Entrepreneur Start up Category
The Entrepreneur Start up category program encourages immigrant entrepreneurs to grow their companies in Canada and assist them to become established in Canada.
The program is designed to attract dynamic entrepreneurs from around the world, get them in to Canada, and give them the support they need to build businesses that can compete on a global scale.
The following conditions must be satisfied to qualify for a Canadian entrepreneur start-up visa:
Prove your business idea is supported by a designated investor organization:
To qualify for this program as an entrepreneur, the venture capital organization should be willing to invest at least $200,000. If the investment comes from a designated Canadian angel investor group, it should be at least $75,000. However, if you are accepted into a Canadian business incubator program, you don’t require any investment in your new business
Fulfil the language requirements:
You must be able to communicate and work in English, French or both. You must take a language test from an agency approved by Immigration Refugees and Citizenship Canada (IRCC) and meet the minimum level of the Canadian Language Benchmark 5 in speaking, reading, listening and writing in either English or French.
Have adequate settlement funds:
You have to prove that you have enough money to support yourself and your family after you come to Canada, as the Canadian government does not offer any financial support to start-up visa immigrants.
How does the program work?
If you want to immigrate to Canada through the business immigration-start up category program, you need the support of a Canadian venture capital fund, group or business incubator that will agree to invest in your new business. They must be one that is designated by the Canadian government to participate in the business immigration-start up category program. If they decide to support your business idea, they will provide you with a letter of support and send a completed Commitment Certificate directly to the IRCC. This certificate provides the related details of the commitment between you and the investment organization. Once you get your letter of support, you will be ready to apply for a start-up visa, assuming you meet the other qualifications. After completion of the application process, it will either be verified as complete and processed or sent back to you without processing if it’s incomplete. Once your completed application has been accepted for processing, the IRCC Centralized Intake Office will contact you and tell you what you need to do next.
Benefits of Business Immigration-Self Employment Category
Independence, control and freedom from routine:
If you are self employed in Canada, you have the freedom to work according to your wish. There will be nobody to direct your work. You’re your own boss – you decide when, where and how to work to get the job done.
Many successful businesses in Canada are run by immigrants. Companies there are willing to pay more to independent contractors because they don’t have the expensive, long-term commitments that they have to do with permanent employees. The independent contractors can also deduct business expenses from their taxes, which may increase their earnings.
How to Apply
Following steps need to be followed in order to apply for a Canadian entrepreneur start-up visa:
Decide upon the idea: Develop the unique and innovative idea you have to start up your business. The business should provide economic stimulus to Canada
Prepare a business plan: And approach venture capital organizations or Angel investor groups or Business incubators. If they like your idea and are willing to invest, they will provide letter of support.
Meet the language and financial requirement: One must meet the basic English or French language requirement before applying. One must bring initial funds to support his family.
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