If you wish to apply for permanent residence as an entrepreneur under the Start Up Visa program, you cannot submit your application directly to Immigration, Refugee and Citizenship Canada (IRCC). First, your business idea must be approved by one of the organizations designated by IRCC.
Each organization establishes its own selection procedures and assessment criteria. There are three types of designated organizations:
- Canadian Venture Capital Funds (you must be approved for a minimum investment of $200,000)
- Canadian Angel Investor Groups (a minimum investment of $75,000)
- Canadian Business Incubator Programs
If you are successful in obtaining support from a designated organization for your business idea, you will be issued a Letter of Support and only then you will be able to submit your application for permanent residence to IRCC.
You should consider the following requirements under the business incubator stream:
- Personal net worth of $1,000,000 +
- Extensive business background as either an entrepreneur or a business leader in an executive level position in your home country (preferably 10 or more years of experience).
- IELTS test results at Canada Benchmark level 5 or higher.
- Ability to put up from $300,000 plus GST for a new venture in Canada.
- Interest in starting a new business venture that will export & sell a Canadian made product to different countries internationally.
- Ability to come to Canada to participate in strategic planning for the business in person.
For further information or questions regarding Business Class requirements, please feel free to contact our office. If you would like to know whether you could be eligible to immigrate to Canada in the Business Immigration category, we invite you to complete our online assessment questionnaire: On-line Assessment Questionnaire.
Last updated: 18.03.2016