Author: Yan Desjardins, Founder & Executive Director
The Canadian visa startup program was introduced in 2013 as a pilot program to help Canada meet its economic growth by bringing more innovative businesses to Canada. The Canadian visa startup program was implemented successfully and was later made into a permanent immigration program to help those wishing to immigrate to Canada as a business owner.
The Canadian visa startup program
Are you an entrepreneur? Do you have a business idea that you think is innovative and can compete in global markets? Then the Canadian visa startup program is right for you. That’s right, you and up to four of your business partners immigrate to Canada as business owners and can settle down in Canada with the start-up visa Canada program. All of the members will need to meet the conditions of the Canadian visa startup program for the project to qualify.
Designated Organizations to help you immigrate to Canada as a start-up.
Designated organizations are entities that are authorized by IRCC to support the Canadian visa startup program. These organizations’ role is to provide either investment or business incubation support and they are key to the success of the applicants who wish to immigrate to Canada as a start-up.
The following are the 3 types of organizations and the service they can provide.
- Venture Capital Funds – provides an investment of at least 200,000CAD;
- Angel Investors – provides an investment of at least 75,000CAD;
- Business Incubators – provide expertise and support to bring the business to success.
When applying for the Canadian visa startup program, you will need to secure a letter of support from one of those organizations in order to immigrate to Canada as a start-up.
What is a letter of support and why do I need it?
When your business idea has been refined and your business plan is ready, then comes the time to pitch your idea to one or more of the Canadian visa startup program designated organizations. Having the proper support to ensure that your idea and profile are properly structured is essential to securing the proper support from an organization.
Depending on the type of organization your business pitch is presented to, you may have different eligibility requirements to meet in other for you and your business partners to immigrate to Canada as business owners.
For example, if you wish to secure some monetary investment, you will need to meet the threshold requirements from either a Venture Capital or an Angel Investor. However, business incubators do not provide monetary investment, rather they offer incubation and support programs for individuals wishing to immigrate to Canada as business owners.
Once you have been successful at either securing the investment or completing a business incubator program, you will receive the letter of support required for you and your business partners to apply to immigrate to Canada as business owners. Without the letter, the application for the visa cannot be submitted.
How Can Phan Immigration Support You to immigrate to Canada as a start-up?
We can support you in your immigration application to start a business as an entrepreneur in Canada. We have the network, resources and dedicated relationship with selected designated organizations to help you reach your goals of immigrating with the Canadian visa startup program.
As a Regulated Canadian immigration consulting firm, we can help you attain your ambitions and goals with a realistic, transparent and cost-effective approach with step-by-step guidance.
Book a meeting with our Regulated Canadian Immigration Consultant to discuss your business idea and how you too can immigrate to Canada as a start-up.
