To qualify for the Start-up Visa Program, you must meet all 4 eligibility requirements, as well as the admissibility requirements to enter Canada.
Eligibility requirements for the Start-up Visa Program
1. have a qualifying business
2. have a letter of support from a designated organization
3. meet the language requirements, and
4. have enough money to settle and live in Canada before you make money from your business.
To apply for the Start-up Visa Program, your business idea or venture must get the support of one or more of the designated organizations listed below:
-Venture capital funds
-Angel investor groups
Designated organizations are business groups that are approved to invest in or support possible start-ups through the Start-up Visa Program.
Organizations choose which business proposals to review. Each organization has its own intake process for proposals and criteria used to assess them. For example, you may be asked to present your business concept in person or submit a detailed business plan.
If an organization decides to review your business idea, it’ll assess the potential of your proposal and whether or not it’ll succeed.
If an organization chooses to support your business idea, it’ll give you a Letter of Support.
VDI works with multiple Designated Organizations in Canada and will support Startup from all fronts to prepare, pitch and obtain "Letter of Support" from DO.
Firstly Nucleus and VDI team will review the application and provide feedback in case there is viability in the application. Our team will work closely with you and improve business model. Then, the designated organization(s) will review the business proposal.
Next, Immigration, Refugees and Citizenship Canada will review your immigration application, if you have received the necessary support to apply, to make sure you’re eligible to become a permanent resident.
Finally, your application may also be subject to an independent peer review process. This is designed to protect against fraud and to ensure that your activities and those of the designated organization are in line with industry standards for this type of support.
To apply for a start-up visa, you must show that you have reached Canadian Language Benchmark 5 in listening, reading, writing and speaking.
With your application, you must submit the results of a third-party language test that show that you meet the requirement.
The amount of money you need depends on how many family members will be coming with you.
In some cases, the designated organization may give you additional money to help cover your living expenses. You can’t use the investment money for your start-up business to cover your living expenses.
Yes. Up to 5 people can apply through the Start-up Visa Program as owners of a single business.
When reviewing your proposal, the designated organization will decide who is essential or non-essential to the business. An essential person is critical to the proposed start-up. Without this person, the designated organization would not invest or support the proposal.
If we refuse the application of an essential person, all related applicants will be refused.
If your business fails, it doesn’t affect your permanent residency status. Canadian Government recognizes that not every business will succeed and this program is designed so that the risk is shared between the public and the private sector.
An essential person is considered to be critical to the business and will be specifically identified as essential by the designated organization on the commitment certificate and letter of support.