How much does a Canadian Start-up Visa cost?

 

Are you an entrepreneur? Do you have an innovative business idea? Is Canada immigration on your mind? If yes, the start-up visa is the right option for you.

 

The government of Canada runs a Canada business visa known as a Start-up visa program to attract skillful entrepreneurs across the globe and give them the funding and resources they need to thrive in their businesses.  In return, Canada provides sufficient resources to these businesses to prosper, make meaningful contributions to the economy and generate jobs for Canadians.

 

The process for the start-up visa is quite fast. Most of the applications are approved within weeks. The start-up visa also provides permanent resident status, which can lead to citizenship for the entire family.

 

How does Canada's start-up visa work?

 

Step 1: Get your business approved by a designated authority

 

To begin with, you need to get a letter of support from one of the designated investor organizations. The letter must state that the body is willing to support your idea.

 

Step 2: Meet the language requirements

 

While applying for the start-up visa you must prove that you are able to communicate in either English or French language or both. You need to provide Immigration, Refugees, and Citizenship Canada (IRCC) with proof of language proficiency. So, you must take a language test from an IRCC approved agency and meet the minimum language requirements.

 

Step 3: Prove business ownership requirements

 

To qualify for Canada’s start-up visa, you need to make sure that your business must have at least five owners. Each applicant must hold at least 10% of the voting rights in the business.  The designated investment organization and the applicant/s must together own more than 50% of the voting rights in the business.

 

Step 4: Demonstrate sufficient funds to settle in Canada

 

Since the Canadian government does not provide any financial aid to entrepreneurial immigrants, you need to prove that you have enough funds in your bank account when you move to Canada.

 

The minimum amount you must secure for your business is:

 

·        2, 00,000 CAD, if the investment comes from venture capital in Canada

·        75,000 CAD if the investment amount comes from an angel investor

·        No minimum investment if your business idea is accepted by an incubator

 

Application Cost

 

Application fee for the primary applicant- 1,540 CAD

Spouse- 1,040 CAD

Dependent Child- 150 CAD

The processing time takes between 12 to 18 months for the start-up visa.