Beginning a business in Canada is something that should definitely be considered. No matter how much entrepreneurial drive an individual has, there are numerous opportunities for success throughout the country. Future business owners and investors from other countries have access to a wide variety of opportunities and advantages in this country.
The Startup Visa Program In Canada: An Overview
The Canada Startup Visa Program is a new effort that was recently launched by the federal government of Canada to assist non-Canadian business owners in establishing operations in the nation. The purpose of the program is to entice aspirational company owners who are able to contribute to the expansion of the economy and the production of new employment.
Through the canada startup visa program, non-Canadian citizens who possess the knowledge and expertise necessary to found a company in Canada are eligible to seek for permanent residence in that country. Applicants from every place in the world are encouraged to submit their resumes, but those from nations with “high-growth” economies, such as China, India, and South Korea, will be prioritized.
Who Can Apply ForA Startup Visa To Canada?
To qualify for this program in Canada, you must be at least 18 years old and have a firm intention to become a permanent resident within three years after entering the country. In addition to $75,000 in funds, you’ll need at least two years of management or ownership experience in a qualified Canadian business.
Either incorporating your company or registering it with the proper federal, provincial, or territorial body is required in order for you to be able to legally do business in Canada. Even if the owners are physically situated in Canada, it cannot be owned by any company or partnership that was not incorporated or registered in Canada.
Entrepreneurs from other countries may apply for a Startup Visa if they have a solid business strategy, at least $200,000 in startup money, and the aim to devote themselves full-time to running their company. The company owner must also show that they have sufficient funds to cover their own expenditures and the costs of relocating to Canada.
In order to participate in this program, entrepreneurs from all around the globe must first achieve certain requirements. Participants must:
- Have worked as an executive for at least two years, preferably in a firm that has had rapid development (defined as more than 5% annual sales growth over a three-year period); or
- Possess the ability to detail a novel, potentially successful concept; or
- Have been put forth by a VC or angel investing group.
In order to develop your business strategy in Canada, you may be eligible to apply for a temporary residence permit (TRP) for up to three years. You’ll also be eligible for other forms of government aid, including guidance from experienced professionals and educational opportunities. In Canada, permanent residency may be granted after three years provided your company has completed specific requirements set by Citizenship and Immigration Canada (CIC) .