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Start-Up Visa – ZFCanada

Start-Up Visa

START-UP VISA PROGRAM

The Start-Up visa program is especially useful for foreign entrepreneurs who are completely unfamiliar with Canadian business laws and networks, and who lack credit history and real access to the necessary resources.

The ultimate goals of this program are to create more jobs for Canadians, and economic growth in the innovation sector of economy. Canada welcomes Start-Ups by providing a stable business environment, relatively low taxes, a diverse pool of sought-after talent and a reliable financial sector.

Business under the Start-Up Visa stream to assist dynamic foreign entrepreneurs who can contribute to a culture of innovation and commercialization in Canada. 

Even though you will have expenses for visa itself and setting up your project, the biggest advantage of this program is that you do not need any proof of funds, you also do not need to proof any business experience,

No need to wait in any queue to be reviewed, and, finally, this is the fastest business program in terms of getting the Canadian PR status. Even though it is called a Start-Up Visa, it is technically a straight path to immigration.

While your application for permanent residence is being processed, you can apply for a temporary work permit to get to Canada and start building your business.

Under this program, immigrant-entrepreneurs must first secure investment commitments from

  • VC (Venture Capital) fund or
  • Angel Investor group to apply for permanent resident status through the Start-Up Visa Program.
  • An applicant must secure a minimum investment of CAD 200,000 if the investment comes from a designated Canadian VC fund or
  • a minimum investment of CAD 75,000 if the investment comes from a designated Canadian Angel Investor group.

UNIQUE IDEA

  • The success of the Start-Up Visa program solely depends on an innovative and original idea. Even if it might seem a silly or crazy idea, it could be a successful project.
  • Up to five (5) foreign nationals may apply for permanent residence as part of the same business venture under the Start-Up Visa Program.
  • Processing time frame (to obtain PR in Canada): 6 to 12 months (Note: results may vary based on country of origin, business team structure and family composition).

BUSINESS REQUIREMENTS

A qualifying business means that the Applicant created a business that meets the following terms at the time the Applicant gets a commitment from a Designated Organization (Letter of Support): Must get a letter of support from a designated organization (a business group that has been approved to invest in or support possible start-ups).

  • The Qualifying business is incorporated in Canada.
  • Each Applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners).
  • Applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time.
  • Letter of support from a designated organization
  • Must get a letter of support from a designated organization (a business group that has been approved to invest in or support possible start-ups).
  • While your application for permanent residence is being processed, you can apply for a temporary work permit to get to Canada and start building your business.

*While your application for permanent residence is being processed, you can apply for a temporary work permit to get to Canada and start building your business.

NOTE: The Government of Canada does not provide financial support to new Start-up Visa business visa immigrants. Each Applicant must show that they have enough money to support themselves upon landing for PR in Canada. Funds cannot be borrowed from another person.

PROOF OF FUNDS – START-UP BUSINESS CLASS

Must show that you have enough money to support yourself and your family after you get to Canada. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).

The amount of money you need to support your family is set by the size of your family. We update these amounts every year.

DESIGNATED ORGANIZATION INVOLVED IN THE PROCESS.

  • A designated angel investor group confirming that it is investing at least $75,000 in a qualifying business or two or more designated angel investor groups confirming that they are together investing a total of at least $75,000 in such a business.
  • A designated venture capital fund confirming that it is investing at least $200,000 in a qualifying business or two or more designated venture capital funds confirming that they are together investing a total of at least $200,000 in such a business; or
  • A designated business incubator confirming that it is accepting the applicant into its business incubator program.
  • Innovative Business Planner.

DESIGNATED ANGEL INVESTOR GROUP/VENTURE CAPITAL: Private organization that has been designated by the Minister to participate in Start-Up Visa. Angel investor groups are made up of members who invest their own capital in start-ups, usually in exchange for equity. Angel investor groups help their members in a variety of ways, which can include:

  • Identifying investment opportunities
  • pooling their capital
  • standardizing the investment process for angel investors

DESIGNATED BUSINESS INCUBATOR: This is a private organization that has been designated by the Minister to participate in Start-Up Visa. a designated business incubator confirming that it is accepting the applicant into its business incubator program. Business incubators help start-ups grow by offering a range of services, which can include:

  • physical space and facilities
  • capital
  • business mentoring
  • networking connections

ELIGIBLE FOR PR APPLICATION : upon receipt of letter of support from a designated organization you are eligible to submit PR application. To be eligible for the Start-up Visa Program, you must:

  • Have a qualifying business.
  • Have letter of support from a designated organization.
  • Meet the language requirements of CLB 5.
  • Bring enough money to settle which depends on family size.

