Ways to Get Entrepreneur Visa in Canada
The nation of Canada is such an influential player on the world stage that it hardly needs an introduction. Occupying the northern part of the North American continent, Canada is a constitutional monarchy with a federal parliamentary democracy. The nation is officially bilingual with the recognized languages being English and French. Canada has one of the largest economies in the world and its major industries include natural resources, aeronautics, energy, and automobiles.
Along with Canada’s financial benefits, the country also has low unemployment rates, low crime rates, strict gun control laws, a reputable judicial and court system, universal healthcare and a widely respected education system.
Canada has long recognized the great value in welcoming foreign investment into the country’s economy. The nation offers many incentives to encourage foreign investors to relocate to the nation. One of these incentives is Canada’s multiple investment-based visa programs. This pamphlet discusses Canada’s newest program, called the Start-Up visa program (the other investment-based immigration options are discussed in other pamphlets).
Canada’s Start-Up Visa
Launched on April 1, 2013, the goal of the Start-up visa program is to incentivize immigrant entrepreneurs to move to Canada. The requirements of the visa are relatively easy to fulfill in comparison to similar programs hosted by other countries. First, the foreign investor must have the support of a Canadian angel investor or a venture capital fund. To do so, the investor may apply to one of five Canadian authorized business incubator and accelerator programs (BIAPs) and pitch the investor’s proposed business plan in order to obtain funding. The funding must be at least $25,000CAN if obtained from an angel investor or $75,000CAN if obtained in venture capital. The BIAP will evaluate the business plan and make a recommendation to the Canadian immigration authorities to either approve or deny the Start-up visa application.
In addition to the BIAP’s favorable recommendation, the investor must also pass an English or French language test, have studied at the university level for at least a year, and have sufficient funds to support the investor and family during the residence in Canada.
Once the immigration authorities approve the investor’s visa, the investor and family will receive Canadian permanent resident status which will not be revoked even if the new business fails.