An innovative idea is a necessary but not sufficient condition.
Do you have an excellent and creative idea?
An idea that has the potential for rapid growth? Well, now is the time to get approval from one of the Canadian government-approved organizations and convince them to invest in your idea.
Successful in obtaining a support letter?
Now you need to convince the Canadian immigration office that you intend to start a startup. In the end, you and your family will obtain Canadian residency through the startup visa.
But wait! This is just one side of the coin.
The truth is:
Getting approval from Canadian organizations is not easy. Your idea must truly be innovative and creative, with growth and development potential. You must demonstrate to the Canadian immigration office that you have the ability to start and manage a startup. The migration process through the startup visa can be complex and time-consuming. Therefore, if you are considering immigrating to Canada through the startup visa, you should consider the following:
First and foremost, thoroughly examine your idea and make sure it is truly innovative and creative. Research Canadian government-approved organizations and see which one aligns with your idea. Prepare a strong and detailed business plan that covers all aspects of your idea. Seek advice and assistance from immigration consultants and experienced lawyers at Pars National Immigration Organization. By following these points, you will increase your chances of obtaining a startup visa for Canada.
Conditions for applying for a startup visa in Canada:
The startup visa of Canada is an excellent opportunity for entrepreneurs and innovators worldwide to obtain permanent residency in this country along with their families by starting their own businesses in Canada.
But who are eligible to apply for this visa?
Below, we’ll discuss the prerequisites for obtaining a startup visa in Canada:
- Proficiency in English or French: Main applicants must provide language proficiency scores of at least CLB 5 or TEF 5 in all four skills.
- Obtain a support letter: Receiving a support letter from one of the Canadian government-approved organizations is a fundamental step in obtaining a startup visa. These organizations include incubators, accelerators, and venture capital funds.
Minimum investment required for the startup visa: One of the requirements for obtaining a startup visa in Canada is to secure the minimum required investment for starting your business.
The required investment amount depends on the type of investor organization:
If your capital is provided by venture capital funds: You must invest a minimum of $200,000. If your capital is provided by angel investor groups: You must invest a minimum of $75,000. If your capital is provided by business incubators: You won’t need to secure initial funding, but you must be accepted into their program. Important points to consider:
If your capital is sourced from multiple organizations, the maximum investment amount will be considered. In addition to the initial investment, you must demonstrate the ability to cover your and your family’s living expenses for at least 6 months after entering Canada. For more information on securing capital and the necessary conditions for obtaining a startup visa in Canada, you can consult with immigration specialists and experienced lawyers at Pars National.
- Minimum educational qualifications: Having at least one year of study at the bachelor’s level or higher is among the requirements of this visa.
- No criminal record and medical problems: Applicants should not have a criminal record or medical issues that would lead to being barred from entering Canada.
- Financial capability: Applicants must be able to cover their and their family’s living expenses for at least 6 months after entering Canada.
Important notes:
Up to 5 individuals can apply as owners of a business to obtain a startup visa. You must not intend to settle in the province of Quebec.
The migration process through the startup visa can be complex and time-consuming.
For more information and specialized consultation on the startup visa of Canada, you can contact immigration specialists and lawyers at Pars National.
The steps to obtain a Startup Visa for Canada typically include:
- Share a new, creative idea based on technology that can work worldwide.
- Make a strong and detailed business plan covering all aspects of your idea.
- Find the right organization to support your idea and get a support letter
- Share a new, creative idea based on technology that can work worldwide.
- Make a strong and detailed business plan covering all aspects of your idea.
- Find the right organization to support your idea and get a support letter
- Share a new, creative idea based on technology that can work worldwide.
- Make a strong and detailed business plan covering all aspects of your idea.
- Find the right organization to support your idea and get a support letter
- Deliver a strong presentation to the supporting organization, persuading them of the potential of your idea.
- Obtain a support letter from the supporting organization and simultaneously send a commitment letter to the Canadian immigration authority.
- Prepare the necessary documents for the Canadian immigration authority.
- Submit the application for permanent residency and work visa (if required).
It typically takes between 3 to 6 months to receive a response for a work visa application. Your permanent residency application will proceed simultaneously with the work visa process.
