Immigrant entrepreneurs can grow their companies in Canada using this program. Applicants that are successful have the opportunity to connect with the private in Canada, affording the opportunity to get access to funds, guidance and expertise to start their enterprise in Canada.
Creating jobs and driving economic growth is the paramount objective of this program innovative foreign entrepreneurs.
Meet the minimum language requirement either in English or French – CLB 5 in all abilities – Completed one-year post-secondary education at the very least with a good standing have the sufficient funds for settlement in Canada.
Plan on settling in a province aside from the Province of Quebec.
Pass the Canadian Medical and Security Clearance
Only five foreign national may apply for permanent residence as part of the same business venture which is under the Start-Up Visa Program.
Venture capital funds, business incubator organizations, and angel investor groups have been designated by CIC to take part in the Start-up Visa program.
For successful candidates, they will secure a minimum investment for their Canada start-up. With a minimum of $200,000 if the applicant is from designated Canadian venture capital fund and $75,000 for angel investor at least. And if unsuccessful, permanent residence through this program is upheld. No investment in a personal fund is required.
Form of Commitment
Investor organization is required to submit a completed Commitment Certificate directly, which includes information such agreement between applicant and organization for the summarization of relevant details of the commitment between applicant and investment organization.
Additionally, a letter of support is submitted by the applicant with the application for permanent residence. If two or more applicants exist for the same business venture, the commitment by investment organization can be conditional based on one or more essential persons that are receiving the permanent residence, and an essential person is specifically important to the business by investment organization. f the application is rejected for any reason, the applications of all concerned will also be rejected.
Peer Review Process
For the protection of this pilot against fraud, a peer process is in place to legitimize deals between investment organization foreign entrepreneurs. It is within the capacity of the immigration officer to ask for a commitment to be assessed independently by the peer review panel established by industry association representing the investment organization. For angel investor, the National Angel Capital Organization would be responsible for the establishment of the peer review panel.
Or if the commitment group is a venture capital fund, Canada’s Venture Capital and Private Equity Association will take up the responsibility. The peer is either requested or initiated on a random basis as regards the conditions on the ground. Assessment by peer review panel is not binding on immigration, it is a confirmation that investment organization did proper checks and investigation according to industry standards.
Only a maximum of 2,750 application is process per year and limited to five years. If the pilot program is unsuccessful, then the Canadian government will establish a Start-Up Visa Program permanently before the year ends.