It may be April Fools Day but this is no joke. As of today, Canada is now accepting applications from the world’s brightest entrepreneurs for their new Startup Visa Program. If you are serious about pursuing your entrepreneurial dream in one of the greatest countries on earth, the time is now. The Startup Visa Pilot Program will run for 5 Years and applications will be limited.
Canada is open for business to the world’s start-up entrepreneurs,”said Minister Kenney.Innovation and entrepreneurship are essential drivers of the Canadian economy. That is why we are actively recruiting foreign entrepreneurs – those who can build companies here in Canada that will create new jobs, spur economic growth and compete on a global scale – with our new start-up visa.
How can I qualify to get a start-up visa?
Your application to come to Canada through the Start-Up Visa Program will be assessed on a pass/fail basis on four requirements. You must have:
- A commitment of support from a designated Canadian venture capital fund or angel investor group. You need pitch your business idea and secure a minimum investment commitment of $200,000 from a designated Canadian Venture Capitalist or at least $75,000 investment commitment from an approved Canadian Angel Organization. The designated investors for the Startup Visa Program were approved by the CIC with the help of the Canadian Venture Capitalist Association and the National Angel Capital Association. It’s a solid group of experienced investors in good standing including Boris Wertz of Version One Ventures and Chris Arsenault from iNovia. You can find the complete list of approved investors here.
- An ability to communicate in either French or English. Demonstrate Canadian Language Proficiency in Benchmark 5 in listening, speaking, reading and writing.
- Completion of one year of study at a post-secondary institution; and
- An adequate amount of money in order to settle and provide for the cost of living prior to earning an income.
If those requirements are met, your application would then be reviewed on CIC’s standard admissibility criteria, including health, criminality and security.
Now you are ready to apply:
Once you have the knowledge and a financial commitment from a designated investor, you can apply for Permanent Resident Status under the Startup Visa Program. You can check out Citizenship and Immigration Canada’s (CIC) Website for more details or contact the CIC directly.
We’ve been dreaming of writing this post since we started this initiative and we are looking forward to welcoming you to Canada.