Establishing a business in a foreign land could bring an individual an immense number of benefits. But one should be careful while investing in a foreign land. Factors like the economic growth of the country, the entrepreneurship prospects in the country should be taken into consideration. Canada is an ideal destination for aspiring entrepreneurs who wish to start off with a business in a foreign land.
What is a Canada Start-Up Visa?
The Canadian Start-up Visa provides an ideal solution for experienced business entrepreneurs who look forward to starting off with a business in Canada. Individuals migrating under Start-up visa will become permanent residents of Canada and will face no conditions attached to their business.
Canadian Start-up Visa Requirements: –
Like any other Canadian immigration program, the Canadian Start-up visa also has its own set of requirements & qualifications that have to be met. Below listed are the requirements for the Canadian Start-up Visa Program:
You Should Have a Qualifying Business: –
The applicant should have created a business that meets the below-mentioned criteria:
– The applicant should hold at least 10% or more of the voting rights of the company.
– The applicant should provide ongoing business management within Canada during the time of the permanent residence.
– The business should be incorporated in Canada.
Proof of Support by a Designated Organization: –
An entity which is designated by the government should provide the applicant with a Commitment Certificate or a Letter of Support stating that the organization chooses to support your business idea. Your business plan should be convincing enough so that you get a minimum investment of $200,000 from a designated venture capital fund.
Meeting the Language Requirements: –
The applicant should take a language test and meet the minimum points in all the specified areas:
If the applicant fails to meet the specified points, his/her application will be refused.
Bringing Along Enough Funds to Settle: –
Applicants should know that the Canadian Government does not provide financial support to individuals who migrate under the Canadian Start-up Visa. The applicant must show proof that he/she has enough funds to support themselves and any other dependants coming along with them.
Advantages of Starting a Business in Canada: –
Economic Growth: It has been found out that Canada is a country which has a strong economic growth and has secured a strong position among the top countries in the world.
Excellent Possibilities for Research & Innovation: Canada’s environment proves to be an ideal destination for research & innovation accompanied by world-class infrastructure and facilities.
Low Taxes & Business Costs: The Canadian government has imposed a low-tax & low cost environment which helps businesses thrive. When compared with other countries, the Canadian government imposes lower taxes on its residents.
High Quality of Life: Individuals, families & global companies get to live a high standard multicultural life in Canada embedded with all the basic amenities. Canadian residents get to enjoy the highest standard of living in the world.
Things You Should Know About Canadian Start-up Visa: –
Apart from the above-mentioned requirements, there are some other requirements the applicant has to meet:
– The applicant must go through medical & security requirements and clear the same.
– The applicant must intend to settle in any other province other than Quebec.
– The candidate should provide proof that he/she enough funds to settle in Canada and can be able to take care of any other dependents coming along with them.
Canadian Start-up Visa is definitely a promising opportunity for applicants who wish to build & run a company on a global range. To know more about the Canadian Start-up Visa and the procedures to process the same, get in touch with our team of immigration experts.