Big news coming for aspiring entrepreneurs. Canada’s Start-Up Program sets up a new record for start-up visa residence. The nation is keen to attract immigrant entrepreneurs. Canada upholds the value of the immigrant workforce and what they bring to the nation. Entrepreneurs have the potential to boost a country’s economy. They have the potential to create innovative businesses in Canada. The startup program helps entrepreneurs to get permanent residence in Canada alongside getting funding from Canadian investors and incubators.
In the year 2022, a total of 555 people got permanent residency under Canada’s Start-Up program. That’s 17 percent more than the figure for 2019. But these numbers were not always impressive and went through high fluctuations during Covid-19. Due to restrictions on immigration, the number of people getting permanent residency under the start-up program fell drastically. With the immigration going to record high the immigration under start-up programs surged to a record high number, with 555 people getting permanent residency.
How does a startup visa work?
The entrepreneur must have a business plan backed by Canadian investors or incubators to be eligible to apply for this program.
The program requires the entrepreneurs to submit a business plan and undergo a screening process to ensure that they are capable of creating and managing a successful business in Canada. Upon successful screening, the applicants receive a letter of support from the concerned authority which can be used to apply for permanent residency in Canada.
The basic government-imposed candidate eligibility requirements for the SUV are:
- a qualifying business;
- a commitment certificate and letter of support from a designated entity;
- sufficient unencumbered, available, and transferable settlement funds to meet settlement funding, and;
proficiency in English or French at the minimum Canadian Language Benchmark level. you can learn more about the language requirements here http://intrasource.ca/canada-approves-new-language-test/
- What are the Main Advantages of Canada’s Startup Visa?
- Permanent residence is granted to successful entrepreneurs and their family
- PR also functions as a work permit
- The applicants can then apply for citizenship
- Canadian citizens are allowed dual citizenship
- You do not have to provide a source of funds to apply
- There is no age limit for the main applicant
- It has a fast processing time