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The Visa Program is intended to entice innovative entrepreneurs from across the world to set up shop in Canada. The initiative attempts to generate employment and drive economic growth in Canada by bringing in new ideas, technology, and investment.
Entrepreneurs must first get a commitment from a certified Canadian venture capital fund, angel investor group, or business incubator to be eligible for the Start-up Visa Program. The approved organization must be willing to invest in the entrepreneur’s company concept and offer continuing support to the firm in order for it to prosper.
After obtaining a commitment, the entrepreneur can apply for a start-up visa. The entrepreneur must fulfill the following standards to be eligible for the visa:
-Language: Candidates must be fluent in either English or French, Canada’s two official languages.
-Candidates must have completed at least one year of post-secondary study.
-Financial assistance: Candidates must be able to sustain themselves and their families while establishing their business in Canada.
-Applicants must possess at least 10% of the voting rights in the business, and no other person or entity may control more than 50% of the voting rights.
-Entrepreneurship experience: Candidates must show that they have managed and owned a firm.
After the application gets approval, the entrepreneur and their family members can migrate to Canada on a temporary basis. Entrepreneurs have up to five years to start their firms and create jobs for Canadians. If the business is successful, the entrepreneur and their family members may be entitled to seek permanent residency in Canada.