FAQs About the Start-Up Visa Program

3.5 minute read

"The Canadian government offers the Start-Up Visa Program to attract enterprising international business people and investors to establish their business in Canada. This program connects potential entrepreneurs to designated investors in Canada who can invest in their Start-up businesses."

Written by My Visa Source Team
Published on: Nov 19, 2021

The Canadian government offers the Start-Up Visa Program to attract enterprising international business people and investors to establish their business in Canada. This program connects potential entrepreneurs to designated investors in Canada who can invest in their Start-up businesses. There is no minimum personal investment required for this program. This is what makes it very attractive for foreign entrepreneurs and investors.

This program will provide the participants with expedited Canadian permanent residence provided they can secure support from a designated financial institution and establish a business that is:

Innovative
Has the potential to create employment opportunities for Canadian citizens and permanent residents
Has the potential to compete at a global level

What Are the Eligibility Requirements For the Start-Up Visa Program?

You will be required to meet the following eligibility requirements for the Start-Up Visa Program:

Have a qualifying business
Obtain a letter of support from a designated financial institution in Canada
Have sufficient funds to support yourself and your family’s settlement in Canada
Demonstrate language proficiency with a level 5 on the Canadian Language Benchmarks (CLB) for English or French

What Is a Designated Financial Institution For the Start-Up Visa Program?

A Canadian private sector angel investor (an investor that uses their own money), venture capital fund, or business incubator designated by the Canadian government to support Start-up Visa applicants is known as a designated financial institution. The financial institution must make the following commitment:

Angel Investor Group: One or more than one designated angel investor must invest at least $75,000 in the qualifying business
Venture Capital Fund: One or more than one venture capital fund must invest at least $200,000 in the qualifying business
Business Incubator: A business incubator must issue a letter of acceptance for the qualifying business giving it access to the business incubator program

What Is the Settlement Fund Requirement Under the Start-Up Visa Program?

You will be required to demonstrate the following settlement funds based on the number of accompanying family members:

Number of Family Members	Settlement Funds Required
1	$12,960
2	$16,135
3	$19,836
4	$24,083
4	$27,315
For every additional family member	$3,492

What Are the Requirements to Obtain a Work Permit Under the Start-Up Visa Program?

You will be required to meet the following requirements to obtain a temporary work permit from Immigration, Refugees, and Citizenship Canada (IRCC). This work permit will allow you to travel to Canada to establish your business while your permanent residence application is being processed:

Have a Commitment certificate from a designated financial institution

Have a support letter from the designated entity

Apply for a temporary work permit

What Are the Requirements to Obtain Permanent Residence Under the Start-Up Visa Program?

To obtain permanent residence under the Start-Up Visa program, you must meet the following requirements:

Have your business incorporated in Canada

Intend to continue your business operations in Canada

Own at least 10% of the voting rights in the corporation

Be actively involved in the day-to-day operations of the business

A total of 5 candidates can apply for permanent residence with one qualifying business investment. However, essential employees can also be candidates if essential to the business. Therefore, if any candidate withdraws their application, then the applications of all candidates will be terminated.

How to Secure Investment From a Designated Financial Institution?

Your qualifying business must meet all the due diligence requirements set by government-approved designated financial institutions. It is always helpful to hire a business consultant to help you navigate the Canadian start-up ecosystem. An immigration lawyer will ensure that your business meets all the industry requirements and conditions.

How Long is the Process of the Start-Up Visa Program?

Provided that you have a viable and qualified business project, it will take about 4 to 6 months to secure a letter of support from a designated financial institution. Once you have this letter, you can submit your application for Canadian permanent residence. It may take up to 18 months for a decision to be made on your application.

How to Apply for the Start-Up Visa Program

You can get an application package that includes an instruction guide and a checklist for all the required documents. Once you have gathered all the required documents and completed the application, you can submit that along with the required fee for application processing, biometric collection, etc.