Start-up Business

Overview:

The Start-up Business class under Canada’s Business Immigration Program is designed to attract successful business individuals seeking opportunities in Canada. This program requires applicants to meet certain criteria, including obtaining a commitment from a designated entity, demonstrating proficiency in English, French, or both, and showing sufficient settlement funds.

1. Commitment from a Designated Entity : Applicants must receive a  Letter of Support  from a designated angel investor group, venture capital fund, or business incubator, confirming a minimum investment in a qualifying business. This commitment is essential and must be included with the application.

• Language Proficiency : Applicants must demonstrate proficiency in English, French, or both by achieving at least CLB 5 in listening, speaking, reading, and writing. This proficiency can be proved through language tests from designated testing organizations, and results must be included with the application.

• Settlement Funds : Applicants must show they have enough funds to support themselves and their family upon arrival in Canada. These funds must be available, transferable, and free of debts or obligations. Proof of settlement funds, obtained from financial institutions, must be submitted with the application.

For candidates who qualify for the start-up business class can apply for their permanent residence application directly. In addition, while waiting for application processing, candidates can also apply for work permits to enter Canada for business operation. 

Note: No more than candidates may apply for permanent residence as part of the same business venture under the Start-Up Business Program.

Peer Review:

To protect the program against fraud, a peer review process has been implemented by Immigration, Refugees, and Citizenship Canada (IRCC). This process ensures the legitimacy of business between investment organizations and foreign entrepreneurs. In the review process, independent assessments are conducted by review panels. These panels are established by industry associations representing the relevant type of investment organization. Their assessments are non-binding on immigration decisions. They primarily confirm that the investment organization has conducted due diligence according to industry standards, without offering opinions on the feasibility of the proposed venture.

The peer review evaluates the level of due diligence performed by the designated organization, ensuring that the company will be incorporated in Canada, that business ownership complies with program requirements, that the proposed business model is viable, the management team competent, and intellectual property ownership verified. Additionally, it ensures the business focuses on high-growth potential products or services and validates acceptance into an incubator program for incubator applicants.

Program Summary:

For the Start-up Business Class, selecting the appropriate business program and obtaining a letter of support are essential steps for candidates. Many foreign business owners and entrepreneurs possess excellent business ideas; however, they may not align with the Canadian context and might face challenges in securing a letter of support.