Obtain Entrepreneur Startup Visa in Canada

Updated on Monday 20th May 2019

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Foreign citizens are welcome in Canada, the government supporting those who come to work or start a business here. While the work and residence permits are requested by those working in Canadian companies, foreign entrepreneurs have other options for relocating to this country, one of the most important being the entrepreneur startup visa.

Canada is keen on attracting businesspersons from all over the world, which is why the government enabled the entrepreneur startup visa for those interested in setting up a business and settling here at the same time.

Below, our Canadian company formation agents explain the requirements related to obtaining an entrepreneur visa. We can assist with the entrepreneur startup visa and company registration procedures in Canada.
 

Who can qualify for an entrepreneur startup visa for Canada?


Those who want to move to Canada based on an entrepreneur startup visa must comply with a few requirements and follow a specific procedure.

The qualification requirements refer to:
 
  • have a qualifying business (the company must be opened under certain conditions imposed by the Canadian authorities);
  • meet the language requirements (the applicant must speak English, French or both languages);
  • obtain a letter of support from a designated organization (this must be a group or investment fund which is qualified to support startups);
  • have sufficient funds to settle in Canada (the amount depends on the number of family members relocating here and is updated annually).

One of the greatest advantages of the Canadian Entrepreneur Startup Visa program is that the applicant can bring other family members who will obtain residence permits.

If you are interested in setting up a company in Canada under the entrepreneur startup visa, our consultants can guide you.
 

The qualifying business condition for the Canadian entrepreneur visa


As mentioned earlier, a condition for obtaining the entrepreneur startup visa is related to having a business or providing a business plan which is endorsed by the designated organization.

The qualifying conditions for the Canadian venture when applying for an entrepreneur visa are:
 
  1. if the endorsement from the designated organization was obtained, each applicant will own 10% of the voting rights in the company (up to 5 owners are allowed);
  2. the applicant and the designated organization must hold together more than 50% of the shares in the company;
  3. once the residence permit of the applicant is granted, he or she must incorporate the company with the Canadian authorities;
  4. the applicant must actively engage in the management of the company while living in Canada;
  5. the core activities of the company must be completed in Canada, while other activities can also be undertaken outside the country.

Our company registration specialists in Canada recommend you register a corporation in order to ease the entrepreneur startup visa procedure. We can also with the incorporation of such a structure.
 

The other requirements for obtaining a Canadian entrepreneur startup visa


Having a qualifying business is not the only requirement related to obtaining an entrepreneur startup visa in Canada, as the other requirements are just as important. For example, when it comes to the designated organization which can support the visa application, it can be a venture capital fund, an angel investor or any other business incubator which was approved by the government to enter the Entrepreneur Startup Visa program. Also, it will be the applicant’s job to convince their business idea is worth the support.

When it comes to the language requirements, the applicant and his/her family member must speak English or French fluently, meaning having the Language Benchmark 5 level.

In order to bring family members along, the applicant will be required to ensure sufficient funds for their support. The maximum number of family members who can enter Canada is 7.

Our company formation advisors in Canada can help you prepare the documentation related to obtaining the entrepreneur startup visa.
 

Why relocate to Canada based on an entrepreneur startup visa?


Moving to Canada under the entrepreneur startup visa is one of the best ways of obtaining a residence permit which can later be transformed into a Canadian passport. Also, it enables a foreign citizen to have his/her own business in Canada.

The Canadian entrepreneur startup visa is one of the few such types of residence permits in the world, considering the amount of money to be invested is quite small.

For complete information and assistance in applying for an entrepreneur startup visa in Canada, please contact us.