- 1011 Parsons Road SW, Edmonton, AB T6X 0X2 - CANADA
- Office # 6, Second Floor, Blook-D, Spring North Commercial, Phase-7, Bahria Town, Islamabad
1011 Parsons Road SW, Edmonton, AB T6X 0X2 - CANADA
Office # 6, Second Floor, Blook-D, Spring North Commercial, Phase-7, Bahria Town, Islamabad
1011 Parsons Road SW, Edmonton, AB T6X 0X2 - CANADA
Office # 6, Second Floor, Blook-D, Spring North Commercial, Phase-7, Bahria Town, Islamabad
THE MILLENNIUM IMMIGRATION
FROM HOPE TO REALITY
FREE ASSESSMENT
Canada's Start-Up Visa Program
The program aims to support immigrant entrepreneurs in expanding their businesses in Canada. Successful applicants connect with private sector organizations, gaining access to funding, mentorship, and expertise to help them establish and run their enterprises effectively within the country.
Eligibility Requirements
This program aims to attract innovative foreign entrepreneurs who will generate new jobs and stimulate economic growth in Canada.
To qualify for the Start-Up Visa, applicants must meet the following criteria:
Achieve minimum language proficiency in English or French (CLB 5 in all areas).
Demonstrate sufficient funds to support themselves upon arrival in Canada.
Plan to reside in a province other than Quebec.
Clear Canadian security and medical checks.
Provide evidence that their business is backed by a designated organization.
Meet specific ownership requirements for their business.
Additionally, no more than five foreign nationals can apply for permanent residence as part of the same business initiative under the Start-Up Visa Program.
Investment Details
Immigration, Refugees and Citizenship Canada (IRCC) has designated various venture capital funds, angel investor groups, and business incubators to participate in the Start-Up Visa program.
Successful applicants must secure a minimum investment for their Canadian start-up:
From a designated Canadian venture capital fund, the investment must be at least $200,000.
From an angel investor group, the required investment is at least $75,000.
While applicants do not need to secure an investment from a business incubator, they must be accepted into a Canadian business incubator program.
Importantly, applicants are not required to invest their own funds. Even if their Canadian start-up does not succeed, individuals who obtain permanent residence through this program will maintain their permanent resident status.
Evidence of Commitment
To demonstrate support from a venture capital fund, angel investor group, or business incubator, the investment organization must submit a completed Commitment Certificate directly to IRCC. This document outlines the agreement between the applicant and the investment organization, summarizing the key details of their commitment.
The applicant will also receive a letter of support from the investment organization, which must be included with their application for permanent residence.
In cases where multiple applicants are part of the same business venture, the commitment can be conditional upon one or more “essential persons” receiving their permanent residence. An essential person is someone identified by the investment organization as crucial to the business. If the application of any essential person is refused, the applications of all others listed in the Commitment Certificate will also be denied.
Support from Multiple Organizations
Peer Review Process
The peer review process is an essential safeguard for the Start-Up Visa program, aimed at preventing fraud and ensuring the legitimacy of commitments between investment organizations and foreign national entrepreneurs. Here’s a breakdown of how this process works:
Peer Review Process Overview
1. Purpose: The peer review process is designed to validate the legitimacy of deals between entrepreneurs and investment organizations, ensuring that proper due diligence has been conducted.
2. Initiation: An immigration officer may request a commitment to be independently assessed by a peer review panel if they suspect it may assist in their decision-making. This can also occur randomly.
3. Industry Associations:
For angel investor groups, the National Angel Capital Organization establishes the peer review panel.
For venture capital funds, the Canada’s Venture Capital and Private Equity Association takes this role.
4. Assessment Focus:
Incorporation: Verifies that the business has been or will be incorporated in Canada.
Ownership Verification: Ensures that business ownership complies with the program’s requirements.
Business Viability: Evaluates the proposed business model, management team, and ownership of intellectual property.
Growth Potential: Confirms that the business focuses on high-growth potential products and/or services.
Incubator Program Validation: For business incubator applicants, it validates acceptance into an incubator program.
5. Outcome: The peer review does not provide a binding opinion on the proposal’s feasibility. Instead, it confirms that the investment organization followed industry standards and performed the necessary checks.
This structured review helps maintain the integrity of the Start-Up Visa program while supporting innovative entrepreneurs looking to establish their businesses in Canada.
About THE MILLENNIUM IMMIGRATION
If you’re interested in the Super Visa Program, I can provide an overview of what it entails! The Super Visa allows parents and grandparents of Canadian citizens or permanent residents to visit Canada for extended periods, typically up to two years at a time, without needing to renew their status.
Would you like more details on eligibility requirements or the application process?