Hello friends, over the last few years, weโve conducted numerous meetings and webinars about Canadaโs Startup Visa program. Throughout our interactions with clients, weโve come to realize that there are several common misconceptions and myths surrounding this program. In this article, we aim to shed light on the facts and dispel these myths about the Canada Startup Visa.
Iโm Paresh Karia, the CEO of Acquest Advisors, an immigration advisory firm specializing in business and investment-based immigration to the U.S., Canada, Europe, and the UK. Weโve been privileged to assist many families in realizing their dream of migrating to these countries.
Myth 1: Startup Visa is only for Tech Startups
One common myth is that the Startup Visa is exclusively for tech startups. However, this couldnโt be further from the truth. While tech startups certainly qualify, this program is open to a broader range of innovative and unique businesses. These could include businesses primarily in IT systems or product development, application businesses, or even conventional businesses that integrate information technology in innovative ways. The key criterion is that the business must be innovative and have the potential for global scalability.
Myth 2: Your business must be successful for PR
Another myth is that your business must already be successful to obtain permanent residency (PR) in Canada. In reality, the Canadian government understands that most startups face challenges, and success can take time. The program focuses on the approval of your business concept, not its immediate success. However, the government does want to see what steps youโve taken to turn your innovative business idea into a reality.
Watch our latest video to learn more about the requirements for the Canada Startup Visa:
Myth 3: Anyone can be a Co-Founder
Itโs a misconception that anyone can become a co-founder in any startup and secure PR. To become a co-founder, you need to demonstrate to the government that you have valid reasons for joining a startup and that you possess the necessary qualifications, skills, and experience to contribute meaningfully to its development.
Myth 4: You can simply wait for PR approval
Waiting for your PR application to be approved without taking action towards your startup is another common myth. In reality, this approach could result in the rejection of your PR application. The government expects to see progress in setting up your business during this waiting period, especially considering that youโre granted a work permit to move to Canada and work on your startup while your PR application is processed.
Myth 5: It takes a very long time to move to Canada
Although the PR application process can take two years or more, you can move to Canada much earlier. After youโve filed your PR application, you can also apply for a work permit, which is typically granted in about three to four months. This allows you to reside in Canada, work on your startup, and access benefits like healthcare and education while awaiting PR approval.
In conclusion, we hope this article has demystified some of the common myths associated with the Canada Startup Visa program. If you have any more questions or need further clarification, please donโt hesitate to reach out to us. You can chat with us directly or click the link below to schedule a call.
CLICK HERE TO SCHEDULE A MEETING
Thank you for considering Acquest Advisors as your partner on this exciting journey.