Canada is a country that welcomes innovation and entrepreneurship, it has a well-established, diverse economy with a high standard of living for its citizens, it was introduced to encourage entrepreneurs from around the world to start up their businesses.
Canada’s Start-up Visa Program
It is a program that was established to encourage entrepreneurs from around the world to start up their businesses in Canada, the program, named after its entrepreneur visa, offers a promising opportunity for those who want to start up a new business in Canada however, the application process is long and complex, but it’s not impossible.
The canada startup visa program is only available for people who have secured at least $100,000 in registered capital or have created one or more jobs in Canada, individuals who qualify can apply for permanent residence under the program once they’ve made significant progress with their business.
There are two pathways to choose from:
- Entrepreneur Pathway
- Investor Pathway
How to Choose the Right Pathway for Yourself
It is an opportunity for entrepreneurs around the world to start up their business and to qualify, applicants must satisfy the following requirements:
- You have a business idea that has been developed and has commercial potential
- You have a plan to develop your business in Canada
- You meet at least two of the following criteria: you’re a graduate of a Canadian post-secondary institution; you’ve obtained a Ph.D. from a recognized Canadian university; you have work experience in one of their top 100 companies, or you have had an innovative project accepted at one of its top ten innovation hubs.
The process to get your visa is complicated and can take as long as six months, however, with this program, successful applicants will be given permanent residence status and this means they can live and work in Canada indefinitely.
There are two pathways for obtaining residency through the Start-up Visa Program
The Entrepreneur Pathway or The Investor Pathway and which pathway should you choose? That depends on your goals for starting up your company in Canada and if you want to start up a larger company say, over $75 million CAD then the investor pathway would be best for you.
Entrepreneurs looking to start-up smaller companies with less than $75 million CAD may be better off opting for The Entrepreneur Pathway and in order to make your application successful, there are certain things you should do before applying: research other people who
What are some of the benefits of this program?
There are many benefits to this program, including:
- Lower cost of living
- High quality of life
- Strong cultural diversity
- Access to world-class education
- Access to a large market with over 35 million people
- Supportive government policies and programs make it easy for entrepreneurs to start businesses.
What are some of the drawbacks?
It can be a great opportunity for entrepreneurs and start-ups, but there are drawbacks and one drawback is that you have to have a certain amount of money before you apply for the visa.
You also need to show that you have enough money for your living costs while you’re in the country and another issue is that the entrepreneur has to live in Canada for at least one year after their visa has been approved.