How Does the Start-Up Visa Program Help Immigrant Entrepreneurs?

How Does the Start-Up Visa Program Help Immigrant Entrepreneurs?

August 17, 2020

The Start-Up Visa Program allows immigrant entrepreneurs to start innovative businesses that will increase employment opportunities in Canada. The Start-Up Visa assists entrepreneurs who are new to Canada in overcoming the challenges of successfully starting a business in a new country while also obtaining a temporary visa or permanent residency. This program also allows business owners to be more competitive on a global scale by operating a business within Canada’s growing economy supported by one of the most highly educated workforces in the world.

What are the Benefits of Canada’s Start-Up Visa Program?

Indeed, Canada’s strong and innovative economy, excellent quality of life, and low business operating costs and taxes provide significant benefits for a foreign entrepreneur interested in starting a business in a new country, while the Start-Up Visa program makes it much easier for such entrepreneurs to take advantage of these benefits.

Additionally, one of the most significant benefits of Canada’s Start-Up Visa Program is the program’s role in linking dynamic foreign entrepreneurs with private sector organizations across the country that have experience in helping entrepreneurs start new businesses in Canada. These organizations can provide crucial resources to entrepreneurs to help them start their business and then get it up and running in a manner to best help the new business grow and succeed.

What are the Requirements to Be Eligible for a Start-Up Visa?

To be eligible for Canada’s Start-Up Visa Program, foreign entrepreneurs must meet several eligibility requirements, beginning with having a qualifying business or business plan, so long as the business will be incorporated in Canada before or by the date that a permanent resident visa is granted to the entrepreneur. Next, the entrepreneur applicant must provide a letter of support from a Canadian “Angel Investor Group” or venture capital fund or a business incubator before the entrepreneur can apply to the program.

Upon receiving support from a designated organization, each foreign applicant must also show proof the applicant has fulfilled language requirements in either English or French. CLB Test results must be submitted with applications for consideration. Finally, applicants must demonstrate they can maintain a residence in Canada and financially support themselves as well as support their spouse or any other dependents upon their arrival to Canada. As the Canadian government does not provide financial assistance through this program, the entrepreneur must provide proof of the necessary funds depending on the number of family members.

How Should I Get Started?

To begin the process of deciding whether the Start-Up Visa program may be the option for you, you should contact a business immigration team, like the team at Sobirovs Law Firm. Our team can help you research the requirements for starting a business in Canada and determine whether or not your business may be viable. We can also guide reaching out to eligible investment organizations or funds to gain their support or investment in your business. Lastly, we can help you begin and complete your application for a Start-Up Visa. Our firm will ensure compliance with the program’s requirements and establish your new business in Canada. Contact us today to discuss your business goals in Canada.