Canada has a great Start-up Visa Program that targets foreign entrepreneurs with the high level of skills and prospects to build a successful business in Canada that:
- Is original and innovative.
- Can create new job opportunities for Canadians.
- Is compatible on a large-scale.
If you have a promising, innovative business idea and can get support from one of the designated organizations, you may be able to immigrate to Canada though the Start-up Visa Program.
There are many reasons why Canada is the greatest place to implement your business ideas into life. The main advantages are:
- A sturdy economy.
- Low business costs.
- Low taxes.
- Quality in innovation and research.
- A high level of life.
The main Start-up Visa Program requirements include:
1. You must provide evidence that a designated organization supports your business.
These organizations are business groups that have approval for investing in start-ups. If such an organization decides to support you, it will give you a special Letter of Support, and you must include it in your application. Otherwise, you’ll be refused.
2. Demonstrate that your business meets the ownership conditions
Up to five people can apply as owners of a single business for the Start-up Visa Program. But they must meet certain criteria:
- Each owner must hold a minimum of 10 percent of the voting rights in the business
- The designated organizationand the applicants must together hold more than 50 percent of the voting rights in the business.
Note: Voting rights are attached to each share of a business that is outstanding at a given time.
3. Meet the language level
The ability to communicate in any of both official languages in Canada is a must if you want to have a successful business. You are obliged to take a language test from an approved agency and add the results to your application.
Besides, it is necessary to meet the minimum point of the Canadian Language Benchmark 5 in speaking, reading, listening and writing in either French or English.
4. Have enough money for basic needs
The Government of Canada does not provide any financial support to new Start-up Visa immigrants. You must demonstrate that you have sufficient money to maintain you and your family’s life in Canada. The amount you will need depends on the size of your family. From $12,300 for a single person and $3,314 for each additional family member.
How much money should you bring?
Expenses in Canada depend on where you wish to live and your lifestyle. We recommend bringing as much money as you can to make the moving process and finding a right home easier and stress-free.
Disclosure of funds
Note that if you are bringing more than CAN $10,000 across the Canadian border, you must tell a Canadian official when you arrive. If you do not do that, they may fine you, and could seize your funds. Regardless if funds are in the form of cash, bankers' drafts, money orders, securities that belong to you (for example, bonds, stocks, treasury bills, debentures), cheques or travelers' cheques.