Startups are booming in India and all over the world start-ups are companies that can benefit from accessing Canadian and American markets through the Canadian Start-Up Visa program.
The Start-Up Visa program provides eligible entrepreneurs with a permanent Canadian residence. The program aims to recruit new entrepreneurs in Canada and connect them with businesses in the Canadian private sector, angel investment groups, start-up capital, or start-up funds and facilitate the establishment of a first-of-its-kind business enterprise in Canada.
The Canadian Start-Up Visa program must meet four basic eligibility requirements:
1. Applicants must have a Qualified Business
2. Applicants will receive a commission from the designated business with a commitment certificate and a letter of support.
3. Applicants must have adequate accommodation, available and transferable fees (prices are updated annually)
The commitments required for the designated business must meet any of the following requirements:
1. The designated angel investor must ensure that he invests at least CAD 75,000 in a qualifying business or two or more bonds from groups of angel investors up to CAD 75,000; OR
2. A designated fund must ensure that we invest at least CAD 200,000 in a qualifying business or two or more commitments from designated business funds of up to CAD 200,000; OR
3. The designated business start-up should ensure that it accepts the applicant in its business start-up plan.
To qualify, the target business must be included and must continue to do business in Canada while committing and it is necessary:
1. The applicant has at least 10% of the voting rights of the organization.
2. No other person holds 50% or more of the total voting rights of this organization.
To obtain a work permit, the applicant must provide:
1. Letter of support from a designated business.
2. Proof of having sufficient income to meet the minimum income cut (LICO) by their family size, for one year.
To obtain permanent residency, the following requirements must be met:
1. Applicants must participate in the management of the business within Canada.
2. Business operations, or an important component, should take place in Canada.
3. The business must be located in Canada.
The Canadian Start-Up Visa program does not apply to applicants intending to reside in Quebec.
Applicants who have obtained a Commitment Certificate from a designated business, and who wish to start a business while their permanent residence is being considered, can apply for a temporary work permit based on their Certificate of Commitment if the designated business supports such an application.
Acquest Advisors is an Investment Immigration Advisory specialising in Citizenship and Permanent Residency through Investment Immigration programs run by governments esp. America, Canada & Europe.