur can receive funding, guidance and expertise to help set up, run and build their company in Canada.
The Start-Up Visa Program clears successful applicants for entry into the country within weeks and therefore fast-tracks entrepreneurs who qualify. Additionally, this visa grants permanent resident status which then can be used towards applying for citizenship. The Canadian government understands that entrepreneurship comes with its own unique risks and therefore in the event of the business failing, the entrepreneur’s resident status remains unaffected.
An entrepreneur who wants to use this program needs the support of a Canadian venture capital fund, angel investor group or business incubator. This Canadian investor must be on the list of those approved by the Canadian government to participate in the program.
Entrepreneurs need to pitch their business proposition to the designated funds or groups. Application processes for each group could be different and will need to be contacted directly to gain information on documentation requirements. Information about the preferences of type of business objectives of the different investors can be gleamed via their website and through research. Often their application process is detailed online. Once the investor decides to support a presented business idea, a letter of support will be sent to the applicant. The investor will also send a completed Commitment Certificate to Immigration, Refugees and Citizenship Canada. This certificate details the salient features of the commitment between the two parties involved.
An entrepreneur could also receive support from more than one investor. This is called syndication. In this format too, a single Commitment Certificate will be sent to Immigration, Refugees and Citizenship Canada and one letter of support will be sent to the applicant. The letter of support is the starting point in the process of applying for Start-Up Visa.
Please note:
It is mandatory to declare to the Canadian authorities on arrival any amount in excess of CAN $10,000. Failure to declare the amount could lead to an imposition of fines and seizure of funds.
After all the requirements above are met, the application process can commence. On completion of the application process, the application will either be verified and processed as complete or returned as incomplete without processing. Immigration, Refugees and Citizenship Canada Centralised Intake Office contacts those who have been accepted for processing with procedures for next steps.