Government of Canada started a Start-up Visa Program to aim entrepreneurs immigrant with the required skills and potential to establish a business in Canada that:
• Of inventive nature
• Have an eligible business
• Create jobs for Canadian people
• Have the potential to compete on the global platform
• Have enough money to support and settle in Canada
There are also other details, which require a meeting to become eligible for a start-up visa.
An eligible business needs to meet certain requirements to qualify. They are Obtain confirmation from a designated organization. Maximum 5 people can apply as owners and each can holds 10% or more of the voting rights for the corporation. Jointly they hold more than 50% of total voting rights including all the shares. The business operations happen in Canada and it is incorporated in Canada. Owners should provide the active management support of the business within the Canada.
Another condition is getting support from the designated institutions from Canada. A designated institution is one who has been approved to support the startup and able to invest in it. To get support from designated institutions, entrepreneurs have to get in touch with and convince them to support their initiatives. The designated institutions will provide a letter for supporting the entrepreneur and its initiative. The Entrepreneur has to contact several organizations to get the support as each institution has its own requirements. Sometimes some institutions asked about the details concept or business plan how it’s going to carry out the business and how it is supporting the Canadian economy.
The Entrepreneur also needs to meet the language requirements which help in establishing the business. Candidates also need to bring enough money to support yourself and your family members as Government of Canada does not provide financial support.