Canada Start Up Class is a Start-Up visa program that is designed for immigrant entrepreneurs. This program will offer permanent residency to innovative entrepreneurs and will help them establish their business inside Canadian borders. These immigrants may initially enter the country using a work permit that will be supported by their designated Canada-based investor. Then when their business is operational, they will be able to qualify for this pathway.
If you are a business person who wants to see if you qualify for this visa program, continue reading! This blog post will share the need-to-know facts about the Canada Start Up Class, eligibility requirements and other pertinent information.
Canada’s Start-Up Visa Program: What You Need to Know
1 – What Are the Eligibility Requirements for This Program?
There are four basic qualifications that must be met for an applicant to be eligible for this visa program. They must have a qualifying business, a Commitment Certificate and Letter of Support from a designated entity, sufficient settlement funds and a Benchmark Level 5 score in an English or French proficiency test.
2 – How Do Candidates Qualify for Permanent Residence?
To qualify for permanent residence, the business that is set up must be one that is incorporated in Canada. The candidate must also have an active role in the management of the business. Lastly, the operations of the business – or at least an essential part of it – must take place within Canada.
3 – What Is a Designated Entity?
A designated investor entity is a Canadian private sector angel investor. They must invest at least $75,000 into the qualifying business. The entity must also agree to accept the applicant into its business incubator program.
4 – How Does One Obtain Support from a Designated Entity?
The intending immigrant entrepreneur must develop (or they may already have) a viable business project that will abide by the requirements of the government-approved designated entities. They will need to get in touch with business consultants in Canada to ensure that their start-up business plans meet all industry required terms and conditions.
5 – How Long Does the Process Take?
The entire process will take around four to six months to obtain a commitment certificate or letter of support from one of the designated entities. After one of these documents is procured, the application may already be submitted. After the submission, the applicant should allow around 18 months to pass while their application to visa issuance is finalized. This timeline will be applicable for entrepreneurs that already have a viable business plan and course of action. The timeline may be extended if the applicant has yet to come up with a viable business project.
If you think that you may be able to meet these requirements and be one step closer to living the Canadian Dream using this visa program, it is best that you gather all the knowledge you can to see if this program is right for you. Once you have all the information, speaking to an immigration consultant will help you figure out the next step in the process.
Before talking to an immigration consultant, reading up on the latest in Canadian immigration policies on Immproved is a good idea. Immproved is a platform that allows users to quickly qualify what Immigration programs are recommended and what steps they should take to improve their chances. Read new articles and get closer to filing your application today!