Canada Invites Record Number Of Foreign Entrepreneurs Under Startup Visa: How To Apply? Eligibility?
A record 250 foreigners have settled in Canada under the Start-Up Visa (SUV) program in the period of last 5 months. This is reflective of the fact that several immigrants have set up new businesses in the country.
Start-Up Visa Program
As per a Canada Immigration News, Canada is all set to welcome 600 new permanent residents through the program in 2022, the highest number since the program was first launched as a five-year pilot program in 2013.
Under this programme, as many as 55 new permanent residents immigrated to Canada in 2015. The number shot up to 515 in 2019.
It was due to the Covid-19 global pandemic that this programme was stalled.
After welcoming 341,175 new permanent residents to Canada in 2019, immigration fell by 45.9 per cent, to only 184,585 new permanent residents in 2020. The number of foreign nationals who came to Canada under the SUV and set up business took a similar hit that year, dropping 49.5 per cent to only 260 new permanent residents, the report said.
As the border re-opened and public health restrictions gradually eased,the SUV rebounded somewhat from its low in 2020 to allow 385 foreign nationals to become new permanent residents of Canada.
Requirements & Eligibility for Visa
In order to apply for the same, a designated venture capital fund must confirm that it is investing at least $200,000 into the business.
This can include two or more commitments from designated venture capital funds totalling $200,000. In addition to this, one or more angel investors must invest at least $75,000 into the business.
Post this, a designated business incubator must accept the applicant into its business incubator program It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.
Following are the eligibility of the same:
• a qualifying business;
• a commitment certificate and letter of support from a designated entity;
• sufficient unencumbered, available and transferable settlement funds to meet settlement funding, and;
• proficiency in English or French at the minimum Canadian Language Benchmark level 5.