The Startup Visa program is a temporary conditional residence permit in different countries. The main objective of introducing this visa category, by various countries, for entrepreneurs is to attract skill and bolstering the economy by creating new businesses or supporting the existing ones. This can be converted to a permanent residency visa if certain conditions are met.
It’s an excellent idea to have a start-up in another country because foreign entrepreneurs have many opportunities to obtain non-immigrant visas by investing in an existing business or launching a new enterprise. Many countries wish to increase the number of highly skilled people that immigrate to their nations.
Furthermore, this increase in entrepreneurship also creates jobs for people of the respective countries. Therefore, an entrepreneur visa program is an effective way to achieve both goals in many countries.
Which Countries Have A Start-Up Visa?
The Startup visa program is a massive boost for economies, and many countries worldwide recognize this. Governments offer fast-track residency and citizenship through start-up visa programs. These programs (sometimes also called entrepreneur visas) are aimed at people with great innovative ideas and entrepreneurial drive.
The list of countries offering a start-up visa programs includes:
- Australia
- Austria
- Canada
- Chile
- Cyprus
- Denmark
- Estonia
- France
- Hong Kong
- Ireland
- Italy
- Japan
- Latvia
- Lithuania
- Netherlands
- New Zealand
- Portugal
- San Marino
- Singapore
- South Korea
- Spain
- Taiwan
- United Arab Emirates
- United Kingdom
The list of countries is long and is continuously growing. Each country has its own different set of requirements for start-up visa programs. These differences mean that each start-up founder needs to evaluate their situation to choose the best fit country for their business.
Although many countries have introduced start-up visa programs to attract international talent, few countries are more relevant to entrepreneurs when looked at from culture, language, and the ease to do business. Keeping these aspects in mind, Canada and the UK are two crucial destinations for entrepreneurs to apply for the start-up visa.
Canada Startup Visa Program
The Canada Startup Visa program offers permanent residency to qualified start-up founders. This program is one of the most entrepreneur-friendly visa opportunities available worldwide. This program’s critical point is to get support for your start-up from a designated organization.
Eligibility criteria for the Canada Startup Visa
The applicants are expected to fulfil an eligibility criteria to apply for the Canada Startup Visa program,
- The entrepreneur’s business must be innovative, have the potential to create jobs for Canadians, and to be able to compete outside of Canada
- The business owners can be up to 5 people; however, each must own at least 10% of the voting shares. Additionally, the owners must have more than 50% of voting rights jointly
- The applicants must be able to communicate in English, French, or both through proof from Citizenship and Immigration Canada
- The investor must have sufficient funds to support any individuals immigrating to Canada alongside the applicant
- The applicant must have an investment of CAD 200,000 from an accredited venture fund or $75,000 from a designated angel group (There is no need to meet the capital requirements if the business is accepted into a listed incubator/accelerator program)
UK Startup Visa Program
The Start-up visa of the UK is for innovators who are also new entrepreneurs and interested in establishing a business in the UK for the first time. The investor does not have to be a graduate or does not need to have secured any initial funding. However, they will be expected to have an innovative, viable and scalable business idea which has been approved by an endorsing body.
The UK Startup Visa is an entry-level option for entrepreneurs who wish to set up a new business in the UK without a significant initial capital investment. This visa is granted for three years and four months and is extendable for two years.
The UK remains a great destination for start-ups, as it has an established start-up network, along with an efficient formation process, and a low corporation tax rate.
Eligibility criteria for the UK Startup Visa
- The applicants must fulfil requirements to qualify for the UK Startup Visa program,
- The visa is awarded on a points-based system, and the successful applicants should score full 95/95 points
- The investor must show a proof of £50,000 – £200,000 available to be invested
- The applicant must have funds available to support the stay, and further should have this amount, consistently, for three months or more
- There should be a letter of recommendation from a listed institution
- The investor must meet the English Language requirements
- The applicant should submit a criminal record certificate
It is good to have a start-up in another country because there are many opportunities for foreign entrepreneurs to obtain non-immigrants visas by investing in an existing business or launching a new company. And therefore, the start-up visa program of Canada and UK are excellent opportunities for entrepreneurs who want to start a business in another country.
Acquest Advisors is an Investment Immigration Advisory specialising in Citizenship and Permanent Residency through Investment Immigration programs run by governments esp. America, Canada & Europe.