Canada’s Start-up Visa Program is a dynamic pathway for entrepreneurs looking to establish their businesses and gain permanent residency (PR) in the country. Set to continue through 2025, the program is designed for innovative business owners who meet specific eligibility criteria, from having a qualifying business to securing financial support from designated organizations. If you’re a business visionary looking to make Canada your new home, here’s everything you need to know about applying for the Start-up Visa Program.
Who Can Apply for the Startup Visa Program?
The Startup Visa Program is open to individuals or groups of up to 5 owners. Applicants must meet several core requirements to be eligible:
1. Qualifying Business
Your business must meet specific criteria to qualify under the Start-up Visa Program. Each applicant should hold at least 10% of the voting rights in the business, and together with the designated organization, the applicants must hold more than 50% of the voting rights. This ensures that applicants maintain control over their business operations.
To qualify:
- You must incorporate your business in Canada and ensure its primary operations happen within the country.
- You need to provide active management of the business from inside Canada.
2. Letter of Support from a Designated Organization
Applicants must secure a letter of support from an approved designated organization. These organizations invest in or support businesses they believe have high potential for success.
To obtain a letter of support:
- Contact a designated organization to inquire about the process and criteria.
- Convince the organization that your business is viable and worth supporting.
- The organization will send a commitment certificate to Immigration, Refugees and Citizenship Canada (IRCC), which is a crucial immigration document for evaluating your application.
Note: Starting January 1, 2024, each designated organization can only support 10 group applications per year, and applications are processed on a first-come, first-served basis. If the cap is met, your application will be returned, and fees reimbursed.
3. Meet the Language Requirements
To apply, you must have at least Canadian Language Benchmark (CLB) 5 in listening, reading, writing, and speaking in English or French. This ensures you can effectively communicate as a business owner in Canada.
4. Proof of Financial Support
The program requires proof that you have enough funds to support yourself and your dependents after arriving in Canada. You cannot borrow this money from anyone else.
The required amount varies depending on the size of your family:
| Number of Family Members | Funds Needed (in CAD) |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| Additional family members | Add $3,958 per person |
Benefits of the Startup Visa Program
- Permanent Residency (PR) Status: Once your application is approved, you can enjoy PR status and settle permanently in Canada.
- Work While Waiting: You can apply for a temporary work permit while your permanent residency application is being processed, enabling you to begin building your business in Canada immediately.
- Supportive Ecosystem: Canada offers a thriving business ecosystem with access to funding, mentorship, and collaboration, making it easier for entrepreneurs to succeed.
How to Apply
- Create a Qualifying Business: Ensure that your business idea meets the program’s requirements and get it evaluated by a designated organization.
- Obtain a Letter of Support: Work with an approved organization to get their backing.
- Submit Your Application: Once you have the necessary support and documents, submit your application to the IRCC.
- Secure Funding and Proof of Financial Support: Show that you have sufficient funds to support yourself and your family after you arrive.
Conclusion
The Canadian Startup Visa Program offers an incredible opportunity for entrepreneurs to build their businesses in a thriving economy while securing permanent residency in Canada. With its unique support from designated organizations and an easier path to PR, it’s an attractive option for those ready to take the leap into Canadian entrepreneurship.
Start preparing your application today, and make 2025 the year you take your business to new heights in Canada!
For personalized advice or assistance with your application, contact Visaserve Immigration Law PC at info@visaserve.ca or call 905-203-2266.
