Eligibility Requirements, Guidelines, and 5 Tips to get a Canada Start-up Visa Being an economically prosperous country, Canada offers innumerable bu
Eligibility Requirements, Guidelines, and 5 Tips to get a Canada Start-up Visa
Being an economically prosperous country, Canada offers innumerable business opportunities to business visitors. Several business people who are foreign nationals apply for a Business visa in Canada. They often undertake short visits to Canada for business dealings with Canadian companies. For such short visits, they are required to get this visa. However, it does not permit applicants to be eligible for employment in Canada.
Several immigrant entrepreneurs desire to grow their businesses in Canada. Such candidates can apply for the Start-up Visa Program. The successful applicants get to connect with private sector organizations in Canada. Such organizations can aid them in receiving funds and requirements guidance in opening and managing their business in Canada.
Here are a few strengths that an applicant for the Start-up Visa Program can consider to inculcate:
- Caliber to establish an original and creative business enterprise in Canada,
- Ability to generate job opportunities for the residents of Canada, and
- The capability of becoming an international player after establishing the business enterprise.
Eligibility Requirements to Apply for the Start-up Visa in Canada:
Proving the Support of Designated Organization
An applicant must prove that the concerned business has the support of a designated organization. Such organizations include Canadian angel investors groups, business incubators, and venture capital firms. The applicant needs to get a Letter of Support issued by the concerned designated organization. Then, they can be contacted directly by the aspiring applicant.
Specific Requirements to be Fulfilled by the concerned Designated Organization
It must be demonstrated that the designated organization(s) owns at least 50% of the voting rights in the business. The applicant and a maximum of 4 other people must possess the remaining 50% of voting rights. Each of them should have at least 10% of the voting rights.
Language Requirements to be met
The applicant should be able to meet the language requirements in either French or English. The Canadian Language Benchmark (CLB) 5 must be met in four areas which are listening, speaking, reading, and writing. There are specific requirements for both the French and English tests. Applicants for the Start-up Visa in Canada are advised to take the language tests seriously.
Monetary requirements for settlement in the country
It is practical to bring enough money to settle. The number of family members accompanying the applicant is among the other factors that determine the amount. The applicant must provide proof stating that the money is owed by him or her. This implies that the amount should strictly not have been borrowed. The amount must be easily transferable and denominated in convertible currency.
The requirement of the number of family members must cover the following:
- The primary applicant,
- Their spouse/partner, as well as,
- The children who are dependent on them and/or their spouse.
A condition is applied if the spouse and/or dependent children are permanent residents or Canadian citizens. The condition is that they must be included in the family size calculation. The money in the joint account can be considered for inclusion if the applicant’s spouse is accompanying him or her. One may be able to count the money in an account solely in the name of one’s spouse. However, one must demonstrate that one has access to the funds.
It is mandatory for the aspiring applicant to not intend to live in the province of Quebec.
Guidelines and Tips to be followed while applying for the Start-up Visa Program:
Application Process Associated with the Supporting Documents
The application is accepted if the applicant applies on paper. Further, the applicant must complete and sign the required forms. Then, the applicant is required to gather the supporting documents and pay the fees. The applicant is expected to mail the package containing the application to the assigned address.
Requirements for Biometrics
Depending on the nationality, an applicant may be required to provide biometric information.
Requirements Associated with Medical Exam
An applicant is required to pass a Medical Exam with a doctor who is approved by IRCC
Provisions relating to Refund for Application Fees
The processing fees are non-refundable after the commencement of the application process. The Right to Permanent Residence application fee is refundable under the following circumstances:
- Upon rejection of the application,
- Upon cancellation of the application, and
- If the applicant decides to not go to Canada.
The time is taken for Processing the Application
The processing time is different for different types of visas, A Start-up Visa application is likely to be processed within 12 to 16 months.
The procedure for applying for a Business visa in Canada is different from a Start-up Visa in Canada. Apart from the procedure, the duration of stay and other rights granted are also different for both.