The Ultimate Guide: Canada Start-Up Visa – 2022

Canada is one of the most sought-after immigration destinations in the world. Hundreds of thousands of people every year move from their home country to Canada either as temporary foreign workers or as landed permanent residents.

There are several ways that you could immigrate to Canada. Some people arrive as temporary foreign workers and apply for permanent residence later. Some people arrive as students and decide to make a permanent home in Canada, and some people come to Canada to reunite with family who already lives there.

However, there are several other so-called economic class ways to move to Canada. The Canada entrepreneur visa, otherwise known as the Canada start-up visa, is one of those options. Let’s take a closer look at what the Canada start-up visa is, who qualifies, and how you can apply for immigration to Canada using this pathway.

Canada Start-up Visa Program

Like many countries around the world, Canada has realized that so-called economic immigration is an excellent way to inject new skills, talents, and money into the economy.

Some people apply to settle in Canada based on the strength of their studies, skills, and talents, but there is also a demand for people with business acumen.

This, in effect, is Canada’s golden visa program. Unlike many economic class immigrants to Canada, applicants for this pathway do not need to have an advanced degree or in-demand skills. What they do need to have is a good idea for a business that will enhance the local economy and the funds and means to set the same business up.

Canada’s immigration process is quite stringent, which means that there are several steps involved in this process. You also need to meet the minimum requirements for immigration in Canada which includes a clean bill of health from a designated medical practitioner, a clean criminal record, detailed background and security checks, and proof of funds for you and your family.

People who want to immigrate to Canada also need to pass a language test. For most parts of Canada, this means passing an approved English language test. However, if you plan to make your new home in Quebec, you will need to pass an equivalent French language test.

Although you can immigrate to Canada with your family, all members of your family will need to pass similar tests based on their age and circumstances. For instance, children under the age of 18 generally have a less stringent medical examination and don’t need to prove their proficiency in English or French.

Requirements for Canada Start-up Visa Program

Even after you’ve met the minimum requirements for Canadian immigration, they are still the Canada start-up visa-specific requirements. These include:

You must be planning to start a business that meets the minimum requirements for the program – otherwise known as a qualifying business
You must get written approval of your business concept from a designated organization – this is an organization that has been approved by the Canadian government to select and verify qualifying businesses
You must have proof of funds that show you are able to fund your business as well as support yourself and any accompanying family members

All of the requirements for the Canadian immigration system, including the Canada start-up visa, require documentary evidence. In most cases, the documents will need to either be originals or notarized copies of an original. In many cases, documents that you acquire for your immigration process have a time limit, which means you will need to complete and submit your application before that time limit expires.

Who Can Apply to Canada Start-up Visa Program?

In theory, anybody who has a viable business idea and wants to start a business in Canada and has the funds available to start the business and support themselves can apply for the Canada start-up visa program.

However, in order to succeed in this pathway to immigration, you need to have the approval of a designated organization and meet all the other immigration requirements for Canada. This includes all your accompanying family members.

Canadian immigration officials are very thorough in their investigations, and it’s not unheard of for people to be deemed unfit or ineligible based on medical or criminal grounds. In fact, even having a DUI can make you criminally inadmissible to Canada, so make sure you understand the admissibility requirements very well before you apply.

Business Plan and Creation of Company for Application

In order to meet the business requirements for the Canadian start-up visa program, you need to have a viable business idea for a business that will operate in Canada.

Before you can begin the application process, you need to provide a detailed business plan for the company that you intend to start to one of the designated organizations recognized by the government.

They will review the business plan thoroughly and ask questions if any arise. Once they are satisfied that the business is a viable idea and that you are the right person to start that business, they will provide the supporting documentation you need for the immigration process.

If you are planning to apply for permanent residents based on the Canada start-up visa program, you will also need to incorporate the business in Canada and provide proof of the same. The costume corporate corporation varies art based on the province that you plan to settle in or whether you intend to register a federal corporation. Different types of corporations can operate in different parts of Canada, so it’s important that you make sure you register your business correctly.

