What Are The Requirements For Canada Start-up Visa?

 Are you an entrepreneur planning to set up a business in Canada? If yes, a Canadian start-up visa is the most appropriate program for you. You can obtain permanent resident status with this visa. Gradually, you can also obtain Canadian citizenship with the help of this visa. Browse through the article to know about the various Canada start-up visa requirements.

1.    Proof Of Support

The first step for obtaining this visa is finding an investor who will agree to invest in your business venture. You will have to present your business idea and obtain investment from angel investor groups, designated incubators, or venture capital funds. They will send you a letter of support if they like your business idea. They will also send a Commitment Certificate to the IRCC.

If you obtain support from more than one investor, the organizations will send a joint Commitment Certificate to the IRCC. The minimum amount of investment you need to secure will vary depending on the organization. The minimum amount of investment required from different organizations is as follows:

●      CAD 200,000 in case of investment from a Canadian venture capital fund

●      CAD 75,000 if the investment is from an angel investor

●      CAD zero if your business gets support from any Canadian business incubator program

2.    Proof Of Meeting Language Requirement

You should work and communicate in French, English, or both languages to obtain this visa. You have to sit for a language test from an IRCC approved agency and meet the following criteria:

●      Canadian Language Benchmark 5 in listening and speaking and 4 in writing and reading in English

●      Niveaux de Compétence Linguistique Canadiens 5 in listening and speaking and 4 in reading and writing French

3.    Proof Of Meeting Educational Requirements

To obtain the Canada Start-up visa, you have to complete at least one year of study in any postsecondary institution. You will also have to submit transcripts, letters of good standing, degrees, certificates, or diplomas to prove that you are meeting this requirement.

4.    Proof Of Sufficient Settlement Funds

You will need to show that you have sufficient funds to move yourself and your family to Canada. The required funds will depend on your application's number of family members. Apart from the minimum requirement, you can bring in as many funds as you have while moving to Canada.

Your new business venture might not grow and provide profits overnight. Therefore, bring in as many funds as possible to support your family. If you have more than CAD 10,000 with you when moving to Canada, inform an officer of the Canadian Border Services and Agency upon your entry.

5.    Proof Of Security And Medical Examination

You and your family members need to undergo a security check to obtain this visa. It is done to ensure that the new entrants are not a security threat to the country. You will also have to undergo medical checkups. It ensures that you won’t be a threat to Canadian public health.

Wrapping Up

You can apply for the Canadian start-up visa only after fulfilling all the requirements. It takes around 12 to 18 months to process your visa application.