The Start-Up Visa Program was introduced by ministerial instruction in April 2013 as a five-year pilot project. It is set to be made permanent on March 31, 2018.
The Start-Up Visa program grants Canadian permanent residence to qualified immigrant entrepreneurs. The program aims to recruit innovative entrepreneurs to Canada and link them with the Canadian private sector businesses, (angel investor groups, venture capital funds or business incubators) and facilitate the establishment of their start-up business in Canada.
Start-Up Visa Program News
- Start-Up Visa Program for Business-Minded International Students
- Canada Start-Up Visa Program For Entrepreneur Immigrants To Be Made Permanent
Successful candidates will receive a letter of support from a government designated entity (angel investor group, venture capital fund or business incubator). The government designated entity is primarily responsible to determine the viability of the applicant’s intended business and present an approved project along with a Commitment Certificate to immigration authorities. Applications are assessed under a pass fail basis. See list of designated entities.
Applicants to Canada’s Start-Up Visa program must meet four basic eligibility requirements:
- Obtain a commitment from a designated entity in the form of a Commitment Certificate or Letter of Support;
- Have sufficient unencumbered, available and transferable settlement funds;
- Have completed at least one year of post-secondary education;
- Demonstrate sufficient proficiency in English or French through standardized testing (Canadian Language Benchmark level 5) ;
The required commitment from a designated entity must meet the following criteria:
- A designated angel investor group must confirm that it is investing at least $75,000 CAD into the qualifying business, or two or more commitments from designated angel investor groups totaling $75,000 CAD; OR
- A designated venture capital fund must confirm that it is investing at least $200,000 CAD into the qualifying business or two or more commitments from designated venture capital funds totaling $200,000 CAD; OR
- A designated business incubator must confirm that it is accepting the applicant into its business incubator Program.
In order to qualify, the intended business must be incorporated and carrying on business in Canada at the time the commitment is made and:
- The applicant owns a least 10% of the voting rights in the corporation; AND
- No other person holds 50% or more of the total amount of voting rights in the corporation.
Up to five applicants may have their application for permanent residence supported by the same business investment. However, certain applicants may be designated essential to the intended business. If any of the essential applicants withdraw their application or are refused for other reasons, all other applicants under the same business investment will see their applications terminated.
Applicants who have secured a Commitment Certificate from a designated entity, and who wish to begin working in the business during the processing of their permanent residence application may apply for a short term work permit on the basis of their Commitment Certificate if the designated entity supports such a request.
Canada’s Start-Up Visa program does not apply to applicants who intend to reside in the province of Quebec.
Designated venture capital funds
- BDC Venture Capital
- Blackberry Partners Fund II LP (doing business as Relay Ventures Fund II)
- Celtic House Venture Partners
- Celtic House Venture Partners Fund III LP
- Celtic House Venture Partners Fund IV LP
- DRI Capital Inc.
- Extreme Venture Partners LLP
- Golden Opportunities Fund Inc.
- iNovia Capital Inc.
- Lumira Capital
- New Brunswick Innovation Foundation Inc.
- OMERS Ventures Management Inc.
- Pangaea Ventures Fund III, LP
- PRIVEQ Capital Funds
- PRIVEQ III Limited Partnership
- PRIVEQ IV Limited Partnership
- Real Ventures
- Rho Canada Ventures
- Summerhill Venture Partners Management Inc.
- Tandem Expansion Management Inc.
- Top Renergy Inc.
- Vanedge Capital Limited Partnership
- Version One Ventures
- Wellington Financial LP
- Westcap Mgt. Ltd.
- Canadian Accelerator Fund Ltd.
- Yaletown Venture Partners Inc.
Designated angel investor groups
- Angel One Network Inc.
- First Angel Network Association
- Golden Triangle Angel Network
- Oak Mason Investments Inc.
- TenX Angel Investors Inc.
- VANTEC Angel Network Inc.
Designated business incubators
- Alacrity Foundation
- Alberta Agriculture and Forestry
- Agrivalue Processing Business Incubator
- Food Processing Development Centre
- Bioenterprise Corporation
- Canada Accelerator Co (d/b/a HIGHLINE)
- The DMZ at Ryerson University
- Empowered Startups Ltd.
- Extreme Innovations
- Genesis Centre
- INcubes Inc.
- Innovate Calgary
- Interactive Niagara Media Cluster o/a Innovate Niagara
- Invest Ottawa
- Istuary Idea Labs
- Knowledge Park o/a Planet Hatch
- Launch Academy
- LaunchPad PEI Inc.
- NEXT Canada
- Real Investment Fund III L.P. o/a FounderFuel
- Ryerson Futures Inc.
- Spark Centre
- Spring Activator
- Toronto Business Development Centre
- Waterloo Accelerator Centre
- York Entrepreneurship Development Institute
Interested readers are invited to complete our Free Assessment to determine whether they qualify for immigration to Canada under Canada’s Start-Up Visa program or under another business program.
The recently re-vamped entrepreneur immigration program is getting another boost, as Ottawa has announced plans to include mentorship in the program.
The new start up visa program, launched earlier this year, will now offer newcomers the chance to partner with Canadian “business incubators,” which will offer guidance throughout the start-up process.
“Connecting immigrant entrepreneurs with Canada’s accredited business incubators will broaden our respective networks and bring us all to the next level,” said David McNamara, president of the Canadian Association of Business Incubators.
The CABI will work with the Department of Immigration to pair up potential immigrant entrepreneurs with appropriate incubator programs, depending on where they wish to go in Canada and which industry they are targeting.
The Department of Immigration has also indicated that they are working on further partnerships to incorporate into the start up visa program as incentive to attract young entrepreneurs in the competitive global market.
“As part of our government’s focus on jobs, growth and long-term prosperity, it is critical for Canada to attract the best entrepreneurs and innovators from around the world,” said Immigration Minister Chris Alexander upon announcing the new partnership.
Source: National Post