The Canadian Start Up Visa program grants permanent residence to immigrant entrepreneurs while assisting them to become established in Canada. Successful applicants link with private sector organizations in Canada, where they can receive funding, guidance and expertise in opening and operating their enterprise in Canada.
Successful applicants are able to secure Canadian permanent residence in 6 months. In the interim they can also obtain a Canadian work visa within 7 days to start work on their venture.
Who is the Canadian Startup Visa for?
Innovative startups consisting of two or more people in the following sectors:
- Progressive Food
- Software Development
The venture must have the potential to sell on an international scale and consist of two or more individuals. Recognition by peers, professional bodies or some measure of customer validation is required.
The entrepreneurial team must be able to clearly articulate the problem, their solution, and how their unique approach brings compelling value to the market. In addition, entrepreneurs must be able to articulate the benefit of moving to Canada and have the financial ability to support the effort.
Note: No more than five foreign nationals may apply for permanent residence as part of the same business venture under the Canadian Start Up Visa Program. Each member of the team must be essential to the success of the venture.
Letter of Support
If the designated organization (VC, Angel Investor or Incubator) supports your business idea, it will give you a Letter of Support.
You must include your Letter of Support with your application as proof that a designated organization supports your business idea. If you do not have a Letter of Support from a designated organization, your application will be refused.
Advantages of the Canadian Start Up Visa Program
The Canadian Start Up Visa program has numerous advantages compared to other entrepreneur programs. They include:
- Fast-track Canadian permanent residence within 6 months;
- No conditions on your Canadian immigration status;
- Experienced mentors will guide you through the process of launching your business in Canada;
- If the Canadian start-up is unsuccessful, you will still retain your Canadian Permanent Resident status.