A Start-up Visa is geared at attracting foreign entrepreneurs to bring their business ideas to Canada. This revolutionary new visa is the first of its kind and results in the applicant(s) obtaining permanent resident status in Canada. However, before you can apply, you will also need to find the right financial backing in Canada.

In order to be eligible, as the applicant, you must

• Prove your business venture or idea is supported by a designated organization
• Meet the language requirements
• Meet the education requirements
• Have sufficient settlement funds

Before you apply for a start-up visa, you must convince a designated organization to support your business idea. If the designated organization supports your business idea, it will give you a Letter of Support.

You must include your Letter of Support with your application as proof that a designated organization supports your business idea.

If you do not have a Letter of Support from a designated organization or do not meet any of the eligibility requirements below, your application will be refused.

These Organizations select which business proposals to evaluate. If an organization decides to review your business proposal, it will assess your business growth potential and viability. Each organization has its own intake process and evaluation criteria.

They Can be either a:

• Designated Venture Capital Fund or
• Designated Angel Investors or
• Designated Business Incubator

Further, the Government of Canada does not provide financial support to new Start-up business visa immigrants.

You must show that you have enough money to support yourself and your dependents after you arrive in Canada. You cannot borrow this money from another person. You must be able to use this money to support the costs of living for your family.

You will need to provide proof of your funds when you submit your application for immigration.

The amount of money you need depends on the size of your family. These amounts are updated yearly.