Are you an entrepreneur dreaming of building your own business in Canada and getting Canada PR? Then first you need an investment of about $300,000 in your start-up idea so you could be eligible for Canada PR by investment. The best immigration pathway in this case is the Start-Up Visa Program (SUV). The SUV allows eligible entrepreneurs to gain permanent residency in Canada and build their businesses.
In this blog, we will talk about the details of the Start-Up Visa Program, who is eligible for it, and how to apply for it. Let’s begin then!
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Is Canada PR by investment possible?
Many immigration programs in Canada grant permanent residence to foreign entrepreneurs if they get enough investment. Yes, it’s possible to get Canada PR by investment. For this, you must apply through the Start-Up Visa Program, convince a business group to invest in your start-up idea and get a letter of support from them.
There are different kinds of designated organizations. The applicant must get the support of one or more of the following organizations:
- Angel investor groups
- Venture capital funds
- Business incubators
The applicant must get at least one angel investor group to invest at least $75,000 in their startup.
At least one group must invest a minimum of $200,000 as venture capital funds in the applicant’s startup idea.
The applicant must be accepted into one of the business incubator programs.
Canada Start-Up Visa Program
Canada SUV program targets and selects immigrant entrepreneurs who have the right skills, funds, and potential to build a business in Canada. The requirements of this program is that the business must be competitive on an international scale, be innovative and be able to create more jobs for Canadians.
Moreover, the business idea must receive enough investment from a designated organization.
Who is eligible to apply for the Canada Start-Up Visa Program?
To be eligible for Canada PR by investment through the Start-Up Visa Program, the applicant must:
- get a letter of support from a designated organization
- have enough funds to settle
- Meet the language requirements
- have a business that qualifies
1. Get a letter of support from a designated organization
Getting a letter of support from a designated organization means that the applicant has convinced a business group to make an investment in their start-up business.
Only a selected few business groups are eligible to make an investment. We’ll discuss this in more detail later on.
2. Have enough funds to settle
The amount of funds the applicant must have for one dependent family member is $14,690. This amount depends on how many family members will depend on the main applicant.
It is necessary for the immigrants under the Start-Up Visa Program immigrating to Canada to have enough financial resources of their own. The Canadian government does not provide them with financial assistance.
The applicant needs to show that they are eligible to support themselves, as well their dependent family members once they come to Canada.
3. Meet the language requirements
The minimum language requirement for the Start-Up Visa program is CLB Level 5 in either English or French.
Meeting the language requirements is not only an eligibility requirement but will also help the applicant personally. Being able to communicate in English and/or French will help the foreign entrepreneurs grow their businesses exponentially.
4. Have a business that qualifies
The business that the applicant is about to build in Canada must meet the eligibility criteria specified by Immigration, Refugees and Citizenship Canada.
How to Apply for Canada PR by Start-up Visa Program?
- Create or sign into your PR online application portal account
- Fill out the necessary digital application forms
- Pay the application fee
- Submit the online application
- Now IRCC can start processing your PR application
- If approved, you’ll receive a Confirmation of Permanent Residence (CoPR) letter
Before you submit your online application for Canada PR, you must ensure that you have provided all the required information and that nothing is missing.
How much should I invest in Canada to get PR?
The immigrant entrepreneur needs about $300,000 of investment in their new business in Canada so they can be eligible for permanent residence.
Can I get PR in Canada through investment?
Yes, you can get PR in Canada through investment through the Start-Up Visa Program.
Who is eligible for a startup visa in Canada?
The foreign entrepreneur applying for a start-up visa in Canada must have a business that qualifies, have a letter of support from an investor group, and also meet the other eligibility criteria.
How much money is required for a Canada start-up visa?
From an angel investor group, the applicant needs at least $75,000, whereas from a venture capital fund, they need a minimum of $200,000.
Can I work in Canada with a start-up visa?
With a start-up visa you could build your own business in Canada, just make sure that you meet the requirements for the visa.
Can I get PR if I start a business in Canada?
Through the Start-up visa (SUV) program, eligible foreign entrepreneurs can start a business in Canada. The SUV grants permanent residence to applicants.
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