Tips on Start-up Visa Application
When considering to apply for a Start-up Visa, there is one major factor you must first address. This is your financial support. Beyond this, you will need to demonstrate sufficient funds, language proficiency and educational background. While the criteria of this matter seem straight forward, it is easy to get confused as to what documents you should submit as well as what the officer will want to see in order to satisfy them that you meet the requirements. Many of our clients struggle with finding the right financial backing as well as demonstrating their funds and educational background.
Akrami & Associates will guide you every step of the way with this. Contact us for more details.
If you intend on submitting your application without the support of a representative, there are a couple of factors you should keep in mind.
As the applicant, you will need to find the right financial backing from a designated investor. The financial amount required depends on the type of investor you are able to acquire.
To be eligible for the start-up visa, you must secure a minimum investment of $200,000 from one or more of the following designated Canadian venture capital funds:
- BDC Venture Capital
- Blackberry Partners Fund II LP (doing business as Relay Ventures Fund II)
- Celtic House Venture Partners
- Celtic House Venture Partners Fund III LP
- Celtic House Venture Partners Fund IV LP
- DRI Capital Inc.
- Golden Opportunities Fund Inc.
- iNovia Capital Inc.
- Lumira Capital
- MaRS Cleantech Fund L.P. I.
- New Brunswick Innovation Foundation Inc.
- Northwater Intellectual Property Fund
- OMERS Ventures Management Inc.
- Pangaea Ventures Fund III, LP
- PRIVEQ Capital Funds
- PRIVEQ III Limited Partnership
- PRIVEQ IV Limited Partnership
- Quorum Group
- Advantage Growth (No.2) LP
- Ontario SME Capital Corporation
- Quorum Investment Pool Limited Partnership
- Quorum Secured Equity Trust
- Real Ventures
- Rho Canada Ventures
- Rogers Venture Partners, LLC
- Summerhill Venture Partners Management Inc.
- Tandem Expansion Management Inc.
- Vanedge Capital Limited Partnership
- Version One Ventures
- Wellington Financial LP
- Westcap Mgt. Ltd.
- Canadian Accelerator Fund Ltd.
- Yaletown Venture Partners Inc.
Designated angel investor groups
To be eligible for the start-up visa, you must secure a minimum investment of $75,000 if the investment comes from investors affiliated with one or more of the following designated Canadian angel investor groups:
- Angel One Network Inc.
- First Angel Network Association
- Golden Triangle Angel Network
Designated business incubators
To be eligible for the start-up visa, you must be accepted into one of the following designated Canadian business incubator programs:
- Innovate Calgary
- Toronto Business Development Centre
The Government of Canada does not provide financial support for Start Up business visa immigration. As such, you are very much on your own when it comes to financing your business.
Therefore you must show that you have adequate finances to support yourself in Canada aside from the funds you acquire from a designated investor. 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 every year.
7 or more
Note, if you are carrying more than C$10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:
- securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
- negotiable instruments in bearer form (for example, bankers’ drafts, cheques, travellers’ cheques or money orders).
Tags: Canadian Permanent Residence Canadian Immigration Business Immigration Start-up Visa