Advantages of Obtaining a Canada Startup Visa

• The application for a startup visa in Canada is expedited.
• The Canada startup visa allows for permanent residency and eventual citizenship.
• Financial assistance for entrepreneurs to establish and grow their businesses.
• You can access social benefits in Canada.
• Up to five applicants may apply as owners
• No minimum investment or net worth.
• No upper age limit to apply.
• All nationalities are welcome.
• Apply for a work permit while your PR visa application is being processed.
• Easier to set up business anywhere in Canada (except Quebec)

Eligibility Criteria For Canada Start Up Visa

The current Canada Startup Visa is one of the most expedited routes to obtaining permanent residency in Canada. The following are the requirements for a startup visa in Canada:

• Business visa applicants must obtain a letter of support from one of Canada’s designated organizations.
• Applicants must own at least 10% of the prospective startup’s voting rights. Applicants must have more than 50% of the overall voting rights in the business with the selected organization.
• Candidates must present results from an approved language test proving ability at or above Canadian Language Benchmark (CLB) Level 5.
• Each applicant must have adequate means to settle in Canada (a minimum of $12,960 to $34,299, depending on the applicant’s family size).

How To Get A Canada PR Visa Under The Canada Start Up Visa Program?

The four steps to obtaining a PR through the Canada Startup Visa Program are as follows:

Step 1: First get a letter of recommendation from a recognized organization

A letter of support from a designated Canadian-based investor is required. The letter serves as proof that the organization will fund your idea and assist you in establishing your firm in Canada.

The bare minimum you must obtain for your startup is:

• 200,000 Canadian dollars in the case of Canadian venture capital funds
• 75,000 CAD if an angel investor contributes.
• No investment is needed if you are accepted into one of the business incubator groups.

 
Step 2: Comply with the language requirement

You must demonstrate your English or French speaking ability to the Immigration, Refugees, and Citizenship Service. It means you must take an approved language test administered by a designated agency and obtain a CLB 5 or above.
 

Step 3: Requirements for business ownership

To apply for a Startup Visa Canada, you must have a qualifying business. Your company must have at least five owners at the time of application. Each applicant must own at least 10% of the voting rights. Furthermore, applicants and the authorized organization hold more than half of the company.
 

Step 4: Bring enough money to settle in Canada.

Since the Canadian government does not provide financial assistance to startup visa recipients, make sure you have enough money to settle. You’ll need to show that you have enough money to sustain yourself and your dependents after you arrive in Canada.

The settlement amount is described below:

The Canada Startup Visa differs from the Canada Self-Employed Visa because it does not require a minimum investment. However, you must have sufficient funds to settle in Canada.

Average Processing Time For Canada Startup Visa

The processing period for a Canada Startup visa varies by instance; however, the average documentation and processing time is 6-12 months. Furthermore, depending on the case, the immigration authorities’ processing time can range from 12 to 18 months.
 

Canada Startup Visa Fees

• Fee for a single applicant (CAD 1575) + Fee for Permanent Residence (CAD 500) = CAD 2,075
• Fee for Additional Applicant (Spouse) (CAD 825) + Fee for Permanent Residence (CAD 500) = CAD 1,325
• Fee for Dependent Child (CAD 225)

Miscellaneous Fees

• Biometrics fees: single applicant (CAD 85) and family of at least two (CAD 170)
• Certificate of Police Clearance – (INR 500) (Costs vary depending on country.)
• Language Proficiency Exam Fees: IELTS (INR 13,250) and PTE (13,300)

Application Process

If you meet all of the aforementioned standards, your application will be processed within 12 to 18 months. The following is a breakdown of the processing time for each stage:

• 1-2 months for the creation of a business plan
• Letter of recommendation- 6-10 months
• 8-12 months for a PR visa application

Required Documents

• A copy of the applicant’s resume (CV).
• Business draught copy
• A valid passport photocopy
• Certificate of Birth
• Marriage License (if married)
• Your native country’s police clearance certificate
• Proof of Funds for the Previous Six Months
• Bank Reference Form
• Language Test Outcomes
• Confirmation of Medical Examination
• A letter of support from a designated organization in Canada