The Start-up Visa Program in Canada is designed to attract innovative entrepreneurs from around the world to start businesses in Canada that are innovative, can create jobs for Canadians, and have the potential to compete on a global scale. This program provides a pathway for immigrant entrepreneurs to obtain permanent residency in Canada.
To be eligible for the Start-up Visa Program, applicants must meet several criteria:
- Business Idea: They must have a business venture that is supported by one of the designated organizations in Canada. These organizations, which include venture capital funds, angel investor groups, and business incubators, must agree to invest in or support the proposed start-up.
- Language Proficiency: Applicants must demonstrate proficiency in English or French at a minimum Canadian Language Benchmark (CLB) level of 5 in speaking, reading, listening, and writing.
- Settlement Funds: Entrepreneurs must prove that they have enough money to support themselves and their dependents after they arrive in Canada. The amount required varies depending on the size of the family.
- Commitment Certificate and Letter of Support: They must obtain a Commitment Certificate and a Letter of Support from a designated organization.
Once approved, participants in this program can initially come to Canada on a work permit backed by their designated organization, followed by applying for permanent residence once their business is active and fulfilling the requirements as agreed with the investors. The Start-up Visa Program is an important part of Canada’s strategy to attract and retain international talent and to boost economic development.