If the immigration authority decides to review your project, other organizations get involved. During the peer review stage, information is gathered from the supporting organization and the immigration authority, and then presented to the immigration authority.
Seventh Step: Obtaining Permanent Residency
After final approval from the immigration authority, you will receive permanent residency in Canada. Once you obtain permanent residency, you will not have any further obligations regarding your project.
Conditions for Supporting Organizations
Supporting organizations play a vital role in immigration to Canada through the Startup Visa program. These organizations provide financial and moral support to startups, assisting them in their growth and development.
Below, we examine the conditions for three types of these organizations:
- Venture Capital:
Risk-taking investors seeking big and growing ideas. Typically interested in ideas with sales history and the potential to generate several million dollars annually. Expect to receive a significant share of the company in return for their investment.
- Angel Investor:
Personal investors or medium-sized companies looking for innovative and creative ideas. Usually invest in exchange for a percentage of the company’s shares. Have more flexible conditions and a simpler review process compared to venture capitals.
- Incubator:
Growth centers that assist startups in the early stages of development. Offer various services such as counseling, training, office space, etc. Typically receive a share of the company in exchange for their services.
Note:
Choosing the right supporting organization based on the type of idea and your needs is crucial. Before approaching supporting organizations, conduct your research and be aware of their conditions. Prepare a strong and detailed business plan to attract the attention of supporting organizations. Pars National Immigration Consultants, with years of experience in preparing business plans, will assist you in this regard.
Pars National is your passport to Canada.
Costs of processing files at the Canadian Immigration Office.
Work visa fees
| Type of Visa | Fee (in CAD) |
|---|---|
| Job Offer | $230 |
| Work Permit | $255 |
| Work Permit for Spouse | $255 |
| Visitor Visa for Children | $100 |
startup program per applicant Fees
| ype of Permanent Residence | Fee (in CAD) |
|---|---|
| Principal Applicant | $2,140 |
| Spouse | $1,365 |
| Each Dependent Child | $230 |
Number of Family Members Financial Assurance Required (CAD)
| Number of Family Members | Required Financial Means (Canadian Dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| For each additional member | $3,706 |
Definitions in the Startup Immigration Program
Letter of Support:
The first step in the Canada Startup Program is to obtain a letter of support from approved investors. In this letter, an approved Canadian organization declares its support for you and your idea. This letter is sent to both you and the Canadian immigration office. The letter of support must be presented in the visa and permanent residency application file.
Commitment Certificate:
Simultaneously with the letter of support, a letter is sent to the immigration office containing information about the team members and the plan. This certificate includes information about the agreement between the applicant and the investment organization.
Key and Non-key Members:
Key Members (Essential Applicant): Members who are indispensable to the startup project. Example: a software developer in a mobile application. Rejection of key member applications means rejection of other group members’ applications.
Non-key Members: Members whose presence is not essential for the project to proceed. Example: a marketing manager in a mobile application. Their absence does not seriously impact the development of the idea.
Review of Support Organizations’ Procedures in Canada
The Canadian Immigration Department uses Peer Review to ensure the integrity and validity of the process.
What is Peer Review?
Quality control of investment organization activities by oversight organizations. These organizations act as undercover police, monitoring the activities of angels, venture capitals, and incubators.
Objective of Peer Review:
Ensure the legality of the deal between the investor and the entrepreneur. Review the accuracy of the information provided in the letter of support. Evaluate the commitments made between the applicant and the supporting organization.
How Peer Review Works:
The Immigration Officer sends the commitment letter to oversight organizations. Oversight organizations review the agreement between the parties and the package presented by the investor.
Reviews include the following:
The level of scrutiny by the issuing organization of the letter of support Commitments made between the applicant and the issuing organization of the letter of support Ensuring the registration of the startup in Canada Compliance with share structures Focus of startups on high-growth potential ideas Startup participation in incubator programs (for incubators) Protection of the startup management team’s intellectual property rights
Important Notes:
Peer Review can be conducted randomly or if there is doubt about the relationship between the investor and the entrepreneur. The ultimate goal of Peer Review is to ensure the health and dynamism of the Canada Startup Program.
Pars National is your passport to Canada.
