The Canada Start-Up Visa Program is a unique pathway for ambitious entrepreneurs around the world to commence their journey in Canada. It’s also known as the Canada Investor Visa and has been designed to attract different investors to the country.
Today, we’re going to discuss the program, its advantages, eligibility requirements, how to apply, and more.
Benefits of the Canada Start-Up Visa Program
The initiative comes with multiple advantages for various entrepreneurs and investors, including the following:
- Direct Path to PR: Successful applicants gain PR with all of its social benefits and a high standard of living.
- Efficient Processing: The application processing of the program is streamlined to help entrepreneurs focus on their businesses instead.
- Opportunities Beyond Business: The status of PR isn’t tied to business performance so entrepreneurs can head toward different opportunities with peace of mind.
- Path to Citizenship: Those with PR can apply for Canadian citizenship after residing for three years, enjoying additional rights/freedoms.
- Family Inclusion: The program provides PR to the applicant’s spouse/partner and children so they can work, study, and access healthcare.
Eligibility Requirements
Any applicant must meet four essential criteria to be eligible for the Canada Start-Up Visa Program:
- Qualifying Business: The proposed business must be innovative, scalable, and economically beneficial to Canada. The business qualification is assessed in terms of concept, viability, and growth prospects.
- Letter of Support: A designated organization’s letter of support accompanied by a commitment certificate is crucial to show that the Canadian entrepreneurial ecosystem supports your business idea.
- Language Proficiency: Proficiency in either English or French at the CLB 5 level is required for all four areas of speaking, listening, reading, and writing.
- Settlement Funds: Adequate funds for settlement in Canada based on family size must be demonstrated. The table below shows the amount of money you need with respect to your family size:
| Number of Family Members | Funds Required |
| 1 | CAD$13,757 |
| 2 | CAD$17,127 |
| 3 | CAD$21,055 |
| 4 | CAD$25,564 |
| 5 | CAD$28,994 |
| 6 | CAD$32,700 |
| 7 | CAD$36,407 |
| Each Additional Family Member | CAD$3,706/Member |
Application Process
The process of application for the Canada Start-Up Visa Program is simple and streamlined. Initially, you have to refine your business idea and create a comprehensive business plan to prove its capabilities. Then, it’s a must to secure a letter of support and commitment certificate from a designated organization.
Once all your necessary documents (explained later in this post) are ready, you can apply for the program through Canadian immigration authorities. Later, you have to undergo medical exams, security checks, and biometrics appointments before receiving a PR visa upon approval.
Fees and Documentation
Application fees depend on various circumstances. Permanent residence application fees include CAD$2,140 for the main applicant, CAD$1,365 for partners, and CAD$230 per dependent child.
In the case of necessary documents, here are what you need:
- A detailed resume
- Business proposal
- Passport
- Proof of funds
- Bank reference
- Birth certificate
- Marriage certificate
- Police clearance record
- Language test results
- The letter of support
- Medical examination confirmation
Final Words
It takes 37 months for the applications for the Canada Start-Up Visa Program to be processed.
In the meantime, you may be eligible for a temporary work permit that lets you enter Canada and work on your start-up as you await your PR confirmation.
If you think you’re eligible for the program, or if you’re unsure about it, don’t hesitate to contact us today.
The Canada Start-Up Visa is indeed a great opportunity for entrepreneurs to settle their new business in the country and acquire Canadian citizenship in just a few years.
