1.What is the Canada Business Visa?
• The Canada Business Visa, officially known as the Start-Up Visa Program, is designed for entrepreneurs who want to start a new business in Canada.
2. Who is eligible for the Start-Up Visa Program?
• To be eligible, applicants must have a qualifying business, get a letter of support from a designated organization, and meet other criteria, including language proficiency and financial requirements.
3. What type of businesses qualify for Start-Up Visa Program?
• The business idea or concept must be innovative and scalable that has the potential to generate employment for Canadian Residents and Citizens. Your business’s products and services must be unique such as Eco-friendly home cleaning products, Home automation & security service, Virtual interior design services, etc.
4. What is a designated organization?
• Designated organizations are business groups in Canada that have been approved to invest in or support possible start-ups through the Start-Up Visa Program. These include venture capital funds, angel investor groups, and business incubators.
5. How to acquire investment or letter of support from a designated organization?
• You must have a detailed business plan outlining your products and services related information, finances, staffing and market research. You need to contact these investment bodies and pitch your business idea to acquire investments. If they are convinced, they will enrol you for a program and grant letter of support / investment.
6. Is it mandatory to apply as a sole applicant for Start-Up Visa Program?
• Under the Start-Up Visa Program, you can apply as a business team with up to 5 members in a group. Each applicant must have a minimum of 10% of voting rights attached to company outstanding shares. The applicants and the designated organization must collectively hold more than 50% of the voting rights.
7. What are the language requirements for the Start-Up Visa Program?
• Applicants must prove their proficiency in English or French by taking an approved language test. Adequate language skills are crucial for successful business operations and integration into the Canadian business environment.
8. What financial requirements are there for the Start-Up Visa Program?
• Applicants need to show that they have sufficient settlement funds to support themselves and their dependents while establishing their business in Canada. The required amount depends on the size of the family.
9. How long does it take to process a Start-Up Visa application?
• Processing times can vary. However, the goal is to process applications within a few months. It's advisable to check the most recent processing times on the official immigration website.
10. Can family members accompany the principal applicant?
• Yes, family members (spouse or common-law partner, and dependent children) can be included in the application. They will also receive Canadian permanent residence if the application is approved.
11. What happens after obtaining the Start-Up Visa?
• Once approved, entrepreneurs can move to Canada to start and operate their business. They are given a conditional permanent residence, and after meeting the conditions, they can apply for full permanent residence.
12. Can I change my designated organization after receiving a letter of support?
• No, changing the designated organization after receiving a letter of support is not allowed. The initial letter of support is specific to the designated organization that supported the application.
13. Is professional guidance recommended for the Start-Up Visa application?
• Yes, seeking professional guidance from immigration consultants or legal experts can be beneficial to navigate the application process effectively.