Canada is the best country to start a new business. And it doesn’t matter if you are an entrepreneur or not, the country offers a lot of opportunities to everyone. The country provides all kinds of incentives to foreign investors and entrepreneurs who have good business plans and are looking forward to starting a new venture.
What Is Canada Startup Visa Program
The Government of Canada has just unveiled a new program called the Canada Startup Visa Program, which is designed to provide assistance to immigrant business people who want to start companies in Canada. The purpose of the program is to entice high-potential entrepreneurs who are capable of producing employment and contributing to economic progress.
Under the terms of the Startup visa program, foreign citizens who possess the knowledge and expertise necessary to launch a company in Canada will be eligible to get permanent resident status there. It is accessible to candidates from everywhere in the globe, although those from “high-growth” economies, such as China, India, and South Korea, will be given precedence.
Who Is Eligible For The Canada Startup Visa Program?
You must be at least 18 years of age and you must plan to become a permanent resident within three years of entering Canada under this program. You also need to have at least two years of management or ownership experience in a qualifying Canadian company, as well as $75,000 in personal savings.
In order to legally do business in Canada, you will need to incorporate your company or register it with the relevant federal, provincial, or territory authority. It is not possible for another company or partnership that is not formed or registered in Canada to possess it, regardless of who controls the other business or partnership.
The Startup Visa Program is open to foreign entrepreneurs who have a viable business plan, at least $200,000 in seed money, and the intention of working full-time as an active business owner. The entrepreneur must also be able to demonstrate that they have enough money to pay for living expenses and travel costs associated with setting up a business in Canada.
Who can apply?
- Entrepreneurs from around the world who meet certain criteria can apply for this program. Applicants must:
- Have at least two years of experience in an executive position in a high-growth company (as defined by having more than 5% annual revenue growth over three years); or
- Be able to document an innovative idea with a high potential for success; or
- Have been nominated by an angel investor group or venture capital fund.
If you qualify for this visa, you’ll be able to stay in Canada for up to three years on a temporary resident permit (TRP) while working on your business plan. You’ll also get access to government support programs such as mentorship and training opportunities. After three years, if your business has met certain criteria specified by Citizenship and Immigration Canada (CIC), you may be eligible for permanent residence status in Canada (PR).