The Start-Up Visa program grants Canadian permanent residence to qualified immigrant entrepreneurs. The program aims to recruit innovative entrepreneurs to Canada and link them with the Canadian private sector businesses, (angel investor groups, venture capital funds or business incubators) and facilitate the establishment of their start-up business in Canada.
Successful candidates will receive a letter of support from a government-designated entity (angel investor group, venture capital fund or business incubator). The government-designated entity is primarily responsible to determine the viability of the applicant’s intended business and present an approved project along with a Commitment Certificate to immigration authorities. Applications are assessed on a pass-fail basis. See the list of designated entities.
Applicants to Canada’s Start-Up Visa program must meet four basic eligibility requirements:
The required commitment from a designated entity must meet the following criteria:
A designated angel investor group must confirm that it is investing at least $75,000 CAD into the qualifying business, or two or more commitments from designated angel investor groups totaling $75,000 CAD; OR
A designated venture capital fund must confirm that it is investing at least $200,000 CAD into the qualifying business or two or more commitments from designated venture capital funds totaling $200,000 CAD; OR
A designated business incubator must confirm that it is accepting the applicant into its business incubator Program.
In order to qualify, the intended business must be incorporated and carrying on business in Canada at the time the commitment is made and:
The applicant owns a least 10% of the voting rights in the corporation; AND
No other person holds 50% or more of the total amount of voting rights in the corporation.
Up to five applicants may have their application for permanent residence supported by the same business investment. However, certain applicants may be designated essential to the intended business. If any of the essential applicants withdraw their application or are refused for other reasons, all other applicants under the same business investment will see their applications terminated.
Applicants who have secured a Commitment Certificate from a designated entity, and who wish to begin working in the business during the processing of their permanent residence application may apply for a short-term work permit on the basis of their Commitment Certificate if the designated entity supports such a request.
To receive a work permit, an applicant must provide:
A letter of support from the designated entity; and
Proof they have sufficient funds to meet the low-income cut-off (LICO) for their family size, for one year.
To receive permanent residence, the following criteria must be met:
Applicants must be actively involved in the management of the business within Canada;
The operations of the business, or an essential part, must take place in Canada; and
The business must be incorporated in Canada.
Canada’s Start-Up Visa program does not apply to applicants who intend to reside in the province of Quebec.
Designated entities that may support an application under the Start-Up Visa program are:
Designated venture capital funds
Golden Venture Partners Fund, LP
Innovation Platform Capital International LP
Nova Scotia Innovation Corporation (o/a Innovacorp)
OMERS Ventures Management Inc.
ScaleUp Venture Partners, Inc.
Vanedge Capital Limited Partnership
Yaletown Venture Partners Inc.
York Entrepreneurship Development Institute (YEDI) VC Fund
Designated angel investor groups
Canadian International Angel Investors
Southeastern Ontario Angel Network
Designated business incubators
Alberta Agriculture and Forestry
Agrivalue Processing Business Incubator
Food Processing Development Centre
Biomedical Commercialization Canada Inc. (operating as Manitoba Technology Accelerator)
Interactive Niagara Media Cluster o/a Innovate Niagara
Knowledge Park o/a Planet Hatch
Millworks Centre for Entrepreneurship
North Forge Technology Exchange
Real Investment Fund III L.P. o/a FounderFuel
Spark Commercialization and Innovation Centre
Toronto Business Development Centre (TBDC)