Consistently ranked as one of the best countries to do business in the G20, and strategically located near other key global economic centers, Canada provides businesses with unparalleled access to the world’s largest markets. Aside from the many tax benefits Canadian incorporation may bring, entrepreneurs may also benefit from a quick and cost-effective immigration process under Canada’s Start-Up Visa program.
Launched in April 2013, the Start-Up Visa program is a special immigration stream that caters to the needs of high-potential entrepreneurs. This program grants permanent resident visas to foreign entrepreneurs who intend to operate a business in Canada that has received at least one of the following:
- An investment of at least $75,000 from a designated angel investor group;
- An investment of at least $200,000 from a designated venture capital fund; or
- Acceptance into a business incubator program by a designated business incubator.
Successful applicants will receive their permanent residency in less than six months after submission. Applicants with urgent reasons to arrive and work in Canada prior to receiving permanent resident status may apply for a Start-Up Business Class Work Permit
Canada’s Start-Up Visa program has the capacity to accept 2,750 applicants per year. The program is currently in its pilot stage and demand for the program has been continuously increasing each year. The successful applicants come from a diverse range of countries, including Australia, China, Costa Rica, Egypt, India, Iran, South Africa and Uruguay, and across a number of industries, including technology, food product manufacturing, education, medical research, banking, human resources, and advertising.
This article was co-authored by Andre Garber, the Director of the Dentons Canada Startup Program & Kailin Che, the Director of CABI