Is Canada’s Start-Up Visa Program the Best In the World?

2.5 minute read

"Countries all over the world have immigration programs to attract foreign entrepreneurs and investors to establish or acquire a business in their country. Canada also has the Start-Up Visa Program to encourage international entrepreneurs to establish their businesses in Canada and obtain permanent residence."

Written by My Visa Source Team
Published on: Nov 26, 2021

Countries all over the world have immigration programs to attract foreign entrepreneurs and investors to establish or acquire a business in their country. Canada also has the Start-Up Visa Program to encourage international entrepreneurs to establish their businesses in Canada and obtain permanent residence. However, compared to other countries, how good is the Start-Up Visa Program? Let’s find out.

Canada is among the top 5 countries that offer the most popular business immigration programs. The others include Estonia, Australia, the United Kingdom, and Ireland.

How Is the Business Immigration Program In Australia?

Australia allows foreign entrepreneurs and investors to own and operate their businesses in the country. Different business immigration programs offered by Australia have different requirements, but they all require the applicants to be fluent in English and have a business plan. Typically, a business visa in Australia is issued for 5 years. However, the one downside of business immigration programs in Australia is that the average processing time for visa applications ranges from 30 to 34 months. The Investor Stream, for example, requires applicants to invest a minimum of $2.33 million in Australia and allows a stay of up to 5 years. The application fee for this stream is around $5,662.

How Is the Business Immigration Program In Estonia?

Estonia’s start-up program offers a visa that is valid for either 3 months or 1 year. It has reportedly already attracted over 1,000 new enterprises, even though it is limited only to tech-based companies. Next, Estonia is on the lookout to attract global companies such as Airbnb and Uber. The minimum requirement for a Start-Up Visa in Estonia is only $2,770 per year. However, living expenses significantly add up to this cost.

How Is the Business Immigration Program In Ireland?

Ireland’s Start-Up Visa program requires applicants to have a minimum net worth of at least $72,104 and start an innovative business in the country to stay there full-time.

How Is the Business Immigration Program In Canada?

By far, Canada offers the best business immigration program. The Start-Up Visa Program has no minimum investment requirements and allows foreign entrepreneurs and investors to obtain Canadian permanent residence. Applicants will be required to meet the following criteria to be eligible:

Be actively involved in the management and operations of the business within Canada

The business must be located and operating in Canada

Secure a support letter from a government-designated entity, that is an angel investor group, venture capital fund, or business incubator

Have a qualifying business

Have sufficient settlement funds

Demonstrate language proficiency

Own at least 10% of the voting rights in the business with no one else holding 50% or more of the voting rights.

The government-designated entity is responsible for determining the eligibility of the applicant’s business plan. Once you have been approved by this entity, you will receive a Commitment Certificate to apply for the Start-Up Visa.

One or more designated angel investors are required to commit at least $75,000 into your qualifying business. If it is a venture capital fund, then one or more of the venture partners must commit $200,000 to your qualifying business. If it is a business incubator, then your qualifying business just needs to be accepted into the incubator program.

According to the Global Start-Up Ecosystem Index Report 2021, Canada’s Start-Up Visa program ranked as the 4th best business immigration program.