What Is the Minimum Investment?

Strictly speaking, there’s no minimum investment required to apply for the Canada start-up visa. However, they are requirements about how much the designated organizations backing your endeavour have to invest.

if you are backed by an Angel investor, they must be prepared to invest at least $75,000 in your venture
If you are being funded by a venture capital fund, they must provide confirmation that they are investing at least $200,000 in your venture
if your business idea is accepted into an incubator program, there’s no minimum investment, but the incubator program must confirm that you have been accepted

Of course, in most cases, Angel investors and venture capital funds will have their own requirements for how much of your own money you need to put in. this could vary significantly from organization to organization and depends on whether your business is a new venture or an expansion of an existing business or something else.

It is also important to note that part of the process of immigrating to Canada requires you to have proof of unencumbered funds to support yourself and your family. This is because Canada assumes it will take some time for you to become settled for your business to start earning money.

The amount of “proof of funds” you need to provide depends on how many people will be moving to Canada. Currently, the amount for a single person is a little over 13,000 Canadian dollars, but that increases based on the number of people accompanying you. This does also change from time to time, so if you want to get the most up-to-date amount for your family, the best place to look is on the immigration Canada website.

How To Submit Your Application?

The application to immigrate to Canada is a complex and many stage one.

Before you apply for immigration using this pathway, you first need to get a designated organization to approve your business plan. You will need to include proof of this in your application package, so make sure that you have completed the process and have the required documentation before you take the next step.

First, you need to download the application package from the citizenship and immigration Canada website. Different immigration streams or pathways require different forms and documents, so make sure you are getting the application package for the Canada start-up visa.

Next, you need to complete all the relevant sections of the application package. You will be asked to include various documents in various sections of the package; this includes police clearance certificates, original birth certificates, marriage certificates and other documentation.

Once the application is complete, you need to pay the fees and include proof of payment, and then send your application package to the address specified for the country you’re applying from,

you did not do immigration medicals for Canada before you submit your application package. Citizenship and Immigration Canada will first verify that all your documentation is present and correct and that you are eligible to apply. Then they will send you instructions and forms to complete your medicals. Immigration medicals need to be done by a designated medical practitioner, so you cannot go to your regular doctor. You need to find one that is on the Canada-approved list.

You will also need to provide proof of your language abilities, which means taking a test that is administered by an approved testing authority. This includes spoken, listening and written language skills and every adult that is accompanying you to Canada needs to meet the minimum test result requirement.

Finally, you need to have proof of your unencumbered funds for settlement. This may be a copy of your bank statements or a valuation on the property that you own and will be selling when moving to Canada, or it could be something like a pension or retirement fund that you will be cashing out. However, this needs to be money that is yours and cannot be a loan – this is what is meant by unencumbered. It is money that you will not need to pay back after you settle in Canada.

About Permanent Residence

Canada does not allow people to apply for citizenship from outside of the country. By this, we mean that before you can become a citizen of Canada, you first need to be a permanent resident of the country for the required period. This is currently 1095 days within the five years, immediately before your citizenship application.

You will not be able to apply for residency if you do not meet that requirement.

You also need to provide proof that you are a registered taxpayer in Canada and that your taxes are in good standing.

Permanent residency gives you the right to live, work, and study in Canada. It also gives you access to Canadian healthcare, schooling, and other social benefits. You can get a mortgage, finance vehicles, and have loans as a permanent resident, but you can’t vote in elections, run for public office, or serve in the Canadian military.

Language Requirements

Before you can settle in Canada, you need to prove that you can speak, write and listen to one of Canada’s official languages, which are English and French.

There is a formal test that you are required to take, which is either the IELTS or CEGEP test, and this is administered by official testing organizations.

