This program targets immigrant entrepreneurs in Canada (outside Quebec) who have the potential to establish innovative businesses that can create jobs for Canadians and compete on a global scale.
With the Start-Up Visa Program, entrepreneurs, their families and the core team who are successful in their applications will be entitled to apply for work visas and permanent residence permits immediately.
This initiative aims to attract inventive entrepreneurs from other countries who generate employment opportunities and stimulate economic development.
Eligibility criteria for the Start-Up Visa program:
- Fulfill the language proficiency requirements in either English or French (CLB 5 in all skills).
- Possess adequate funds to establish a business in Canada
- Intend to settle in a province outside of Quebec
- Successfully undergo Canadian security and medical clearances.
- Demonstrate that a designated organization endorses their business
- Validate that their business complies with ownership stipulations.
Additionally, no more than five foreign nationals can seek permanent residence concurrently through the Start-Up Visa Program as part of the same business venture.
Details on Investment
The Immigration, Refugees and Citizenship Canada (IRCC) has identified several venture capital funds, angel investor groups, and business incubator organizations to participate actively in the Start-Up Visa program.
Candidates applying for a start-up must meet the minimum investment requirement. If the investment comes from a Canadian-designated venture capital fund, it must not be less than $200,000. On the other hand, the minimum investment requirement for those who receive support from the Angel investor group is 75,000 dollars.
Applicants must be accepted into the business incubation program but are not required to receive any investment from these business incubators.
Even if their attempt in Canada fails due to difficulties, those who gain permanent residence through this program will retain their permanent resident status.
Business Ownership Requirements:
To be eligible for permanent residence, the candidate must:
The business to be established must be established and operated in Canada. The candidate must own at least 10 percent of the voting rights in the company he founded. It is also essential that no other person in the Company has 50 percent or more voting rights.
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In the Self-employed Persons Program, a person with relevant experience and the intention and ability to be self-employed in Canada and make a significant contribution to Canada in cultural activities and athletics. Those people are welcome to immigrate to Canada permanently as self-employed people. These are the occupations considered in these categories: Performance artists, musicians, artists, journalists, technical directors, referees and internal designers.
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The Federal Self-Employed Class
The Self-Employed Class targets individuals with relevant self-employment experience and the intent and ability to establish self-employment, contributing significantly to Canada’s cultural, artistic, or athletic spheres or managing a farm in the country.
Successful applicants must have at least two years of self-employment experience in cultural activities, athletics, or farm management within the five years preceding the application date. This includes participation at a world-class level in cultural activities or athletics.
To be eligible, applicants must demonstrate a sufficient financial net worth, which, though lower than an entrepreneur’s and not explicitly outlined in the regulations, should enable them to be self-employed in Canada. This financial capacity is expected to facilitate a significant contribution to specified economic activities in Canada and meet the initial settlement requirements for both the applicant and accompanying dependents.
In the Quebec Self-Employed Program, applicants in this category distinguish themselves from skilled workers by coming to Canada to establish their self-employment through practicing a profession or engaging in commercial activities. Requirements include:
- Two years of relevant experience.
- A net worth of $100,000 CAD.
- Ample settlement funding.
- The commitment to create employment in Quebec by practicing a profession is outlined in the National Occupational Classification.
Like skilled workers, self-employed applicants undergo assessment through a selection grid considering various factors.