Start-Up Visa
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This project aims to bring in creative business owners from outside the country who will help the economy grow and create new jobs.
Startup visa applicants must meet the following guidelines to be considered.
• Adhere to the required minimum level of English or French (CLB 5 across all skills);
• have enough money to start a new life in Canada.
• Have other provinces in mind besides Quebec for permanent residence.
• Gain entry to Canada after going through the necessary medical and security checks.
• Show that the necessary ownership requirements are met and that your business is supported by a recognized group.
Under the Start-Up Visa Program, a maximum of five foreigners per qualifying business may apply for permanent residence.
There are a number of VC firms, angel investor networks, and business incubators that Immigration, Refugees, and Citizenship Canada (IRCC) has approved to participate in the Start-Up Visa program.
To be eligible, applicants must show that they have secured funding for their Canadian startup. The minimum investment from a Canadian venture capital fund is $200,000. A minimum of $75,000 is required if the funding is coming from a group of angel investors.
The business incubator does not need any sort of investment from the applicants. Nonetheless, prospective participants need to be accepted into a business incubator in Canada.
Candidates are not required to make a personal financial commitment of any kind. People who are granted permanent residence through this program will maintain their status even if their Canadian startup fails.
The investor organization must submit a completed Commitment Certificate to IRCC on behalf of the applicant to prove that the applicant has secured funding from a venture capital fund, angel investor group, or business incubator.
The terms of the applicant’s agreement with the investment organization are detailed here. Its goal is to briefly describe the commitment made by the investment firm to the candidate.
Also, the investment group will write a letter of recommendation for the applicant to include in their permanent residence application. The commitment by the investment organization may be contingent on the permanent residence application of one or more “essential persons” if two or more applicants are involved in the same business venture.
The term “essential person” refers to an individual whom the investment group has determined to be crucial to the company’s success. If an application for an essential person is denied, all the applications in the Commitment Certificate will be denied as well.
The investment firm’s commitment may be contingent on the immigration status of one or more “essential person(s)” if two or more applicants are involved in the same business venture.
The term “essential person” refers to an individual whom the investment group has determined to be crucial to the company’s success. If an application for an essential person is denied, all the applications in the Commitment Certificate will be denied as well.
Applicants can benefit from syndication if they receive backing from more than one designated organization. All parties here need to be named and shamed. Applicants will only need to submit one set of documents to IRCC, consisting of a single Commitment Certificate and a single Letter of Support from each designated organization (s).
If an authorized VC firm invests in a company and an authorized angel group also invests in that company, the combined amount of both investments must be at least $200,000.
An initial investment of $75,000 is required if the business receives backing from at least one designated angel group but no designated venture capital groups.
A peer review procedure has been integrated to guard against fraud within this program. Its purpose is to verify the legality of transactions between investment firms and non-U.S. national business owners.
In some cases, an immigration officer may request that an impartial peer review panel conduct an evaluation on the applicant’s behalf. Such committees have been set up by a trade group that stands in for the specific kind of investment firm making the pledge.
In the case of angel investors, for instance, the National Angel Capital Organization would be in charge of forming the appropriate peer review panel.
If, on the other hand, the group making the commitment is a venture capital fund, it would be the responsibility of the Canadian Venture Capital and Private Equity Association.
The immigration officer can ask for a peer review if they feel it will help them make a decision, but they can also initiate one on their own.
There is no legal precedent for the immigration officer to follow the peer review panel’s decision. It will merely attest to the fact that the investment firm has conducted all of the standard checks and investigations. It won’t say whether or not the idea is smart or possible.
• confirms that the company has been or will be incorporated in Canada;
• confirms that the business owner has been verified and satisfies program requirements;
• confirms that the designated organization has considered the viability of the proposed business model;
• confirms that the focus of the business is on a product or service with high growth potential;
• confirms that the ownership of the intellectual property has been verified; and
• confirms that the business is focused on a high-growth potential product or service.
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