Canada is a haven for ease in doing business with its solid startup ecosystem and lenient immigration policies. Among the policies is the Startup Visa program, which gives foreign entrepreneurs access to entering Canada through innovative businesses. Here are the details about the Startup Visa: what it’s for, who qualifies, how to apply, and what the applicant gets:.

What is the Startup Visa Program?

This is the start of the Start-up Visa Program in 2013. It shall attract foreign-born entrepreneurs capable of developing new innovative ventures in Canada. The reasoning behind this move is in the increase of the economy as well as employment opportunities created and innovations through the creation of talents that can bolster the Canadian economy.

Qualifying Requirements

An applicant who wants to apply for a Startup Visa has to fulfill the following:

conditions that are satisfactory.

• Ownership in the business: As per imperial immigration guidelines applicant is to be having qualifying business meaning, at the point of applying for a visa, he or she would be the owner of the voting right at that company and his employee will own that particular voting right. Not during any single point in time besides them, a minimum of 50% can have it.
• Designated Organization Support: An entrepreneur must have support from a designated organisation of Canada. A designated organisation is any government approved venture capital fund, angel investor group, and any approved business incubator of the government of Canada. That support must be formalised by way of a Letter of Support.
• Language Skills: Students should be able to attain at least minimum adequate English or French. That is, speaking, reading, listening and writing skills should have at least CLB 5 levels.
• Unattached Funds: Applicant must show that at the time of his or her landing in Canada, he or she has available to himself or herself, and where applicable, his or her dependents, at least unattached funds available to support himself or herself and dependents. The amount is based on family size. Application Process by imperial immigration:

The process of application for the Startup Visa can be divided into several key steps as described below.

• Seek Support: You present your business idea to the identified organisations. Once you get support by imperial immigration, you receive a Letter of Support-the most crucial document for your application. Make sure that you provide all the documents to the imperial immigration consultant required to include proof of language proficiency, business ownership, and financial support. The documents must be updated and accurate to the letter. One may apply for permanent residence at imperial immigration consultancy through submitting the application in Immigration, Refugees and Citizenship Canada. There are forms for application either in paper form or online form.
• Processing time: In this time of processing awaiting application processing time, other additional requirements as well as interviews one may undergo while waiting for the application processing time. When you get approved on your startup visa application, you will be able to bring in your family members, too, and have a chance to set up your business here in Canada with them.

Advantages of Startup Visa

The startup visa program is a platform holding in its storehouse numerous advantages:

• Permanent Residency: Permanent residency, under this system, the applicant shall acquire the right to work, to study, or just be in Canada, an absolute lifetime.
• Family Inclusion: Families can be brought to the country by bringing spouses and dependent children with the applicant.
• Availability of Resources: Huge pool of resources available to the startup in Canada, opportunities for funding, mentorship programs, and other entrepreneur networks. The great standard of living, excellent healthcare, and quality education make it a perfect destination for families.

Conclusion

It would be the right opportunity for international entrepreneurs to take their innovative ideas to Canada with the launch of the Startup Visa program. Eligibility criteria and the application process along with the benefits the program could provide would be a support system for aspiring entrepreneurs setting up a successful venture in one of the most business-friendly countries in the world for start-ups. Of course, that is owing to innovation and its penchant for economic growth. It remains the first choice among many entrepreneurs around the globe to make their business name on the world forum.