The Start-up Visa program has made it easy for business-minded industrious people that are innovative, can create jobs, and can compete with other businesses around the globe. Basically, this is a way to encourage people that can contribute positively to the economy of the country. This process can be a bit tricky, so most business immigrants hire immigration lawyers to handle their start-up visa application process.
Who qualifies as a business immigrant?
A business immigrant is simply anyone immigrating into the country through the means of investing in businesses in Canada or starting their own business. Business immigrants usually come from more comfortable backgrounds, unlike most other immigrants we get in Canada. These immigrants are usually classified into either of start-ups and self-employed.
Requirements for a Start-up Visa
Let’s look at the eligibility requirements for getting the immigration Start-up visa in Canada.
Commitment certificate and letter of support
If you are applying for the Start-up visa, you will need to have a letter of support from an investor organization. To get this letter, you will have to convince an angel investor group or a designated venture capital to invest in your business. A commitment certificate will be submitted by the investor organization to Citizenship and Immigration Canada.
A designated venture capital fund must invest up to $200,000 CAD in your business or you secure a minimum of $75,000 CAD from an angel investor group. You are not allowed to invest your personal money for this program.
Canada is a bilingual country, with English and French being the two official languages. You must be able to communicate in at least one of these two languages with test results to prove your proficiency. You need at least CLB 5 level in either of the two languages.
You must also be able to prove that you have completed a minimum of one-year post-secondary school study. You must also prove that you were in good standing for a minimum of one year during your post-secondary institution study.
Sufficient settlement funds
It is vital that you have enough fund to support yourself and your family once you immigrate into Canada. The minimum amount of money you need depends on the number of accompanying family members.
Security and medical clearances
Just like any other Canadian immigration program, the Start-up visa does not exclude you and your family members from undergoing the mandatory security and medical examination and clearance. It is essential that the relevant officials confirm that you are not a security or medical threat to Canadian citizens.
As you can see, there are a number of requirements you need to fulfill to get your Start-up visa application approved. No wonder some applicants either forget some of them or get things mixed up. With the help of a law firm like AKM Law, you are sure of getting your application done correctly and perfectly. AKM Law is an immigration law firm that offers excellent legal services to prospective Start-up visa applicants.