Canada Start-up Visa Program – set your dreams running in the new year 2021

by XIPHIAS IMMIGRATION migration executive

Canada is one of the most important countries inviting immigrants into the country through different immigration pathways. One of them is the Canada Start-up VISA program. Through this program the applicant gets Permanent residency in the country. This program is for all those who have an intention to start a business in Canada. Such aspirants should have a structured plan to execute. They need to submit the right Business plan along with other immigration documents. The business that they present should be scalable. If possible such a plan should have a global standing.

1. The applicant should be of the right age – The businessman or entrepreneur intending to apply for this VISA should be between the age group of 20 and 49.

2. He should be ready with the business plan explaining all the information in relevance to the business idea.

3. The applicant should, if applying alone, hold a minimum of 33.33% in the business. There can be a group of applicants applying for this program. They together with the designated organization supporting them can have 50% voting rights in the organization. This is one of the Business Investment Immigration requirements for Canada’s Start- up visa program.

4. The applicant should submit a letter of support. They need to earn this Letter of support from one of the designated organizations. These designated organizations can be one of the below –

a. Designated Angel Investors – Any start-up that would need a funding of a minimum of CAD $75000 should approach a designated Angel Investor. It is from this Angel investor that the applicant should get their Letter of Support. The Angel investor can have a say in the business.

b. Designated Venture Capital Funds – Start-ups that would need a funding of a minimum of CAD $200,000 should approach a Venture capitalist for funds. Such venture capitalists should have the authority to accept start-ups. The entrepreneur should be able to convince the venture capitalist about his project and earn the Letter of support accordingly.

c. Designated Business Incubators - Business incubators are not really investors. They help the entrepreneur with the business environment in the place where they intend to invest. The entrepreneur should have attended a program set-up by the business incubator in the past year.

5. The applicant should prove their language ability by taking up one of the tests conducted by recognized test agencies. This is similar to the requirement for Express Entry Program too.

6. The other important factor that the applicant needs to address is the economic stand point. The applicant will need to prove that the applicant can support self and his dependents that join them to relocate to Canada, without depending on the state for any kind of monetary support.

There are many predicaments that start-ups go through. It requires that the entrepreneur does a thorough research and meticulous planning to execute the process. The entrepreneur should be ready with his road map and be able to present it. Such a research should always be in pertinence to the markets which the entrepreneurs intend to target. All of these require guidance and support. It is inevitable that the entrepreneur approaches an Investment immigration expert to help him with the process. One such immigration firm is XIPHIAS Immigration who have considerable experience helping businesses start in a country outside. They are well connected and have considerable relations with business houses across Canada. They are also registered with the ICCRC, Canada, thus making them eligible to represent their clients with the Immigrations in Canada.