The Start-Up Visa Program for New Immigrants to receive PERMANENT RESIDENCY
One pathway that new immigrants can use to qualify for permanent residency to Canada is the government of Canada's Start-Up Visa Program for entrepreneurs.
This Immigration, Refugees and Citizenship Canada pathway is one that is under-utilized but still widely available once applicants can fulfill all of the criteria that make them eligible. They must have a qualifying business idea, proposal or project that would later be approved by the Immigration Department overseeing the application.
Applicants must also partner with a Canadian organization that is designated to work with start-ups and receive a letter of support from them.
Applicants must meet the Canadian Language Benchmark of 5 in either English or French and intend to settle in any Canadian province other than Quebec for immigration to approve the application. Finally, they must have sufficient funds to enable them to settle and build a life and their business in Canada.
This benchmark is updated annually and depends on each application and its type. Other eligibility criteria for applicants include the following:
- Applicants must not own less than 10% of their business shares
- No more than five persons must be on each application
- All applicants in total must own more than 50% of their business shares
Ownership of business shares ensures that applicants have voting rights within their start-up companies. To receive permanent residency, the company must be incorporated in Canada and operational. The application processing time lies between one to two years for approval.
Essentially, businesses that are operational in Canada and run by non-citizens give them the opportunity to apply for and receive permanent residency. Letters of support show that there is an interest in the type of business and funding or investment available to the applicants.
It is said that business applicants are valued highly as they help circulate income across Canada and are highly attractive to the Immigration department. Although the eligibility requirements are met at high standards, it is possible for applicants to be approved for their company ideas.
Designated organizations that can help entrepreneurs include investor or venture capital fund groups and business incubators. This is extremely appealing to young and dynamic business-minded persons that may be looking to expand their company across the provinces excluding Quebec.
Final eligibility requirements include applicants passing medical exams and obtaining criminal background checks to ensure they can successfully settle in Canada. Family members can apply alongside entrepreneurs to obtain permanent residency as well once they meet the language benchmarks.
Tags:Immigration, New Visa, PR