List of Designated Organizations

As mentioned before, there are several kinds of designated organizations that can provide support for your Canada start-up visa applications. These include:

Venture Capital

Angel Investors

Incubators

Designated organizations may change from time to time, with new being added and old being removed. So, make sure you check all of these lists before you start your application process so that you have the most up-to-date information.

The links above will take you to the Canadian immigration website, where most of these organizations are linked from the page. So, you will be able to view each organization’s requirements and regulations.

How to Find a Designated Organization for Your Business?

Different designated organizations have different criteria for approving the businesses that they choose to sponsor.

The best way to ensure that you choose the correct designated organization for your business is to visit the links above and to go to each individual organization to see their requirements and criteria.

Some designated organizations only support one industry, while others may be active in several. Different organizations will require you to have different amounts of equity and investment in your business, and there are several other criteria that will apply in each case.

Typically, business incubators are looking for innovative and new ideas, so this is more of a start-up type of situation. Angel investors and venture capital firms generally want to invest in ideas that are a little bit more proven. So, you might have to do some shopping around until you find the right designated organization to support your Canada start-up visa application.

What Happens During a Peer Review?

Designated organizations have to put real money into the companies they sponsor in most cases. This means that they only want to invest and sponsor companies that have a genuine business idea that is likely to succeed in the Canadian marketplace.

Peer review is a process where business people who are involved with designated organizations review your business plan, your skills, and your track record. They want to make sure that they are putting their money into an idea that will work and backing an entrepreneur that has a good chance of making it in Canada.

Think of this process as similar to pitching to investors in the business world.

canada start up visa processing time — Canada Start up Visa Processing Time

How Long Does It Take?

The process of getting a designated organization to back your business idea can take anything from four to six months. However, it’s important to note that this process needs to be completed before you begin your immigration process. It can take an additional six months to a year or even more, depending on where you are moving from and how complex your case is.

So, you should be prepared for your entire Canada start-up visa process to take anything from 10 months to a year and a half. This also depends on how many other applications citizenship and immigration Canada are processing at any given time. Timelines can fluctuate based on how busy their offices are.

What Are the Advantages of Canada’s Start-up Visa Program?

The Canada start-up visa program exempts applicants from having to prove their educational credentials or to have a job offer from a Canadian company, which is often a requirement for economic class applicants.

Canada also allows start-up visa applicants to apply for permanent residence, which allows you and your family to stay indefinitely in the country. You are also entitled to bring your spouse and your dependent children when you move to Canada, and you can sponsor additional family members like parents or siblings once you have settled.

Canada is a very stable country and has a good, robust economy. It has a well-established educational system, and most provinces have good health care systems.

There is a lot of opportunity for business and entrepreneurship in Canada too, and because there is a large middle class, there is a large market for most products and services.

What Are the Benefits of Investing in Canada?

Canada is a very safe and stable country. Starting a business in any one of Canada’s big cities is a great way to take advantage of the growth opportunities that exist. Canada is also a very large country with many big cities, which opens up the possibility of national expansion.

Many companies in Canada also trade with the US, which shows the longest land border in the world with Canada.

Canada Start-Up Visa Program Timeline

There are many steps in the Canada start-up visa program. Even before you begin the actual process of applying to a designated organization or for the immigration process, there is a lot of paperwork to be done.

While the timeline for applications to these programs is generally between 10 months and a year and a half, that does not take into account the time required to prepare your business plan and proposal to the designated organization of your choice. Depending on how far along in the process you are, this may add several more months to the application process.

If there is missing information in any of your applications, or if any of the officials involved have to ask questions, this might add several weeks or months to the process too. This is why citizenship and immigration Canada advises anyone who applies for any immigration pathway not to make any plans to travel until the application has been approved.

This does mean that you will be in limbo for a while and that you shouldn’t sell your home or give up your job until you know that you will succeed in the process. However, Canada is one of the most sought-after immigration countries in the world, and this lengthy process and uncertainty will certainly pay off when your application is approved.

FAQ

Frequently Asked Questions

What does it cost to live in Canada?

