Foreign entrepreneurs who want to come to Canada to launch a new company may do so quickly under the country’s Startup Visa Program. The purpose of the initiative is to increase Canada’s innovation economy by attracting talented foreign workers. The program’s primary objective is to entice more non-Canadian company owners to set up shop in the country.
A Comprehensive Guide To Canada’s Startup Visa Program
If you’re an aspiring entrepreneur from abroad, you may be eligible for permanent residency in Canada under the federal government’s Startup visa program. Non-Canadian citizens or permanent residents who match the program’s conditions may apply for it since it was launched in 2013. Within six months of entering Canada, candidates must be able to independently manage their own affairs, have a business strategy, and have access to sufficient financial resources.
Foreign entrepreneurs may apply for a visa under the canada startup visa if they satisfy the program’s standards. A new company that has been formed in Canada or that has begun operations in Canada during the last 12 months is required. In addition to owning at least 10% of the company and having at least two full-time workers, you will need to meet the following conditions to qualify for startup funding.
The Requirements You Need To Apply For A Startup Visa
The Government of Canada introduced the Startup Visa Program in 2013. It is hoped that the initiative would encourage would-be company owners from other countries to set up shop in Canada. Foreign business owners seeking permanent residency in Canada must demonstrate a minimum net worth of $300,000 CAD, or $75,000 CAD per dependant, and deposit $200,000 CAD into a Canadian bank account as security.
You must invest a minimum of $75,000 CAD in a Canadian business that has been operating for at least six months to be eligible for this program. Any company operating in Canada for at least a year qualifies as a target for this investment. This funding might come from monetary contributions or in-kind contributions like time or materials.
You’ll need to be fluent in English or French in addition to fulfilling the investment minimum. A passing score on a government-sanctioned exam of English or French language competence is required of all applicants who did not get their high school diploma from a school where those languages are used primarily in the classroom.
Canada’s Startup Visa Program is open to businesses established in any Canadian jurisdiction other than Quebec and Manitoba. If, however, your firm has been operating in Quebec or Manitoba for at least a year before applying to this program, even if it was formed outside of Canada, you will be qualified to apply.
Under the Startup Visa Program, prosperous company owners from other countries are given the opportunity to move their operations to Canada, where they may later apply for permanent residence in the nation. The federal government of Canada is making it a priority to provide a warm welcome to businesspeople from other countries who have the potential to boost the economy of Canada via the establishment of new companies and the development of new technologies.