What is the eligibility for a Canada Entrepreneur Visa Application and the Costs of Applying
Obtain proof of a Letter of Support (LOS) / The LOS must be sent to the firm and its shareholders.
If you want to immigrate to Canada as an entrepreneur with Canada Startup Visa Program, the first step is to identify a Canadian angel investor group, venture capital fund, or business incubator to back you up with your proposition. At least one of these subjects should be interested in investing in your new business in order to qualify. By reaching out to JTH Lawyers, we will handle this aspect of the application and find you the proper groups of contacts to deal business with and facilitate the obtention of an investor.
To participate in the Entrepreneur Startup Visa program, the investment organization must be a certified angel investor group, a qualifying business incubation program, or a designated venture capital by the Canadian government.
There is a separate application process for each fund or group. You’ll need to contact these organizations and apply in order to be able to submit and pitch your company concept to them through various methods. Some parties will require you to have a comprehensive business plan, while others will not require it at the stage of the process.
A good strategy in order to succeed is to spend some time learning about these various organizations. Their websites are a good start off point to see what type of businesses they usually like to deal with. Every investor has an industry of interest as well as a set of goals for their success. Learning about each organization or fund is great in order to pitch a business that will have the best chances of attracting their attention. Often some of these entities will have an application process available online so you may be able to build your proposal on the most obvious subjects they are looking for.
They will issue you a letter of support if you submit your concept and convince one of the authorized incubators, angel investor groups, or venture capital firms to sponsor your business. This is the LOS that you need to obtain during the process of eligibility to the Canada Startup Visa Program. These entities will also submit a completed Commitment Certificate to the IRCC which concludes this part of the LOS agreement. The certificate spells forth the terms of the candidate’s agreement and commitment with the specified organization and outlines the details of how your business is going to be invested in, to which benefits it will bring for the entities, and so forth.
It’s possible that you’ll get help from more than one investor. Syndication is the term for this. In this instance, the organizations who are assisting you will supply IRCC with a single joint Commitment Certificate that outlines the details of your agreements.
At this stage of the application, if you have received the letter from your investor or investors and have checked all of the other boxes of the requirements, you are ready to apply for the Canada Startup Visa Program.
There is a minimum threshold amount that you must secure and this will depend on the type of entity you will be dealing with:
- If the investment comes from a Canadian VC, the amount is 200,000$ CAD..
- If the investment comes from an angel investor, you will require 75,000$ CAD.
- If your firm is approved into a business incubator program in Canada you will need 0$ CAD.
Evidence of Completion of the Basic Education Requirement
You must have completed at least one year of study at a tertiary school to be eligible for the Canada Visa Startup Program. To demonstrate that you meet this criteria, you must additionally produce transcripts, a letter of good standing, diplomas, degrees, or certificates. Having a high school diploma does not qualify you for the program, you must have a year added to the diploma in order to be eligible. The documents required can be often requested at the institute where you studied. Having a good record and above-average grades can greatly help you.
Meet the language requirements (CLB 5 out of 12, the equivalent of expressing and understanding basic thoughts)
You must take a language exam from an approved organization and demonstrate that you can speak, read, listen, and write at the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French. This has to be done at a recognized IIRC facility.
Provide proof of sufficient funds to immigrate to Canada
The following table is a minimum requirement set by the IIRC. We recommend however to bring as much funds as you can in order to have peace of mind during this process.
|Number off family members
(in Canadian dollars)
|For each additional family member
You can apply for a Permanent Residency if you satisfy all of the aforementioned conditions. It takes 12 to 18 months for the application to be processed. The typical steps of a Permanent Residency Application are the following:
Step 1: Business Plan Draft (2-3 months)
For preliminary qualifying, you must submit a comprehensive CV together with the other basic needed documentation. Below this section, we’ll go over the documentation required for this entire application as well as the entire process of the Canada Startup Visa Program. While assembling this submittal and the documentation, you should have a draft or preliminary idea of a draft for the business plan you need to have in hand for the following step.
Step 2: Letter of Support (8-12 months)
You must have finished your business plan as well as have submitted your strategy and presented it to a designated investment group at this point. This organization can be one of the authorized angel investor groups, business incubators, or designated venture capital funds, as we have elaborated in the section above. The designated company or entities must have accepted your planned strategy and provided you with a letter of support as well as an IRCC Commitment Certificate in order to be able to move on to the next step.
Step 3: Application for Permanent Residency (10-14 months)
This is the final step, in which you submit your application for Permanent Residency, together with your investment letter and other required papers. The state department evaluates your application and either accepts or denies it. However, when dealing with such a lengthy application process, having the right attorneys and lawyers will immensely help you be accepted. JTH Lawyers is specialized in this field and will be glad to assist you every step of the way.
Documents Required for the Application Process
- Marriage Certificate (if married)
- Medical Examination Confirmation from a certified health institution
- Draft Business Proposal
- Copy of Passport or Legal Travel Document
- Birth Certificate
- Detailed Resume (CV) of the candidate
- Language Test Results (IELTS CLB Level 5 or NCLC Level 5)
- Bank Reference Letter
- Letter of Support from a designated entity in Canada
- Proof of Funds: a recent Bank Statement covering at least six months
- Police Clearance Record from your country of origin and residence
All of the above documentation must be given to the entities in a language that is common to the land of Canada such as French or English. It is also possible that some entities require further documentation.
How can JTH Lawyers assist you in obtaining your Canada Startup Visa?
Since 2002, our dedicated lawyers have been assisting over 1,000 immigrant families from over 80 countries in obtaining their Permanent Residence in Canada by passive investment. JTH lawyers Inc. is a specialized immigration law firm assisting Business Investors and entrepreneurs around the world in obtaining Permanent Residence and a second citizenship in other countries. We have a team in the heart of downtown Montreal, Canada that is suited to assist you in making the application towards the Canada Startup Visa Program easy and eliminate all confusions that could be clouding your decision.