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Steps to Apply for Canada Startup Visa Program

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What does a Start-up visa for Canada means?

The Canadian Startup Visa program is aimed at entrepreneurs and business professionals who have the skills to start a globally competitive business. This program aims to bring people to Canada with innovative business ideas to create more job opportunities for Canadians.

Suppose you’re an entrepreneur with a good business idea. In that case, a start-up program can give you all the support you need, including the means to build a profitable and globally competitive company.

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This startup entrepreneurial visa can, among other things, grant the applicant or entrepreneur permanent residency status and, ultimately, citizenship status.

Basic needs

  • You will need to provide a letter to support your business from an angel investor group, venture capital fund, or business incubator.
  • You must meet the ownership requirements for your business to qualify.
  • You must have sufficient funds to serve for a certain period of time before you can start generating income.
  • You must meet the language requirements and the Canadian Minimum Indicator (CLB) in French or English. You must be able to communicate fluently in English or French and you must take a language test.
  • Five people can apply for the initial visa for the same company at the same time if they have up to 10% of the voting rights and the maintenance company has more than 50% of the voting rights.
  • If you meet all of these requirements, your application will be assessed against the IRCC accreditation standards. The organization that runs your business will also be checked to ensure they are following the required procedures.
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The minimum investment required to apply for a startup visa?

  • You must have a minimum investment of $200,000 if it comes from certain Canadian venture capital funds.
  • You must have an investment of at least $75,000 if you belong to a specific group of Canadian investors.
  • You don’t need to get investment from the incubator. However, you must be accepted into a Canadian incubator program.

What should I do if the business fails?

Many may wonder what if the business fails, am I sent back to my country? The answer is no, if you apply for the startup visa and eventually get your permanent residency status, you will live in the country again.

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