Canada Startup Visa was launched in 2013 as a pilot program to provide a smooth, hassle-free pathway to bright entrepreneurs aiming at relocating to Canada and expand their business in the global market. Post a grand success of 68 businesses relocating to Canada, the pilot transitioned into a permanent program in 2018. Fulfilling minimal Canada Startup visa requirements, upto 5 founders of an innovative business can relocate to Canada and explore the North American market.
The key startup visa Canada requirement include that the business should be innovative, it must obtain a letter of support from an approved ‘Government Designated Entity’ and each of the co-founders must hold a minimum of 10% stake individually and majority in total. The other Canada Startup Visa requirements include IELTS score of 5 in each category and sufficient funds to sustain in Canada i.e., approx. 45,000 CAD for a family of 4.
The absence of Canada business visa minimum investment criteria is the chief attraction of this program as compared to other available options globally. The founders and co-founders are advised to invest as per the business requirements and their investment capacity. Also, notably, the program does not have any age-based restrictions, point-based qualification for the applicants.
By fulfilling all the necessary startup visa Canada requirments, the applicants along with their spouse and children below the age of 22, get eligible to apply for the Canadian Permanent Residency directly. Canada Startup Visa also provides an Interim Work Permit facility to the applicants of the program, wherein they can shift to Canada with their families and set-up their business while awaiting the approval of their Permanent Residency.
This is a golden opportunity for the businesses exploring option to expand and scale-up in the North American market as they can avail capital at lower rates and raise funds in Canada, alongside on-board investors in the home country to cover the setup and relocation costs.
Arcum Global is a Legal Management Consultancy firm specialized in international business setup and residency planning. Its team of professionals will guide and assist you through the Canada startup visa requirements.
