Startup Visa Program

What is the Startup Visa Program?

Canada’s Start-up Visa Program assists immigrant entrepreneurs in establishing businesses in Canada, enabling foreign business owners and their families to apply for permanent resident status. While awaiting their permanent residence, applicants to the Start-up Visa Program can obtain a temporary work permit, allowing them to travel to Canada to launch their business.

Launched as a pilot program in 2013, the Start-up Visa Program has successfully admitted hundreds of immigrant business owners to Canada, with the number of admissions increasing annually. In 2017, the program became a permanent option for immigrant entrepreneurs interested in moving to Canada.

As the Canadian economy continues to experience sustained growth, the Start-up Visa Program is one of many immigration initiatives designed to help talented foreign workers find a home in the Canadian workforce.

Start-up Visa for Foreign Entrepreneurs

The Start-up Visa Program is ideal for entrepreneurs with an existing business ready for investors. To be eligible to apply for the Start-up Visa Program, applicants must have already created their business and secured a commitment from a designated Canadian business investment organization or incubator.

Effective April 30, 2024, each designated organization can submit only 10 business proposals annually for the Start-Up Visa Program. This cap aims to ensure that only the most promising and high-quality business proposals are presented, enhancing the overall impact and success rate of the program

The program welcomes three types of organizations: angel investor groups, business incubators, and venture capital funds.

To participate in the program, an organization must first become designated by IRCC. To achieve designation, an organization must be a member of and recommended by one of IRCC’s partner industry organizations:

• Canadian Venture Capital & Private Equity Association (CVCA): Recommends venture capital funds.
• National Angel Capital Organization (NACO): Recommends angel investor groups and business incubators.

Once designated, the organization will be listed as a designated employer on IRCC’s official list.

There is no prescribed method for designated organizations to find immigrant entrepreneurs; each organization is expected to determine its own procedure. To support an immigrant entrepreneur, the following investments are required:

• Angel Investors: Minimum investment of CAD $75,000.
• Venture Capital Funds: Minimum investment of CAD $200,000.
• Business Incubators: No financial investment required, but the immigrant entrepreneur must be accepted into the incubator program.

As part of the foreign entrepreneur’s Start-up Visa application, the designated organization must provide a letter of support, confirming their commitment to the entrepreneur and the program.

Eligibility Requirements

The purpose of this program is to recruit innovative foreign national entrepreneurs who will create new jobs and drive economic growth. Applicants for a Start-Up Visa must meet the following requirements:

• Meet minimum language requirements in English or French (CLB 5 in all abilities);
• Have sufficient funds to settle in Canada;
• Plan to settle in a province other than Quebec;
• Pass Canadian security and medical clearances;
• Prove their business is supported by a designated organization; and
• Show their business meets ownership requirements.

No more than five foreign nationals may apply for permanent residence as part of the same business venture under the Start-Up Visa Program.

How to Apply to the Start-up Visa Program

If a foreign entrepreneur meets the eligibility requirements for the Start-up Visa Program, they can apply either online or by mail.

The application process requires documentation proving that the applicant meets all four major program requirements. Additionally, the application must include extensive supporting documentation to demonstrate the eligibility of the principal applicant and accompanying family members for immigration to Canada. This includes:

• Medical exams
• Police certificates
• Biometrics (for many applicants)
• Certified translations of documents not in English or French

Fees

• Principal Applicant: CAD $1,625 application fee plus a $515 right of permanent residence fee
• Accompanying Spouse/Common-law Partner: CAD $850 application fee plus a $515 right of permanent residence fee
• Dependent Child: CAD $230 per child

Submission

All components of the application must be printed, compiled in a single envelope, and sent by mail or courier directly to IRCC’s Centralized Intake Office in Sydney, Nova Scotia.

Processing Time

The processing time for the Start-Up Visa is approximately 37 months

However, applicants can apply for a temporary work permit, allowing them to begin working in Canada before their permanent residence application is approved.

Approval and Permanent Residence

Once an application is approved, the principal applicant and all accompanying family members will receive Canadian permanent resident status.

Priority Processing

To accelerate innovation, the federal government offers priority processing for Start-Up Visa applications that are either supported by Canadian capital or backed by a business incubator that is a member of Canada’s Tech Network.

Protection against fraud

To protect against fraud, the Start-up Visa Program includes a peer review process to verify the legitimacy of deals between investment organizations and foreign entrepreneurs. Immigration officers may request an independent assessment by a peer review panel, established by industry associations such as the National Angel Capital Organization (NACO) for angel investor groups or Canada’s Venture Capital and Private Equity Association (CVCA) for venture capital funds.

The peer review can be requested at the officer's discretion or randomly. The panel's assessment ensures that the investment organization has conducted proper due diligence according to industry standards. It is not binding on the immigration officer and does not evaluate the proposal's feasibility.

The peer review process checks that:

• The company is incorporated in Canada
• Business ownership meets program requirements
• The designated organization has evaluated the business model's viability, the management team, and intellectual property ownership
• The business focuses on a high-growth potential product or service
• Business incubator applicants are accepted into an incubator program

Contact Visa Nexa for Immigration Assistance

Need Canadian immigration assistance for Startup Visa Program? Visa Nexa Inc. is here to help. We can assess your eligibility and submit your application to the Canadian government. With over 10 years of expertise, Visa Nexa in Mississauga, Ontario has been helping clients achieve their dream of becoming Canadians. Our head offices are in Delhi (VISAWALK) and Chandigarh (The Mentors). Reach out to us today and take the first step toward your new life in Canada!

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