Under this program, immigrant entrepreneurs will require investment commitments from a venture capital fund or an angel investor group in order to apply for permanent resident status through the Startup Visa Program. An applicant must secure a minimum investment of $200,000 if the investment comes from a designated Canadian venture capital fund or a minimum investment of $75,000 if the investment comes from a designated Canadian angel investor group. Applicants will also need to meet general program requirements, such as language proficiency, academic background and professional experience.
The Startup visa program, launched on April 1, 2013, is especially useful for foreign entrepreneurs who are completely unfamiliar with Canadian business laws and networks and who lack credit history and real access to the resources necessary. By making the immigration system more robust, needs of emerging markets can be addressed more readily. Creative more jobs for Canadians by encouraging economic growth is the ultimate goal of this program. Canada welcomes startups by providing a stable business environment, relatively low taxes, a diverse pool of sought-after talent and a reliable financial sector.
As of October 2013, a new Business Incubator stream was established under the Startup Visa Program to recruit dynamic foreign entrepreneurs. It will attract early-stage and high-growth businesses and entrepreneurs who can contribute to a culture of innovation and commercialization in Canada. Business incubators will provide promising entrepreneurs with valuable mentorship, and help them to attract investors and grow their startups into sustainable businesses that can create jobs in Canada.
For further information please feel free to contact us. If you would like to know whether you could be eligible to immigrate to Canada in the Startup Visa category, we invite you to complete our FREE online assessment.