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Up to 35 months
Canada is a country located in North America, and it is one of the largest countries in the world in terms of land area. It is known for its stunning natural beauty, moderate climate, and political and social stability. Its economy is advanced and diverse, making it one of the world’s largest economies. Canada offers significant opportunities for education and healthcare, ensuring a high quality of life. It is also an excellent destination for work and economic stability, thanks to government support and strategic plans.
The Canada Startup Visa program offers an opportunity for qualified investors and their family members who wish to obtain permanent residency in Canada by establishing a new business venture. To be eligible, applicants must present an innovative business idea to one of the recognized business incubators, venture capital funds, or investor groups endorsed by the Canadian government.
Entrepreneur immigrants must also demonstrate that their intended businesses have the potential to contribute to the Canadian economy by creating new jobs for Canadians and competing on a global scale.
While waiting for permanent residency, entrepreneur applicants who have applied for the Startup Visa program may be granted a temporary work permit, allowing them to travel to Canada to initiate their businesses. The processing time for the Canada Startup Visa program can take approximately up to 35 months, and it does not apply to applicants intending to reside in the province of Quebec.
The Canada Startup Visa program offers several benefits and advantages to its applicants, including:
There are requirements that the applicant must meet in order to be eligible for the visa:
Applicants must obtain a letter of support from an angel investor group, venture capital fund, or business incubator. They are willing to invest in and support the applicant’s business idea.
Each applicant must hold at least 10% of the voting rights attached to all of the outstanding shares of the business.
Applicants are required to demonstrate language proficiency in either English or French, with a minimum score of CLB5 in all four language abilities (listening, speaking, reading, and writing).
Applicants are expected to have a bank account with sufficient funds, the exact amount of which depends on the size of the family.
Applicants are required to actively and continuously manage their business from within Canada while waiting for their permanent residency.
Applicants should be in good health as per Canada’s health requirements.
The applicant must own at least 10% of the shares of the start-up company in addition to administrative, legal, and government fees for submitting residency applications.
The first stage is drafting the business plan for the Startup Visa program, which takes about one to two months. The second stage is obtaining a letter of support, which takes between 3 to 6 months. The third stage takes approximately 35 months to obtain a decision on the permanent residency application. (The time may vary according to the estimation of the Canadian federal government.)
There is no requirement to reside in Canada during the processing period or before obtaining permanent residency unless you apply for a work permit. If you wish to obtain a work permit, you must go to Canada to start working until a decision is made on the permanent residency application.
Permanent residency status is not affected if the company closes or does not continue due to obstacles.
The requirements include obtaining a letter of support, meeting the ownership requirements for eligible businesses, passing a language test (CLB5 at a minimum), having a bank savings account, and actively and continuously managing the business. The applicant should also be in good health.
Permanent residency in Canada means that a foreign individual has obtained a legal status that allows them to live in Canada permanently, such as getting a Canadian Startup Visa.
According to the Reach Immigration Passport Index, the global ranking for the Canadian passport is 8th, and it allows travel to 186 destinations without needing a visa or obtaining a visa upon arrival.