Why the Canadian Start-up Visa program is becoming so popular?
If you are an entrepreneur or an investor in tech space, this article is for you – especially in this time of great turmoil! This article will provide you details on how the start up program works and why the Canadian government implemented the program. Whether you live in the U.S. or elsewhere, in a time like this, it is helpful to consider this program as a viable option.
Inception of the start up program and how does it work
As of April 2013, Immigration, Refugees, and Citizenship Canada (IRCC) introduced the Start-Up Visa Program focused on entrepreneurs who are launching their companies in Canada and bringing their innovative business ideas into the Canadian market. This program allows foreign entrepreneurs to apply for permanent residency if they are able to secure a significant investment commitment from a designated Canadian angel investor group, venture capital fund or business incubator. Once the applicants receive approval or “Certificate of Acceptance” from any of these private investment entities, they would be able to file the PR application. Other eligibility requirements for the Start-up Visa Program are to have a qualifying business, meet the language requirements (CLB level 5) and have sufficient funds to settle. The processing time for the permanent residence applications under this program is typically 12 to 16 months. The bonus is Canada facilitates the entry of foreign entrepreneurs early in the process by work permit to start their business venture while their permanent residence application is ongoing. The work permit is LMIA-exempt and will be granted to the qualified applicants in a very short period of time.
Consider Canada and whether its Start Up Visa Program is for you
Canada has recently been recognized by the U.S. News and World Report 2020 survey as the number one country in the world for quality of life. It has a stable political system, a secure banking system, (said to be number one in the world), and a clean environment. It has good public health care and a good public education system. What is more, Toronto, Canada’s largest city, has established itself as one of the top-five tech talent markets in North America. In short, Canada is a good country and has announced plans to increase the number of immigrants it accepts each year including more entrepreneurs. The Start Up Program is attractive because it does not entail a minimum investment by the immigrant, there is no net worth requirement, the immigrant can choose to live anywhere in Canada and needs only to score a fairly easy five or higher on the English language IELTS test, or speak French. What is more, after three years as a permanent resident, you can become eligible to apply for Canadian citizenship and earn a Canadian passport.
If we have learned anything from the Covid-19 pandemic induced turmoil mentioned earlier, it is that we are likely to make some changes to better secure ourselves in the future. The negative impact of recent immigration policy changes in the U.S. as well as the effects of the pandemic on the global economy spur more interest in immigration programs like the Start Up Program in Canada. That is why it is wise to apply early, before the full impact of the worldwide economic slowdown has been felt.
Please refer to our LinkedIn page to get access to online webinars or articles posted on the most recent Canadian immigration updates. To discuss the details of your situation, please reach out to our office and we will gladly assist you.