Start-Up Visa Program FAQ

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Manoj Palwe explaining Start-Up Business Visa program for Canada.(www.dreamvisas.com):-

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What is the Start Up Visa Program?

Canada’s Start-up Visa Program is a Federal Government permanent program which targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that:

• are innovative
• can create jobs for Canadians
• can compete on a global scale

Do you have an innovative business idea?

If you can get support for your idea from one of the designated organization, you may be able to immigrate to Canada.

How can I qualify for the Start-up Visa Program?

You must meet all 4 eligibility requirements, as well as the admissibility requirements to enter Canada:

• Have a qualifying business,
• Have a Letter of Support from a designated organization
• Meet the language requirements, and
• Have enough money to settle and live in Canada before you make money from your business

(Must Prove That Have Enough Money To Support Yourself And Your Dependents. For A Single Applicant, The Amount Required Is CAD 12,300, For A 2-Member Family CAD 15,312, 3-Member CAD 18,825, 4-Member CAD 22,856, 5-Member CAD 25,923, 6-Member CAD 29,236 And For A 7-Member Family CAD 32,550. For Each Additional Dependent, You Will Be Required To Have CAD 3,314).

What are the admissibility requirements to enter Canada?

You must meet the admissibility requirements to enter Canada. These apply to all applicants, not just Start-up Visa Program applicants. Applications may be refused if you are inadmissible to Canada.

You may be asked questions about your:

• Nationality
• Age
• Language ability
• Family members
• Education
• Work experience
• Income and/or net worth
• Details on any job offer
• Criminal record

What is the Application process for immigrant entrepreneurs?

Applicants must submit an application under Start-up Visa before the commitment certificate expires. They must include the support letter with their application.

If the entrepreneur wants to come to Canada while we process their permanent residence application, they can apply for the short term work permit under the International Mobility Program. For the entrepreneur to be eligible for the work permit, he/she must be identified as an applicant on their commitment certificate. The entrepreneur can apply for a work permit before or after applying for permanent residence. In both cases, they need a letter of support from.

What is the application process for the Start-up Visa Program?

First, you must pitch your business idea to a designated organization and convince it to support your start-up company. Once a designated organization decides to support your business, it will send the Government of Canada a commitment certificate and a Letter of Support, and provide you with the same documents as well.

How can I get support from a designated organization?

You need to contact the Business Innovations Support Foundation, and they will help you find the right designated organization in order to support and convince them that you have a business idea that is worth supporting.

The process to pitch your idea is different for. Each organization has its own requirements. For example, you may be asked to present your business concept in person or submit a detailed business plan.

If you reach an agreement with a designated organization, it will provide you with a Letter of Support. You need to include this letter when you submit the application for Canadian Permanent Residency. This is the proof you need to show that the Venture Capital Fund, Angel Investor Group, or Business Incubator is supporting your business idea.

The organization will also send a commitment certificate directly to the Government of Canada. The Canadian Government will use both your Letter of Support and the organization's commitment certificate to assess your application.

What is the difference between support from venture capital funds, angel investor groups, and business incubators?

To get support from a venture capital fund or an angel investor group, you need a sizable investment from them.

To get support from a business incubator, you must be accepted into a designated Canadian business incubator program. Getting into these programs is a competitive process with limited spots available.

Who will review my Start-up Visa Program application?

First, the designated organization(s) that you seek support from will review the viability of your business proposal and provide a Letter of Support.

Next, Immigration, Refugees and Citizenship Canada will review your immigration application, if you have received the necessary support to apply, to make sure you’re eligible to become a permanent resident.

Finally, your application may also be subject to an independent peer-review process. This is designed to protect against fraud and to ensure that your activities and those of the designated organization are in line with industry standards for this type of support.

Is there an application form to get a letter of support from a designated organization?

No. To get a letter of support, you need to convince a designated organization that your business idea is worth supporting. To do that, contact Business Innovations Support Foundation, and they will help guide you through all the steps required to get approval from the designated organization.

What level of language proficiency do I need for a start-up visa?

To apply for a start-up visa, you must show that you have reached Canadian Language Benchmark 5 (English or French) in listening, reading, writing and speaking. With your application, you must submit the results of a third-party language test that show that you meet the requirement. 

How much money do I need to cover living expenses when I get to Canada through the Start-up Visa Program?

The amount of money you need depends on how many family members will be coming with you.

Single Applicant, amount required Is CAD 12,300,

2-Member Family CAD 15,312,

3-Member CAD 18,825,

4-Member CAD 22,856,

5-Member CAD 25,923,

6-Member CAD 29,236 And

7-Member Family CAD 32,550.

For Each Additional Dependent, You Will Be Required To Have CAD 3,314.

Can an entrepreneurial team immigrate to Canada together through the Start-up Visa Program?

Yes. Up to 5 people can apply through the Start-up Visa Program as owners of a single business.

When reviewing your proposal, the designated organization will decide who is essential or non-essential to the business. An essential person is critical to the proposed start-up. Without this person, the designated organization would not invest or support the proposal.

Note that if the Canadian Government refuses the application of an essential person, all related applicants will be refused.

What is an essential person under the Start-up Visa Program?

An essential person is considered to be critical to the business and will be specifically identified as essential by the designated organization on the commitment certificate and letter of support.

What is the minimum investment that required to apply through the Start-up Visa Program?

If the investment comes from a designated Canadian venture capital fund, they must secure a minimum investment of $200,000.

If the investment comes from a designated Canadian angel investor group, they must secure a minimum investment of $75,000.

You don’t need to secure a financial investment from a business incubator. You must be accepted into a Canadian business incubator mentoring and educating program.

Why is there a different minimum investment from a venture capital fund and an angel investor group?

Angel investors usually invest their own money into a start-up business. Venture capital funds are limited partnerships that have a fund of pooled investment capital to invest in a number of companies.

Also, angel investor groups invest in companies at an earlier stage of development, compared to venture capital funds.

Do I have to invest my own money if I want to apply through the Start-up Visa Program?

No, you’re not required to invest any of your own money. The minimum investment required is an investment that comes from a designated Canadian venture capital fund or angel investor group.

If I immigrate through the Start-up Visa Program, what happens if my business fails?

If your business fails, it doesn’t affect your Permanent Resident status. Canada recognizes that not every business will succeed and this program is designed so that the risk is shared between the public and private sector.

How long does the entire process take?

To obtain the Letter of Support from the designated organization, it may take between 2-4 months. After you submit your immigration application, it may take between 16-18 months.

How does Business Innovation Support Foundation (BISF) help you succeed in Canada?

Our services include:

• Assessment of your Innovation by the appropriate Experts
• Current Business Plan review/amendments, or creating a new one
• Business Registration and Incorporation;
• Entrepreneurs Mentoring and Training;
• Connecting to the Right Designated Organizations, Chartered Accountants and Patent Lawyers;
• Structuring Offices and Hiring Employees;
• Further Commercialization.

I am a member of the Immigration Consultants of Canada Regulatory Council (ICCRC ID R422575) and Australian migration department has given him offshore agent id 3000526. Please visit our website https://dreamvisas.com/canada/