The Start-Up Visa Guide: What Founders Need to Know for International Expansion
If you are considering a new life in Canada and have an innovative idea for a business, the Startup Visa might be for you. As its name suggests, this visa program targets entrepreneurs who want to start businesses in Canada. Those with existing businesses may also qualify if they expand their operations into Canada. Canada is home to a vibrant economy with many consumers, and the government actively encourages innovation in various target sectors. How do you ensure success when you pursue the Start-Up Visa? What is the best type of business to start in Canada? These are just a few questions that a Canadian immigration lawyer might be able to answer.
Why Should I Choose the Start-Up Visa Program in Canada?
The Start-Up Visa program in Canada offers numerous potential benefits. First, it offers you a direct pathway to permanent residence (PR) and eventual citizenship. Secondly, it allows you to bring your family with you to Canada. Your close family members, such as your spouse and children, will experience the same immigration benefits as you, including the direct pathway toward eventual citizenship.
Once you arrive in Canada, you can take advantage of the country’s socialized healthcare system. You can also place your children in Canada’s schools, which are considered relatively high-quality compared to other countries.
From a business perspective, Canada also offers numerous potential pathways toward financial success. The nation has a reputation for having an active mining sector. It is also a world leader in energy and agriculture. Certain cities, such as Vancouver, have a strong reputation for businesses centered around the arts. These include businesses in the video game industry and the film industry.
Speaking of Canada’s different cities, the country also has many choices to offer. From a family perspective, you might feel more comfortable settling in a Francophone city like Montreal if you already speak French. You might prefer the West Coast due to its milder weather. Perhaps you wish to start a new business in the energy sector, and you’re drawn to the oil sands of Alberta. Whatever the case may be, you can choose a city in Canada that matches your unique business and family goals.
Is My Business Innovative Enough to Qualify for the Start-Up Visa?
The Start-Up Visa Program is interesting because the government does not decide whether your business is innovative enough to qualify. Instead, you must gain approval from a venture capital fund, an angel investor group, a business incubator, or a certain type of organization in Canada’s Tech Network. One of these organizations must assess your business and determine that it is worthy of investment. Your goal is to convince these organizations that your start-up is worth attention, and you do not necessarily need to convince the Canadian government of this fact.
That being said, businesses in certain industries may attract the right kind of attention as you pursue your application. These include companies in the tech sector, as this sector is a key innovating force in the modern economy. Within the tech sector, start-ups involved in AI development, robotics and similar emerging fields may be particularly attractive to investors and incubators.
While it might seem daunting to pitch your ideas to these groups, this experience could also be extremely beneficial from an entrepreneurial point of view. Working with these groups gives you the opportunity to learn more, and you may even have the opportunity to work alongside some of the most experienced business mentors in Canada.
Do I Need to Bring a Specific Amount of Money When Applying for the Start-Up Visa?
You need to bring enough money to settle in Canada when applying for the Start-Up Visa. However, there is no specific “net worth requirement” associated with this visa. This is an important distinction, as the program gives average entrepreneurs a chance. Even if your idea is not yet financially successful, you can still apply for this visa. As long as you have enough money to support yourself for the first few months after arrival, you should meet the financial requirements.
This amount of money depends on how many family members you are bringing to Canada. A family of four may need to bring roughly $30,000 Canadian dollars. If you’re arriving with your spouse or partner, you may only need to bring about $20,000. If you’re coming alone, you should bring about $15,000 with you. Note that the exact amounts change from year to year based on inflation. You may want to check with an experienced immigration lawyer before calculating how much you need.
What if I Already Have a Successful Business, and I Want to Expand Into Canada?
If you already have a successful foreign business and you want to expand into Canada, the Start-Up Visa program is certainly a valid option. However, it is not the only option. You might also consider the Intra-Company Transfer (ITC) program. This option allows you to transfer yourself as a company leader to a new Canadian branch. If you have not yet set up a Canadian branch for your company, an intra-company transferee visa allows you to travel to Canada and expand.
The benefit of this approach is that it functions like a work visa, although there is no need for a Labour Market Impact Assessment (LMIA).
Can a Canadian Immigration Lawyer Help Me?
A Canadian immigration lawyer may be able to assist you if you wish to pursue the Start-Up Visa. This visa program offers numerous potential benefits, and it might be an ideal choice for a foreign entrepreneur who wants to expand into Canada. That being said, there are many potential challenges you may face as you pursue this visa program. An experienced lawyer may be able to help you overcome these challenges. Remember, the Start-Up Visa may not be your only choice – and a lawyer could help you assess alternative options for Canadian visas. Contact Ackah Business Immigration Law today to discuss the possibilities for you to move to the True North in more detail.
