The Canadian start-up visa program is one tasked with attracting foreign entrepreneurs and investors to Canada so they can start up their business and this comes with an advantage.
The advantage involves being able to secure to a permanent residency in Canada. The creation of more jobs is what this program is designed to tackle therefore making Canada quite competitive when compared to other countries. Since 2018, the Canadian start-up visa program has been considered to be part of the Canadian immigration system.
Factors considered in applying for a Canadian start-up visa program
The first step one need is to have the backing of any designated firm or organization and this designated organization could be a designated venture capital fund, designated business incubators or even a designated investor group. In order to earn the backing of such company, they must first be contacted so they can evaluate your business.
They would be able to determine if you have what it takes to grow and also the right potentials but these criteria and assessments differs in any of these organization. Once you have been chosen, a letter of support has to be obtained which serves as proof as it would be showed to the Citizen and Immigration Canada (CIC).
What Makes One Eligible for the Canadian Visa Start-up Program
- French or English language proficiency all in the areas of reading, writing, speaking and listening. If this isn’t met then the visa could get turned down.
- Obtaining a letter of support from a designated company backing your business idea
- Your business idea should have all it takes to meet the business ownership requirements
- Financial ability to sustain you and your family during your stay as the Canadian government doesn’t offer money or aid to Canadian visa start-up programs
- Must clear all medical tests
- Must pass all security tests
The Canadian start-up visa program allows foreign investors to grow their business in Canada where they can also partner with private investors so they can get more expertise, guidance and funding on how to start up and run their business in Canada.