20/09/2024
Eligibility Criteria
You may apply for the Start-up Visa Program either as an individual or as part of a group of up to 5 founders. Regardless of your application type, you must fulfill the following criteria:
- Operate a qualifying business
- Obtain a letter of support from a designated organization.
- Satisfy language requirements.
- Have sufficient funds to support your settlement.
Business Qualification Requirements
To be eligible for this program:
- Each applicant must own at least 10% of the total voting rights.
- Together, the applicants and the designated organization must hold over 50% of the total voting rights.
If your application is approved, you will need to:
- Incorporate your business in Canada.
- Actively manage your business from within Canada.
- Ensure that a significant portion of your business operations take place in Canada.
Obtain a Letter of Support from a Designated Organization
Designated organizations are approved business groups that can invest in or support potential startups.
To secure their support:
- Reach out to the designated organization to understand their support process.
- Persuade the organization that your business is a worthy investment.
- Obtain a letter of support from the organization.
Additionally, the organization will send us a commitment certificate, which will be used to assess your application.
Designated Organization Caps
Until December 31, 2026:
- Each calendar year, we will review only 10 complete group applications per designated organization. Applications are processed on a first-come, first-served basis.
- If the annual cap is reached, we will return your application and refund the processing fees.
Work in Canada While Your Application is Reviewed
While your permanent residence application is being processed, you may apply for a temporary work permit to enter Canada and begin establishing your business.
Language Requirements
To qualify for the Start-up Visa Program, you must achieve Canadian Language Benchmark 5 in listening, reading, writing, and speaking (English or French). Your results must come from a language test conducted by an approved agency.
Proof of Funds
When applying, you must provide proof that you have sufficient funds to support yourself and your dependents after arriving in Canada. This money cannot be borrowed from others.
The required amount depends on your family size and is updated annually. As of June 3, 2024, the minimum funds required are:
- 1 family member: $14,690 CAD
- 2 family members: $18,288 CAD
- 3 family members: $22,483 CAD
- 4 family members: $27,297 CAD
- 5 family members: $30,690 CAD
- 6 family members: $34,917 CAD
- 7 family members: $38,875 CAD
- For each additional family member beyond 7: add $3,958 CAD.
How Much Money Should You Bring?
Consider the cost of living in the area where you plan to settle in Canada. Bring as much money as possible to facilitate your move and ease your transition.
The Start-Up Visa Program provides a fantastic opportunity for entrepreneurs to bring their innovative ideas to Canada and benefit from its supportive business environment. By meeting the eligibility criteria and following the application process, you can take a significant step toward establishing your business in a thriving market. If you’re an ambitious entrepreneur with a groundbreaking business idea, the Start-Up Visa Program could be your gateway to success in Canada.
