Federal Entrepreneur Start-Up Visa
The Entrepreneur Start-Up Visa grants permanent residence to entrepreneurs and helps them become established here in Canada.
The program encourages entrepreneurs to grow companies in Canada. Entrepreneurs are introduced to private sector organizations in Canada to receive funding, guidance and expertise in opening and operating their new start-up businesses in Canada.
Eligibility
- Meet minimum language requirements in English or French (CLB 5 in all abilities)
- Have sufficient net worth
- Plan to settle in a province other than Quebec
- Pass security checks and medical clearances;
- Prove the business is sponsored by a designated Canadian partner organization
- Show business ownership
- No more than five individuals may apply for permanent residence as part of the same business venture under the Start-Up Visa Program
To learn more about your eligibility for the Entrepreneur Start Up Visa and other programs, contact Xenoom.
Start-up investment
Immigration, Refugees and Citizenship Canada (IRCC) has designated certain organizations, including some venture capital funds, angel investor groups, and business incubators, as approved partners for new companies to participate in the Start-Up Visa program. Applicants must secure a minimum investment for the Canadian start-up.
If the investment comes from a designated Canadian partner, the minimum amount is $200,000. If the investment is from angel investors, the minimum should be at least $75,000.
It’s important to understand that applicants aren’t required to accept any investment from a business incubator, yet they must still be accepted into an incubator program. Also, applicants aren’t required to invest their own money, as long as other investors are willing. If the Canadian start-up is unsuccessful, individuals granted permanent residence through this program still retain permanent resident rights.
Evidence of commitment
In order to show that the applicant has support from a venture capital fund, angel investors, or business incubator, that investor organization must submit a completed Commitment Certificate to the IRCC. This document shows the financial agreement between applicant and investor. The investor group also provides the applicant with a letter of support which is essential for the visa process.
Support from multiple partners
Sometimes, applicants receive support from multiple designated partner organizations, known as “syndication.” In this case, each individual organization is identified, yet all are presented together to IRCC with a single commitment certificate and single letter of support.
Peer review
For purposes of auditing program success rates, and to reduce fraud, the Canadian government has begun a peer-review process. It ensures that business deals between investment organizations and immigrant entrepreneurs are conducted appropriately.
If a commitment is questioned, then the matter is reviewed by an independent peer review panel composed of investment experts within the subject niche. It’s important to understand that the assessment made by the panel doesn’t give any opinion on the feasibility or profitability of the business proposal, nor is it binding on the visa application process.
To learn more about your eligibility for the Entrepreneur Start Up Visa and other programs, contact Xenoom.