Process Staged :

PROGRAM OVE RVI EW

Every entrepreneur at Venture Studio gains access to advisors and resources including access to Canada Startup Company’s online learning management system consisting of 4 stages to help the companies grow over 21 weeks. This program is one of the world’s most comprehensive Startup education programs. We offer flexible working options and virtual programs to all our clients. Descriptions of each stage are found on the following pages.

ENTREPRENEURSHIP DEVELOPMENT MODULE

Introduction to program stages, methodologies, tools, and foundational knowledge. Developing and refining your idea, telling your story, building your team, identifying competitors, customer segmentation & needs, and collecting data.

INVESTMENT READINESS MODULE

Developing a vision for your business, breaking down the project into key ideas, defining & protecting intellectual property, developing & updating product roadmaps, and creating compelling pitches & finalizing pitch decks.

IMMIGRATION MODULE

01 Preparation and review and submission of the federal immigration application and ensure its completeness.

02  INCUBATION MODULE

Securing new sales, getting quantifiable traction, gaining market access, building your network, recruiting, and preparing for fundraising. Connections to partners, investors, and initial customers

03  GROWTH ACCELERATION MODULE

Putting growth tactics into practice, reviewing performance, leveraging opportunities for funding, obtaining Series A investment, scaling customers, and creating product and revenue models

04  INDUSTRY & GLOBAL DOMINANCE MODULE

Advanced growth, sales & marketing support, geographical & product line expansion, creating connections & partnerships with global experts.

STAGE CUSTOM INCUBATION PROGRAM

  1. Initial Team Formation Our co-founder” introduction” program where we can connect founders with similar work histories, and passions.
  2. Idea Validation Our team works with clients to validate the market, create a market entry strategy, and complete market research.
  3. MVP Development Our team will work with the client to create a market-ready product to sell.
  4. Advisor-Onboarding We connect clients with advisors who are global industry veterans.
  5. Marketing We assist clients with creating buzz and gaining traction through various mediums including digital and social media marketing.
  6. Legal & Accounting Our legal and accounting team assists with incorporation, intellectual property, corporate formation, company finances, and corporate tax returns.
  7. Strategic Road mapping We assist clients with their corporate growth plans.
  8. Raising Capital, we connect founders with potential investors to fund their venture.
  9. Hiring Strategy All ventures are provided assistance in hiring, onboarding, and training new employees.
  10. Growth Strategy Planning Ventures are provided mentorship to understand barriers to growth and achieve hyper-growth with global ambitions.
  11. Board and Exit Management A lot of founders’ struggles with the politics of the board and the higher-level executive decision-making required for large transactions.

A. Canada’s Start-Up Visa Program also called  ( SUV) :

  1. Canada’s Start-Up Visa Program offers Canadian permanent residence to qualified immigrant entrepreneurs.   It is officially known as the Canada Start Up Class.  But it is largely referred to as the Start-Up Visa program (SUV).
  2. The program targets innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up business.
  3. Candidates can initially come to Canada on a work permit supported by their designated Canada-based investor, before qualifying for permanent residence once their business is up and running.

B. What Are the Candidate Eligibility Requirements?

  1. The basic candidate eligibility requirements for the Start-Up Visa are:
  2. Qualifying business. ( Which is developed in Canada )
  3. Commitment Certificate and Letter of Support from a designated entity.
  4. Sufficient unencumbered, available, and transferable settlement funds.
  5. Proficiency in English or French at minimum Canadian Language Benchmark level 5.
  6. Education  Highschool plus

C. Advantages of the Program

  1. Below are some of the pros of the SUV program:
  2. A direct pathway for permanent residence in Canada.
  3. Open to all nationalities. No limitations on business activities in Canada.
  4. No net worth requirement or verification.
  5. Allows for a partnership of 5 individuals in the same start-up (min. 10% of ownership for each partner is required); and
  6. Opportunity to relocate to Canada by obtaining a work permit while the permanent residence application is processed.

E. How Do Candidates Qualify for A Work Permit/Permanent Residence?

  1. To qualify for a work permit: Candidates with a Commitment Certificate from a designated entity can apply for a short-term work permit to begin working in the business. The designated entity must support the request.
  2. To qualify for permanent residence:
  3. The Innovative  business must be incorporated in Canada.
  4. Prepare your Pitch Deck (business concept).
  5. Submit an application to designated Venture Capitalists, Angel Investors, or Incubators.
  6. Obtain a Letter of Support from the designated organization(s).
  7. Submit Application for permanent residency and work permit.
  8. Arrive in Canada and run your business.
  9. Receive your Permanent Residence; and 
  10. Become a Canadian citizen in 3 years.

F. How long does it take for an intending immigrant entrepreneur to go through the process?

If an entrepreneur has a viable start up business project, it will take about 4-6 months to secure a commitment certificate/letter of support from a designated entity. Once a letter of support is received, the application for permanent residence can be submitted. It will take approximately 18-months to finalize the application to visa issuance.

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