The Start-Up Visa program provides permanent residence to immigrant entrepreneurs thereby assisting them to have their business establishment in Canada.
The program helps immigrant entrepreneurs to root their business in Canada. Capable applicants approach private sector organizations in Canada, where they can secure funding, assistance and expertise in opening and operating their business in Canada.
The Federal Start Up Visa program provides permanent residence to immigrant entrepreneurs thereby assisting them to have their business establishment in Canada.
The moto of the program remains to boost the job availability and economic growth of Canada through the innovative foreign entrepreneurs.
To be eligible, applicants for a Federal Start Up Visa must secure the following conditions-
Evidence of Commitment
To validate the fact that the applicant has obtained support from either a angel investor group, venture capital fund, or business incubator, the investor organization requires to submit a completed Commitment Certificate to IRCC. This document shares information about the agreement between the applicant and the investment organization. If there are two or more applicants participating in the same business venture, the commitment favour made by the investment organization can be totally conditional upon one or more “essential person” receiving their permanent residence. An essential person is someone who has been specifically recognized as important to the business by the investment organization.
Support from Multiple Organizations or Syndication
At particular instances, multiple designated institutions support the applicants. In this case, all entities involved must be recognized. Together, the designated organizations will submit a single Commitment Certificate to the IRCC and one Letter of Support will be provided to the applicants.
If a designated venture capital firm invests in a business, the minimum total investment amount that must be invested in that business is $200,000, irrespective of the fact whether or not a designated angel group also invests in the same business.
If the business receives support from minimum one designated angel group, and no designated venture capital groups, then the minimum total investment of $ 75,000 must be invested in that business.
Peer Review Procedure:
A peer review panel might assess the entire commitment. These panels have been installed by an industry association that demonstrates the type of investment of the organization making the commitment. For example, in the angel investor group instance, the National Angel Capital Organization is to be held responsible for installing the peer review panel.
They can also be initiated randomly. The assessment made by the peer review panel is not at all supposed to be binding on the immigration officer. It is to ensure that the investment organization has performed the proper checks and investigations to meet the industry standards. It does not opine on the feasibility of the proposal in question.
The Peer review examines the success of the designated business organization
The duration of the program is five years. Being a pilot program, it will only process a maximum of 2,750 applications per year. If this pilot program becomes successful, the Canadian Government might choose to establish the Start-Up Visa Program permanently before the end of the five-year period.