Canada’s immigration department has began a Start-up Visa Program for young, skillful, qualified and ambitious entrepreneurs anticipating to set up base for their businesses in Canada and settle down over a vast period.
Entrepreneurs should be able to observe the following:
- Create new employment opportunities for the Canadian public.
- Set up globally skilled business that meets international standards.
- Think out of the box. Initiate an innovative and unique business plan.
Canada is just about the best destination for any start-up. The following reasons would clear any lingering doubts.
- Tax rates are less in most countries and the country scores high on account of corporate tax stability.
- Canada ranks among the top 10 countries in best living standard indices.
- Canada is a cost reliable country for businesses.
- The country has one of the strongest economies in the world and ranks 10thin GDP terms.
ELIGIBILITY CRITERIA FOR START-UP VISA PROGRAM
Applicants must ensure the following eligibility requirements are met before putting up an application for this visa category. The Business Idea must be approved by a Selected Organization in Canada. To secure a Letter of Support from a selected organization and the same must be attached as part of the application without which the application may be denied.
Business Must Meet Ownership Requirements
- Each applicant must possess at least 10% of the voting rights in the said business.
- The applicants and the selected organization must jointly own at least half of the business’ total voting rights.
- Owners of a single business may not exceed 5.
Meet The Language Requirements
The minimum level of (CLB) 5 must be attained by the applicant in the Language Proficiency Test and the result must be annexed with the application.
Proof Of Sufficient Money
There needs to be adequate money for yourself and family in Canada as the Government would not provide financial support to the Visa holder.
When you receive the Application Package, submit the form, duly signed and filled according to the format, at the receiving center.
Expected to pay the processing fee for your application as well as for family member(s) named in the application. Check the fee structure before submitting the application.
Right Of Permanent Residence Fee
Required to pay the Right of Permanent Residence Fee for yourself and your spouse or common-law partner in case of approval. You must ensure that the fee is paid before you acquire permanent residency. The amount is refundable should there be rejection or cancellation of the application and also if you do not move to Canada.
Inclusive to the 2 fees mentioned above, you are expected to pay the fees for your medical exam, police certificate, language testing and for using the Visa Application Centre’s services.
Things To Observe
Before you put up the application, ensure that you:
- sign the application and all other supporting forms.
- Affix all supporting documents.
- Answer any questions that is asked.
- Pay all the fees as required.