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Start up visa Canada

Start ups have become the flavor of the decade. A number of start-ups that were launched in the past couple of decades have established themselves as some of the biggest companies in the entire world. Countries around the world are making big efforts to ensure a business friendly atmosphere and are inviting talented minds to launch start ups and boost their dwindling economy and Canada is no different. In 2013, the Canadian government launched the start up visa scheme which was aimed at luring young entrepreneurs into coming to Canada and setting up their firm here. Three years down the line, the scheme still remains relatively unexplored by the people who wish to migrate to Canada.

This scheme is aimed at establishing Canada as one of the most business and immigration friendly countries in the world. Giving a chance to the aspiring leaders of tomorrow to open their business enterprise in the country, the Canadian government has made all the efforts to popularize this scheme to all corners of the globe.

The start visa holders of different countries would be connected with successful private business owners in Canada with a successful track record that may help the budding entrepreneurs with the required resources and services in the country. The scheme aims to provide faster and much more organized visa approval to the aspiring immigrants to Canada.

To ensure that you are eligible under the start up visa scheme, you need to keep the following points in mind –

  • You need to prove to the Canadian authorities that your business enterprise is completely supported by some designated organization in Canada. You would need to obtain the letter of support from the organization before you apply for the start up visa. Else, your application would be declined by the authorities.
  • You would need to prove that your business or enterprise fulfills all the ownership requirements. A maximum of 5 people are eligible to apply for this visa under a single enterprise. All the applicants must individually hold a minimum of 10% voting rights in the enterprise in order to be eligible for this visa. And all the applicants must own over 50% of the complete voting rights of the enterprise.
  • You must also fulfill all the language requirements since knowledge of English and French is imperative for your success in the country. In order to prove your proficiency, you would need to take a language test from any agency which is accredited by the CIC. A minimum of CLB 5 has to be achieved in either French or English in order to be eligible for this visa scheme
  • You must have enough funds for settlements. You need to prove that you possess enough funds for you and all your dependents that would be coming to Canada with you. The total amount that you need to posses depends on the family size. For example, you must have $12,164 for one member, $15,143 for two members and $32,191 for seven or more family members.