December 15, 2015
Every prosperous country reaches its economic heights thanks to a number of factors. Among the primary assets of any nation are the contributions of its immigrant population. While countries like to take credit for any dynamic innovation that enjoys worldwide success, it might have arisen via the work of just one person. Proud Canadians may actually have been born elsewhere and contributed that expertise to their newfound home.
Canada’s Start-up Visa Program is an excellent example of government funding for business that allows foreign-born citizens with pioneering ideas a chance to immigrate to Canada with the support of an established financial partner. As an added incentive, successful applicants can immediately apply for permanent Canadian residence.
Innovative ideas need a strong environment in which to prosper and Canada has done an excellent job of weathering uncertain financial times. The World Bank lauded Canada as the economic growth leader of all G-7 countries during the period of 2005-2014; both Forbes and Bloomberg selected this country as the best in the G-20 with which to do business.
Canada is also one of the most multicultural nations in the world and is hailed for its openness. Another attractive feature for immigrants is the country’s high standing as the world’s seventh most efficient labour market. Low taxes and business costs provide further important incentives: combined federal and provincial tax credits can return to foreign investors an average of up to 30 per cent of research and development investment.
Three Possible Partners
Interested parties can apply for a Start-up Visa once they have support from one of three selected types of organizations.
These consist of:
- Designated venture capital funds
- A minimum investment of $200,000 from a selected group of Canadian venture capital fund organizations
- Designated angel investor groups
- Affluent investors connected with selected Angel networks willing to provide at least $75,000 in advance
- Designated business incubators
- The applicant must be accepted into an approved Canadian business incubator program
While everybody hopes that their businesses will succeed, this is not always the case. Fortunately, the applicants’ citizenship is unaffected if their venture fails under the Start-up Visa Program.
Once one of those sources has agreed to invest, applicants receive a Letter of Support. A maximum of five people can apply for a Start-up Visa. Each most hold at least 10% of the voting rights in the business, and the designated organization and the applicants must jointly control more than 50%.
Applicants are required to take a language proficiency test to determine fluency in English or French in the areas of speaking, reading, listening, and writing. A minimum level of the Canadian Language Benchmark 5 is required, and the test results are included with your application. The program’s goal is to have all applications processed within six months.
Canada’s Start-up Visa Program offers potential citizens a great economic incentive to bring their innovative business ideas to this country. Canada is an excellent destination for newcomers from both a business and cultural perspective and this program is an ideal way for applicants to establish permanent residence. It is the sort of government funding for business that offers irresistible advantages for both dynamic newcomers and established economic powerhouses to join forces in keeping Canada a vital business and technological leader in the years to come. Get in touch now with INAC Services and join the more than 350 businesses and organizations that have benefit from our grant writing experience.