Start Up Visa Canada
Canada’s Start-up Visa Program is aimed at attracting foreign entrepreneurs with the necessary skills and potential to establish innovative businesses in Canada. This program focuses on supporting business ideas that can create significant employment opportunities for Canadians and compete internationally. By facilitating the entry of these talented individuals, the program aims to bolster Canada’s economy by infusing creative ideas and entrepreneurial spirit, enhancing the nation’s position in the global market. Approved applications receive permanent residence.
Start-Up Visa Program Requirements in Canada
Foreign nationals may be eligible to apply for the Start-up Visa Program as an individual or as part of a group of up to five owners.
Have a Qualifying Business
To qualify for the Start-Up Visa Program, the applicant must hold at least 10% or more of the shareholder voting rights in the business, and the designated organization must hold more than 50% of the total shareholder voting rights in the business. If approved, the business must incorporate in Canada, provide active and ongoing management of the business from inside Canada, and have an essential part of its operations in Canada.
Get a letter of support from a designated organization
Under the Start-Up Visa Program, the applicant or group must obtain a letter of support from a designated organization. Designated organizations are business groups approved to invest in or support possible start-ups in Canada. The designated organization will also be required to send a commitment certificate directly to Immigration, Refugees, and Citizenship Canada (IRCC).
Under the Start-Up Visa program, applicants are not required to invest using their own funds. Eligible applicants must secure a minimum investment of $75,000 from a designated Canadian angel investor or $200,000 from a designated Canadian venture capital fund. If the applicant is accepted to a designated business incubator, no capital investment is required.
Language Requirements
To apply for the Start-Up Visa (SUV), applicants must take a language test in one of Canada’s two official languages (English or French) and achieve a Canadian Language Benchmark 5 in listening, reading, writing, and speaking.
Proof of Funds Requirements
The Canadian government expects applicants to support themselves as a start-up visa immigrant rather than relying on the Canadian government for assistance. As a result, applicants need proof that they have the money to support themselves and their dependents after they arrive in Canada. The amount applicants need depends on the size of the family. Applicants are not allowed to provide proof of funds borrowed from another person. Below is a chart of the current requirements. It is essential to note the requirements for proof of funds change annually.
Number of family members | Funds required (in Canadian dollars) |
1 | $13,757 |
2 | $17,127 |
3 | $21,055 |
4 | $25,564 |
5 | $28,994 |
6 | $32,700 |
7 | $36,407 |
If more than 7 people, for each additional family member | $3,706 |
In addition to the abovementioned requirements, the applicants must intend to settle outside of Quebec, complete biometrics and a medical examination as requested by Immigration, Refugees, and Citizenship Canada, and obtain a police clearance for each family member included in the application over 18 years of age.
Frequently Asked Questions About the Canadian Experience Class
Can I apply for Canadian experience class outside Canada?
Yes, candidates can apply outside of Canada for the Canadian Experience Class if they fulfill the eligibility criteria, including having one year of work experience in Canada within three years immediately preceding the application. Candidates in Canada on a temporary work visa nearing its expiration can obtain a bridging open work permit, allowing them to maintain employment in Canada while awaiting their invitation to apply for permanent residency.
Do you need to show financial proof for the Canadian Experience Class?
No, if you receive an invitation under the Canadian Experience Class, the requirement to demonstrate financial proof does not apply to you. However, by default, the Express Entry system will request proof of funds documents from all candidates. To be exempt, invitees for permanent residency can fulfill this step by uploading a letter stating their invitation under the Canadian Experience Class or uploading evidence of a valid job offer, bypassing the need to show proof of funds.
Do internships and co-ops in Canada count toward Canadian Experience Class work experience?
No, however, it is a bit nuanced. The eligibility of a paid internship to count towards the Express Entry work experience requirement varies depending on its relation to your educational program. If your paid internship was conducted outside of your academic curriculum and not as a requirement for your degree or diploma, it could be considered valid work experience for Express Entry. This means that internships undertaken independently of academic obligations, where you gain practical skills relevant to your professional field, may contribute to fulfilling the work experience criteria for Express Entry applications.
Frequently Asked Questions Start-Up Visa Program
Can I work in Canada while applying for the Start-Up Visa?
While your application for permanent residence is under review, you can apply for a temporary work permit. This allows you to enter Canada and begin establishing your business during the processing period.
How much money is required for a Canadian startup visa?
Applicants need proof that they have the money to support themselves and their dependents after they arrive in Canada (chart listed above). In addition, the financial requirement for the Canada Start-up Visa does not include a specific personal investment amount from the entrepreneur. However, to qualify, entrepreneurs must secure a minimum investment of CAD $75,000 from a designated Canadian angel investor group or CAD $200,000 from a designated venture capital fund. The necessary fees for the application, including biometric and government application fees, start at an additional CAD $2, 385.
What is the current processing time for the Start-Up Visa?
The current processing time for the Start-Up Visa in Canada is 37 months. This period is subject to change based on the volume of applications, and is reviewed periodically by Immigration, Refugees, and Citizenship Canada. During the processing time, you may be eligible to receive a temporary work visa.
What is the role of a designated organization in the Start-up Visa Program?
Designated organizations are:
- Key partners in Canada’s Start-up Visa Program.
- Comprising venture capital funds.
- Angel investor groups.
- Business incubators.
These organizations assess the potential and viability of the applicant’s business idea and must agree to invest in or support the entrepreneur’s start-up. Entrepreneurs must secure a Letter of Support from one of these organizations to proceed with their visa application.
Can family members accompany the principal applicant on a Start-up Visa to Canada?
Yes. The principal applicant of the Start-up Visa Program can bring family members, including a spouse or common-law partner and dependent children, to Canada. Spouses or partners may be eligible for an open work permit, allowing them to work for any employer in Canada. At the same time, dependent children may obtain study permits to attend Canadian educational institutions.
