The Canadian Startup Visa Program offers permanent residence to qualified entrepreneurs from all over the world. The program is specifically designed for innovative entrepreneurs to connect them with private sector investors in Canada to help them establish their startup venture.
Candidates are designated to a Canada based investor each and they support the work permit which allows the candidates to arrive in Canada. Once their business is running properly, they can apply for permanent residence.
Eligibility criteria for Canada Start Up Visa Program:
The candidate should have a unique and innovative business idea capable of creating a lasting impact on the market . Special preference will be given to ideas that can contribute to advancement in Canada's technology and economy. Additionally, the candidate should collect a Commitment Certificate and a Letter of Support from a designated organization, and should have an English/ French language proficiency level equivalent to Canadian Language Benchmark level 5. Lastly, he/ she should have sufficient available and transferable settlement funds.
Canada Start Up Visa Application Process:
The application process involves multiple stages. The candidate needs to obtain a letter of support from a designated organization first. For this, the candidate should develop a viable business project idea that meets the requirements of the designated entity as well as the Canadian industry terms and conditions. This is followed by submitting an application to the immigration authority and going through a thorough background check.
Step one: The first step is to fill out the Generic Application Form and while you are at it, remember to fill out all required fields on the form before clicking the validate option. Once it is validated, include the barcode page in the printed application form. Make sure the form is signed and dated.
Step two: Browse through the IMM 5760 Document Checklist and collect all the necessary documents. Make sure to keep all necessary documents in a sealed envelope and lastly, print the checklist and sign it, adding it as a cover page.
Step three: You should pay the application fee which covers processing fees for you and anyone you include on the application, Right of Permanent Residence Fee and third-party services fee.
Step four: Submit the application with all necessary documents, pay the fees and attach the receipts with the application. Please make sure that all documents are signed.
Canada Start Up Visa Processing time:
The exact processing time varies depending on the candidate and other factors. The applicants should be prepared to go through a comprehensive review, which can take up to several months. Usually it takes 4-6 months to get a letter of support from the designated organization . Once the letter is received, the applicant can apply for permanent residence. From then it will take about 18 months to finalize the application.
Closing remarks:
The Canadian Startup Visa program acts as a global platform for nurturing innovation and showcasing global talents. Therefore, any candidate embarking on this exciting journey should be well prepared and stay updated regularly with information from official sources. It is also advised to consult immigration experts for better understanding of the process and proceed with confidence. We wish luck to all the aspirants of this year and upcoming years as well.