The cost of living in Canada is generally relatively high compared to many other countries. However, Canadians also earn significantly higher than most. It also really depends on where you choose to settle. If you want to make a home in a large city like Toronto or Vancouver, you can expect to pay significantly more than you would in a city like Edmonton or Regina. So, it’s a very good idea to do some detailed research before you decide where you want to settle.

Does it snow all the time in Canada?

Many people who consider moving to Canada worry that it snows all the time. However, while that may be true in some parts of the very northernmost provinces and territories for most of the year, there are defined seasons in most parts of Canada. You will enjoy a mild spring and fall, a relatively hot summer, and a cold winter. Winter varies from place to place, too – so we’re not talking minus 40 degrees Celsius for every location. But again, do your homework because some cities do you have very cold winters.

How big is Canada really?

Most people don’t realize exactly how big Canada is. It is the world’s second-largest country. Only Russia has more land mess than Canada. It is much bigger than the United States. However, unlike the United States, which has over 300 million people, Canada’s population is only about 37 million. This means there’s a lot of open space between the big cities.

What are Canadian people like?

Canadian people are generally very polite and usually quite friendly and helpful. Canadians have a reputation around the world for being an easygoing and pleasant population. That doesn’t mean that everybody you meet will be like that, so you still need to approach every situation with a little bit of wariness. How are they in general? Canadians are easy to get along with and welcoming to immigrants.

What is the Canadian school system like?

School systems in Canada can vary from province to province and even from city to city. Children are normally enrolled in the school that serves their geographical area, so that might be a factor in deciding where you’re going to live. A typical school career in Canada lasts 12 years plus one year for kindergarten. Some school districts have elementary school, junior high and senior high, but this can vary from place to place. The Canadian school system is generally considered to be quite good, and the population is fairly well educated and highly literate.

Are there lots of immigrants in Canada?

Yes. Canada welcomes on average 300,000 newcomers every year. These people come from all over the world, and there is a significant immigrant population. Many of these immigrants come from visible minorities, and most big cities have organizations that are dedicated to keeping their cultural practice is alive. in fact, it’s not uncommon to hear of somebody in Canada describing themselves as Canadian Italian or Canadian Chinese.

Will I need to know French?

At least you’re planning to settle in Quebec, where French is the predominant language; you probably don’t need to learn French. Some jobs in government and similar do require that you are bilingual, and some schools do you require children to learn French as part of their curriculum. However, aside from those situations, it’s unlikely that you will need to know much French at all.

What do Canadians do for fun?

Canadians tend to be a very outdoorsy people. In the summertime, it’s not uncommon for them to spend time at lakes or in cabins in the mountains. Many Canadians enjoy cycling, running, and hiking in the warmer months. There are also many public parks in most big cities where you can spend time enjoying the long days of summer.

In the wintertime, Canadians take advantage of the snow and ice. Many enjoy ice skating and playing hockey, while those with access to slopes enjoy skiing and snowboarding. If you’re feeling brave, you could even try your hand at ice fishing.

Most big Canadian cities also have all the amenities you would expect. So, you can spend the day at the mall, the movies, or a farmers’ market.

Is the Canadian banking system stable?

Yes, the Canadian banking system is very stable, and most big banks are also insured. So, if your funds are in a bank that happens to become unstable, they will be covered by the government. Canada also has access to many electronic banking options including Interac, PayPal, Square, and many others. It is very well set up for E-commerce, and Canadians spend billions of dollars online every year.

About Smart Citizenship

Smart Citizenship Has been helping people from around the world to make a new home in countries like Canada. If you’re interested in the Canadian start-up visa, or any other kind of Canadian immigration, our team is ready to help. We are always up to date with the latest Canadian immigration requirements, so no matter What you need to know, we are likely to have the answers you need.

Canada’s immigration system is very fair but not the easiest one to navigate, and many people find that they do need some expert advice.

Guides & Articles