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Canada Is All-Set to Invite 17,000 Entrepreneurs By 2026
Canada Is All-Set to Invite 17,000 Entrepreneurs By 2026
Attention Indian Entrepreneurs!
Canada's Invitation to Entrepreneurs Doubles
Canada is poised to double the number of entrepreneurs invited in the upcoming years, according to recent reports from Immigration, Refugees and Citizenship Canada (IRCC). The Start-Up Visa Program has experienced a remarkable surge in entrepreneurs obtaining permanent residency in Canada.
Increased Invitations under the SUV Program
By the end of November 2023, Canada welcomed a noteworthy 1,145 new permanent residents through the SUV program, indicating a substantial increase compared to the 560 permanent residencies issued during the same period in 2022, showcasing an impressive 104.5% growth.
Ambitious Targets Set by IRCC
In an ambitious move, IRCC has outlined targets for entrepreneurs applying for the Start-Up Visa in its new Immigration Levels Plan for 2024-2026. The plan envisions welcoming 5,000, 6,000, and 6,000 permanent residents under the SUV program in 2024, 2025, and 2026, respectively, reflecting a commitment to fostering entrepreneurial talent.
Your Path to Success: Canada PR from India
This opportunity may well be your pathway to success, offering the chance to obtain Canada PR with no visa conditions and the added advantage of accessing an early entry work permit within just six months.
Top Provinces for Start-Up Visa Immigrants
The provinces of British Columbia and Ontario have emerged as the premier choices for entrepreneurs. In November, Ontario attracted 725 new PRs through the SUV program, while British Columbia extended invitations to 265 during the same period. Alberta and Manitoba follow as the second most preferred destinations, underlining the diverse opportunities available.
Requirements for Start-Up Visa Program Application
To be eligible for the Start-Up Visa program, entrepreneurs must meet a comprehensive set of criteria:
#1 - A Qualifying Business
Entrepreneurs should possess an established business meeting specific conditions, including holding at least 10% of the voting rights attached to the company’s shares. This underscores the importance of having a substantial and tangible stake in the venture.
#2 - Letter of Support
Obtaining a letter of support from a designated organization is a critical step in the application process. Designated organizations, such as Venture Capital Funds, Business Incubators, and Angel Investors, play a pivotal role in endorsing and fostering potential start-ups.
#3 - Language Requirements
Applicants must not only showcase proficiency in English or French through approved language tests but must also attain a minimum CLB 5 level in all four sections: Speaking, Reading, Listening, and Writing. This emphasis on linguistic capabilities reflects Canada’s commitment to ensuring effective communication in diverse professional settings.
#4 - Proof of Funds
Entrepreneurs need to provide comprehensive documentation demonstrating sufficient funds to support themselves and their dependents upon arrival in Canada. These funds, which cannot be borrowed, vary based on the number of family members. It is imperative to stay updated on the government’s annual fund requirements, ensuring accuracy and compliance during the application process.
| Number of family members | Funds your need (in Canadian dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If more than 7, for each additional family member | $3,706 |
Contrary to provincial or federal investor programs that mandate financial investments, the Start-Up Visa program does not require any investment on your part.
How to Apply for a Start-Up Visa Canada from India?
Follow these comprehensive steps:
Step 1: Fill out the following forms:
- Generic Application Form for Canada (IMM 0008)
- Schedule A - Background/Declaration (IMM 5669)
- Additional Family Information (IMM 5406)
- Supplementary Information - Your travels (IMM 5562)
Step 2: Gather the necessary documents with your application, including proof of funds and the Letter of Support.
Step 3: Pay your application fees, encompassing processing fees, the right of permanent residence fees, and fees for medical exams, police certificates, and biometrics.
Step 4: Submit your application along with supporting documents.
The entire process of applying for Canada PR will take approximately 33 to 37 months, which includes the time required for biometrics submission.
Start-Up Visa Optional Work Permit
While your PR application is processing, you can proactively initiate your business endeavors in Canada by applying for a temporary work permit.
If you have already submitted your PR application through the Start-Up Visa Program, you will be eligible for an optional work permit. This permit, exclusive to the SUV program, remains valid for one year and allows you to engage in activities essential for launching your venture while your start-up visa application is being processed.
While the Start-Up Visa Program welcomes a relatively small number of permanent residents compared to other economic immigration programs, such as PNPs, FSWP, FSTP, and others, it stands out as one of the premier immigration programs for entrepreneurs.
As new targets have been established for 2024, 2025, and 2026, the Start-Up Visa program is expected to become more competitive. Consequently, it is imperative to meticulously meet all the requirements for a successful immigration journey.
If you encounter challenges during the process, consider consulting with the best immigration consultant in India to transform your aspirations of launching your own business in Canada into a tangible reality.
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