Family Members Immigration Status for Startup Applicants
Fortunately, family members of a Canada Startup Visa applicant can immigrate with them.
This includes:
- Spouse
- Children under 22 years old
- Accompanying visa during the work permit:
If the applicant is listed as a key business member:
- The applicant can apply for a work permit.
- Their spouse can apply for an open work permit, allowing them to work in Canada without restrictions.
- Applicant’s children:
- They can benefit from Canadian educational advantages.
Accompanying Visa for Permanent Residency in Canada:
At the time of applying for permanent residency in Canada, the spouse and children under 22 years old can accompany the applicant. For all family members, including the spouse and children under 22 years old, the possibility of applying for permanent residency in Canada simultaneously exists.
Startup Launch
The nature of every startup is risk, and Canada does not expect all startups to succeed. However, the applicant must intend to launch the idea and startup after obtaining a work visa.
During the validity of the work visa, the progress of the startup is monitored by the immigration office.
If the immigration office concludes that the startup was only launched to obtain permanent residency, the permanent residency status is jeopardized.
Capacity and Chance
The capacity for Canada Startup Visa is limited. In 2023, the capacity increased to 3500 individuals. However, due to the extensive volume of applications, Canada will tighten scrutiny on the startup visa.
Key Points:
- Choose the right ideas to increase your chances.
- Consult with experienced and trustworthy attorneys.
- Prepare your documents accurately.
- Provide a strong and convincing business plan.
Answers to Frequently Asked Questions about Canada Startup Visa:
Do I need to invest my own money to get a Canada Startup Visa?
No, you don’t need to invest your own money. The minimum required investment refers to the capital provided by groups under designated organizations.
What is the minimum required investment for a Canada Startup Visa?
If your capital is provided by venture capital firms, the amount should be at least $200,000. If it’s provided by angel investor groups, it should be at least $75,000. If you receive support from incubators or growth centers, you don’t need an initial investment, but you must be accepted into their programs.
What are the steps to obtain a Canada Startup Visa?
- Preparation of the idea and business plan.
- Obtaining a letter of support from supporting organizations.
- Applying for a visa from the Canadian immigration office.
- Receiving a work permit and residency.
- Project review by the immigration office (if necessary).
- Obtaining permanent residency in Canada.
Who can participate as family members in the Canada Startup Visa?
- Spouse
- Children under 22 years old
What is the status of accompanying visas during the work permit?
If the applicant is a key business member:
- The applicant can apply for a work permit.
- Their spouse can apply for an open work permit, allowing them to work in Canada without restrictions.
- Applicant’s children can benefit from Canadian educational advantages.
What is the status of accompanying visas for permanent residency in Canada?
At the time of applying for permanent residency in Canada, the spouse and children under 22 years old can accompany the applicant.
Do I have to launch the startup after obtaining a work visa?
Yes, launching the startup is mandatory. The immigration office monitors the progress of the startup, and if they conclude that the startup was only launched for permanent residency, the permanent residency status is jeopardized.
Considering the limited capacity of the Canada Startup Visa program, what are my chances of getting a visa?
The capacity for the Canada Startup Visa program increased to 3500 individuals in 2023. However, due to the extensive volume of applications, Canada will tighten scrutiny on the startup visa.
What can I do to increase my chances of getting a Canada Startup Visa?
- Choose the right ideas.
- Consult with experienced and trustworthy attorneys.
- Prepare your documents accurately.
- Provide a strong and convincing business plan.
Where can I get more information about the Canada Startup Visa?
- Official consultants of Pars National Immigration Organization
- Canada Immigration Office website
Pars National is your passport to Canada.
Provincial Nominee Program
Individuals with specific skills and expertise, by choosing the provincial route in the PNP, will have a better chance of obtaining permanent residency in a province that needs their skills or expertise. By participating in the provincial program...
The Quebec Investor Program
The Quebec Investor Program is passive in nature, meaning that applicants don't need to create or actively manage a business in the province of Quebec, unlike some other immigration programs.
Family Sponsorship Immigration
In this way, a Canadian sponsor commits to financially and socially supporting the immigrant during their stay in Canada. This type of visa makes the immigration process simpler and more secure by providing support from a local sponsor.
