Canada attracts immigrants from all over the world with profitable and safe business opportunities, a high standard of living, and stunning natural landscapes. To move to the country, foreign citizens can enroll in a local university, invest in the economy, find employment, or start their own promising business.
In this article, we'll discuss the most popular way to immigrate to Canada—the startup visa.
Start-Up Visa to Canada
The Start-Up Visa is an immigration program that allows foreign entrepreneurs to conduct business in Canada. To qualify for the visa, a foreigner must demonstrate the idea for a startup project, prove that it is innovative and competitive, and will create jobs for Canadian citizens.
When registering a business in Canada, an entrepreneur must keep in mind that the company's production, sales, and transactions must take place primarily within the country. The founder must also actively participate in the business and develop the project.
When launching a project, the founder receives support from one of the authorized organizations—business groups that invest in startups. These can be venture capital funds (investing from $145,800, hereinafter referred to as dollars), business angels (investing from $54,700), or business incubators willing to accept a new startup into their program.
To obtain a visa, the applicant must prove savings of $10,690 for a single applicant, or $16,360 for an applicant with a spouse and child. Please note that when bringing in amounts of $7,300 or more (cash, bank cards, stocks, etc.), this information must be presented at border control. While awaiting a visa decision, the entrepreneur must be able to provide for their own living.
In addition, the applicant must pass an English or French language proficiency test at level 5 of the Canadian Language Standards Board (IELTS level 5 or B1 in French).
The Start-up visa application is submitted online. The application requires information about yourself, your family, your career, and your international travels.
The following documents must be attached to the application:
a photograph;
a police report from each country in which the applicant has spent more than six months since age 18;
a certificate of passing an English or French language exam;
a health certificate;
receipts for payment of fees.
After submitting the documents, applicants aged 14 to 79 provide biometric data and pay a fee of $61 (the fee for a family is $123).
Additionally, upon submitting the application, you must pay:
the application processing fee of $1,327;
the permanent residence permit fee is $421.
In addition to providing a health certificate, applicants must undergo a medical examination. If any illnesses dangerous to others are detected, permanent residence may be denied.
In 2024, changes were made to the Startup Visa program. A maximum of 10 group applications from one organization will be considered annually until December 31, 2026. Applications will also be prioritized, with priority given to startups supported by the Canadian government. These are the most promising and profitable projects for the country. These restrictions will eliminate many applications but will reduce the wait time for visa decisions. Currently, the wait time can be up to four years.
If you are planning to obtain a residence permit, invest in a country's economy, or purchase real estate abroad, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly discuss your questions and create a step-by-step action plan for you.