Opening Business in Canada

You have to understand that Canada has multiple immigration pathways, catering to people of different backgrounds. There are over 80 economic class immigration programs in Canada, the Start-Up Visa Program is one them. If you’re innovative and creative side demands to be realized via a business venture, then this program is perfect just for that. There have been many companies which have brought new ideas, products, and services to the market and are thriving and the startup visa program allows you to be part of the club.

The startup visa program is a tool via which you can set up your own business with up to 5 people of a single business. So what exactly is the program and what is it all about?

Startup Visa

The program is tailored for immigrant entrepreneurs to grow their companies in Canada. It is a strategy which benefits the economy and also gives the potential immigrants an opportunity to flex their innovative side in Canada and also become a permanent resident if they fulfill the criteria. Eligible applicants can hook up with private sector organizations in Canada, which can lead to funding, direction, and knowledge to open and operate their business in Canada.

So who is applicable for this program?

Eligibility requirements

• Qualifying business (applicant holds 10% or more of voting rights attached to shares of the corporation outstanding; applicants and designated organization jointly hold more than 50% of voting rights attached to all shares of corporation outstanding; during permanent residency, must have active and ongoing management of business within Canada, and should be incorporated from the country)
  
  
• Fulfill the language criteria (English or French; minimum CLB 5)



• Letter of support The work permit has to be supported by a designated institution (Investor in Canada), before being eligible for permanent residency after the business setup. When it comes to the private sector investors, they are of 3 types, namely: Angel investor, venture capital, and business incubator.



• Financial proof No financial support is provided by the government of Canada. Financial proof for yourself and your dependents after arrival in Canada has to be shown. For a single person, it boils down to CAD $12,960. Depending on the number of family members, the amount increases as a result.
  
  For budding entrepreneurs who have a proclivity for exercising their business acumen and want to settle in Canada, this program suits their needs and gives them a chance get permanent residency as well.