Entrepreneurs need to have a qualifying business and support from venture capital funds, an angel investor group, and/or a business incubator listed as a designated organizations by Immigration Canada to apply for the Start-Up Visa Program.
It is mandatory that applicants and the designated organization jointly hold more than 50% of the total voting rights at the time of submission.
Usually, the applicants are required to submit a business plan to the designated organization. A complete, detailed, and well-elaborated business plan is essential at this stage to increase the chances of a successful application.
One or more organizations can review the business proposal and, at their own discretion, choose to invest in or support a start-up business.
A work permit is required to start working in Canada. Upon receiving a commitment certificate and a support letter from one or more designated organizations, the investor can apply for a work permit.
The minimum language requirement for this Program is level 5 of CLB (Canadian Language Benchmark) in either English or French in all of the four skills.
Lastly, applicants need to provide biometrics, medical exams, and police certificates and prove that they have enough money to afford the costs of settling in Canada. By the end of the permanent residency process, the applicant needs to demonstrate active and ongoing management of this business from within Canada, that the business is incorporated in Canada and an essential part of the operations of the business happens in Canada.