Canada’s new Start-Up Visa Program is the first of its kind in the world to attract start-up businesses and utilize Canadian venture capital, linking immigrant entrepreneurs with experienced private sector organizations that have expertise in working with start-ups.
Your application to come to Canada through the Start-Up Visa Program will be assessed on a pass/fail basis on four requirements. You must have:
- A commitment of support from a designated Canadian venture capital fund or angel investor group; you must secure a minimum investment of $200,000 if the investment comes from a designated Canadian venture capital fund. You must secure a minimum investment of $75,000 if the investment comes from a designated Canadian angel investor group.
- You must be accepted into a Canadian business incubator program.
- A letter of support is given to the applicant by the designated angel investor group or venture capital fund. It is proof that they will support your business idea
Have a qualifying business
This means you created a business that meets the following conditions.
- At the time you get a commitment from a designated organization:
- each applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners)
- applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time
- At the time you receive your permanent residence
- you provide active and ongoing management of this business from within Canada
- an essential part of the operations of the business happens in Canada
- this business is incorporated in Canada
- An ability to communicate in either French or English; you must meet the minimum level of CLB 5 in either English or French for all four language abilities.
- Completion of one year of study at a post-secondary institution; and
- An adequate amount of money in order to settle and provide for the cost of living prior to earning an income. The amount of money you need to support your family is determined by the size of your family. These amounts are updated every year.
If those requirements are met, your application would then be reviewed on IRCC’s standard admissibility criteria, including health, criminality and security. To find out if you are eligible to apply as an Entrepreneur, click here to complete your eligibility questionnaire.