What is Start-up visa program in Canada?

Canada's Start-up visa program provides a pathway to foreign nations with innovative business ideas who want to live and work in Canada with their families. This program offers a pathway for entrepreneurs and their families to relocate to Canada if they have the potential to build a business and gain residency in the country. Foreign nationals can also gain permanent residency in Canada's start-up visa program.

The Canada Start-up Visa program is a business immigration program allowing entrepreneurs to obtain Canada PR by starting innovative businesses in the country. Successful applicants and their families can relocate to Canada within 3 to 6 months and obtain Canada PR within 2.5 to 3 years.  This program is for entrepreneurs who the Canadian organization supports. Entrepreneurs can access capital funds between CAD 200,000 and CAD 500,000 if they consider exploring business immigration options in Canada.   

Canada Start-up visa programs target entrepreneurs with the skills and potential to build businesses in Canada who are:

• Innovative
• Can create employment in Canada
• Can have a competitive start-up on a global scale 

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Benefits of the Start-up Visa Program

• Direct pathway to gain Canada PR 
• No personal investment is required
• Access to the Canadian Business network
• Focus on Innovation
• Opportunity to work while applying
• Dependents are also included in the program
• Streamlined application process
• Multiple founder support

Eligibility criteria to apply for Start-up visa program

• Language proficiency in French and English
• Sufficient proof of funds
• Plan to settle in a province other than Quebec
• Proof of passing Canadian security and medical clearance
• Proof of business supported through designated organization
• Businesses must meet the ownership requirements

*Note: Under the Star-up visa program, no more than five foreign nationals may apply for permanent residency as a part of the same business venture. 

Investment Requirements

IRCC has designated several capital funds, angel investor groups, and business incubator organizations to participate in the Start-up visa program. Successful applications are required to secure a minimum investment for the Canadian Start-up. There are different requirements for funds depending on the designated area:

• If applying through a designated Canadian venture capital fund, the investment must be at least $200,000
• If applying from an angle investor group, the funds should be at least $75,000

For a business incubator, candidates are not required to secure any investment. However, the applicant must be accepted into a Canadian business incubator program. Candidates don't need to invest in Canada with their funds. If their Canadian Start-up is unsuccessful, individuals are granted Canada PR through this program, which will help them retain their permanent resident status.

Evidence of commitment

To demonstrate that the applicant has obtained support from capital funds or venture, angel investor group, or business incubator, the investor organization must submit a completed commitment certificate directly to IRCC. The documents included information regarding the agreement between the applicant and the investment organizations. Its purpose is to summarise the relevant details of the commitment between the investment organization and the applicant.

In addition, the applicant will receive a letter of support from the investment organization, which they must submit with their application for permanent residence. If there are two or more applicants as a part of the same business venture, the commitment by the investment organization can be conditional upon one or more “essential part” receiving their permanent residency. Suppose there are two or more applicants as part of the same business venture, the commitment by the investment organization which the applicant must submit with their application for PR.

Support from Multiple organizations

Candidates may receive support from multiple designated organizations, known as syndication. In that case, entities must be involved and must be identified. The selected organizations will provide IRCC with a single commitment certificate and one letter of support to the applicants.

As soon as the designated venture capital firm invests in a business, the minimum investment amount must be invested in that business is $200,000. The minimum investment amount for the designated angel group is also invested in the same company.

If the business is supported by at least one designated angel group but not designated venture capital groups, the minimum total investment amount is $75,000.

Requirements to apply for Canada Start-up visa

• Incorporate the business within Canada
• Hold a minimum of 10% voting rights in the company alongside a designated organization
• Have a letter of support from a Designated organization
• Applicants and the Designated organization must possess over 50% of voting rights
• Manage the business actively with core operations in Canada during and after the application process
• Language proficiency in English or French of CLB 5
• Sufficient funds to settle in Canada, ideally over $200,000

Fund requirements for Start-up visa program

The minimum amount of money an applicant needs to immigrate to Canada is based on the size of the family. Here is the detail of the fund's requirements:

Number of family members	Funds you need in CAD
1	$14,690
2	$18,288
3	$22,483
4	$27,297
5	$30,690
6	$34,917
7	$38,875
If more than 7 people, for each additional family member, add	$3,958

How can I apply for the Start-up visa program?

To apply for a Start-up visa program in Canada an applicant must:

Step 1: Apply via the Start-Up Business Class

Step 2: Sort out the documentation

Step 3: Pay the application fees

Step 4: Submit the SUV Immigration Application

Step 5: Once approved, start your business in Canada

Start-up visa fees  

The start-up visa program fees in Canada range between CAD 150,000 and $250,000+, depending on various factors. Below are the details of the cost of a Start-up visa:

Start-up visa aspects	Processing cost
Business concept development	CAD 20,000 - CAD 100,000
Designated incubator fees:	CAD 25,000 - CAD 50,000
Legal fees	CAD 10,000 - CAD 30,000
Company formation fees:	CAD 3,000 - CAD 5,000
IRCC government fees per family	CAD 3,500 - CAD 5,000
Operational costs over three years (includes hiring, taxes, and expenses)	CAD 50,000 - CAD 150,000

 

Processing time of Start-up visa

The start-up visa takes around 40 months or over 3 years to process.

How can Y-Axis help you?

Y-Axis is one of the leading immigration consultants in Canada with 26 years of experience.  Our consultants are here to assist with immigration and overseas investments. Our services include:

• Assistance to choose the correct country for your investments
• Guidance to choose the right pathway to invest in Canada  
• Get dedicated advisors to help you settle abroad as an entrepreneur with your family.
• Get residency by investment
• Sign up with Y-Axis for complete guidance to invest overseas