Start-up Visa of Canada allows an entrepreneur or an investor to invest in Canada and start their business along with work and permanent residency for the investor’s family as well as the core team. It was launched as a pilot program in 2013 and provided visas to hundreds of immigrant businessmen to Canada. In 2017, the program was made a permanent option for business professionals desiring to move to Canada. This program is ideal for entrepreneurs with an existing business and is ready for investors.
There are major requirements that entrepreneurial applicants must meet:
- Have a qualifying business
- Secured commitment from Designated Entity
- Prove ability in English or French
- Meet IRCC’s proof of funds requirement
The visa program requires the documentation verified that the applicant meets all the above-mentioned requirements. The application requires significant supporting documentation showing that the principal applicant and accompanying family members for immigration to Canada. It includes medical examinations, police clearance certificates, and in certain cases, submission of biometrics and certified translation of documents that are not presented in English or French.
Application fees are as follows:
Principal Applicant: CAD $1050 for the program and $490 of permanent residence fee
Accompanying Spouse/Common-in-law partner: CAD $550 for the program and $490 of permanent residence fee
Dependent Child: CAD $150 for each
Applications are typically processed within 12 to 16 months. However, applicants can apply for a temporary work permit enabling them to begin working in Canada prior to the approval of their permanent residence application.
Once an application is approved, the principal applicant and all accompanying family members will receive Canadian permanent resident status.