How to get permanent residency in Canada with startup visa

Considerably, getting permanent residency in Canada with startup visa isn’t tedious because the country is friendly to foreign investment. Apparently people that are wealthy and entrepreneurs’ immigrants with successive businesses are fit to apply for startup visa PR.

However there are eligibility criteria which you have to meet to get permanent residency in Canada with startup visa. Undoubtedly, you will need minimum of $150,000 to $800,000 to get permanent residency in Canada with startup visa.

About start up visa program

Start up visa program in Canada is a program that is focused on immigrants with business plans and funding capacity.

Additionally, such business startup immigrants are expected to be innovative, create jobs for Canadians and compete on a global scale.

Note, Quebec province has it own entrepreneur start up visa program with eligibility criteria that is slightly different.

You don’t need to wait for PR visa approval you can apply for temporary work permit to start your business. Also you must physically be in Canada at least 2 years in a five-year period to retain your PR status.

Eligibility criteria to get permanent residency in Canada with startup visa

Hopefully, meeting the eligibility criteria below will get you permanent residency in Canada with startup visa:

Have a comprehensive and feasible business

Basically, your business in Canada is expected to be more operational and incorporated in Canada.  The business idea should also get support of designated organizations willing to invest in at least 10% or 50% jointly. The organizations are categorized into as listed below with other organizations under the categories:

• Venture capital funds
• Angel investor groups
• Business incubators.

Furthermore, the venture capital fund group should be convinced and ready to invest minimum of CAD$200,000 into your startup business.

Alternatively if Angel Investor agrees to invest a minimum of CAD75, 000 in your business or you gets an authorized business incubator

Have a letter of support from designated organization

Fundamentally, to get permanent residency in Canada with startup visa you need to get support letter from designated organizations.

Wondering on how to get the letter of support from designated organization?

It isn’t difficult, contact the designated organizations discuss with them how feasible and impactful your business is to Canada economy. Business plan should be attached to fast track or influenced the decision of the organization to issue letter of support.

This letter of support with the commitment certificate sent to Canadian immigration will be use to process PR start-up visa.

Have your language proficiency test results  

Officially all communication process is done either in English or French language so language proficiency tests results are necessary.

It is expected that you meet the minimum Canadian language benchmark from any language proficiency test you have written.

IELTS, TOEFL, CELPIP etc are some accredited language proficiency tests in Canada; they focus on speaking, reading, listening and writing

Have significant amount of money to invest and settle in Canada

The fact that Canadian Government doesn’t support new Start up visa immigrants financially makes it important to have substantial amount. Undoubtedly you will be able to settle down conveniently and run your business in Canada with substantial amount of money.

Family size is also a determining factor to the amount of money you will need to settle and run your business in Canada.

The table below from Canada immigration shows the amount to come with to Canada in relation to the number of Children:

So getting permanent residency in Canada with startup visa may be easy but the huge financial resources aren’t a joke.

How to apply and get permanent residency in Canada with start up visa?

The application process is divided into three stages which are:

• Get the application package
• Pay your application fees
• Submit your application

Stage 1 Get the application package

The application package is simply the application guide and the documents check list that show all the required documents.

The application steps are as follows:

• Fill out the Generic Application Form for Canada [IMM 0008] (PDF, 553.83KB) on your computer.
• Click the “Validate” button on the form. If there are any fields you still need to fill out, they will be outlined in red.
• Print the validated application form. Make sure to print all pages of the application form and the barcode page. The barcode page will come up after you validate the form. If you have more than one package, place a separate barcode page on each one.
• Sign and date the form where asked
• Complete the document checklist
• Gather all supporting documents and information in the order identified in the Document Checklist (PDF, 371.86KB).
• Place all identification and supporting documents in a sealed envelope.
• Print out the document checklist and sign it, Include the document checklist as the cover page of your application.

Stage 2 Pay your application fee

In the application process to get permanent residency in Canada with start up visa, you will pay for the following:

• Processing fee
• Right of permanent residence fee
• Biometric fee
• Third party fee

Note, start up visa falls under business immigration visa so the fees to be paid to get permanent residency in Canada are as follows:

Fees                                                                                                                          $CAN

Processing fee with right of permanent residence fee (RPRF) is $1575 + $50 = $2,075

Processing fee without RPRF                                                                        $1575

If you will be including your spouse or partner then the processing fee and right of permanent residence fee is $825 + $500 =1,325.

If you will be including your spouse or partner without right of permanent residence fee then the fee is $825.

Include a dependent child is $225 per child.

Biometric fee

Biometric fee of $85 will be paid at the point of submission of your application. If you are applying with your family you will pay maximum total fee of CAD $170. Also for group of 3 or more performing artists and their staff who apply for work permits the same time. A maximum total fee of $CAD 255 will be paid as their biometric fee.

However if you have provided your biometric in the last 10 years you don’t need it provide biometric. The biometric capturing covers PR visa applicants from the age of 14 years to 79 years.

Benefits of permanent residency in Canada with startup visa

The most important things are to work smartly to get permanent residency in Canada with startup visa considering its benefits. Some of the benefits of the permanent residency in Canada with startup visa are listed below.

• Access to free medical and universal health care also quality education.
• You will be living in a peaceful and economy viable country.
• The right to live and work anywhere in Canada without any limit unlike the provincial nomination programs.
• Freedom to buy landed properties in your name in Canada.
• Tax relief for new companies with PR.
• Easy access to Canada citizenship.
• Guarantee on high quality of life.

Third party fee

Fees regarding medical exams, police certificate and language proficiency tests are subjected to the accredited organizations providing the services.

Frequently Asked Questions (FAQs)

How long does it to get permanent residency in Canada with startup visa?

It will take from 12 to 16 months to process and approve you PR for startup visa in Canada. It also takes close to six months for you to get letter of support from designated organizations.

How will I know or confirm my Permanent residence Start up visa?

The moment Canadian immigration approve your permanent residence, the PR visa will be issued to you. The PR visa includes your Confirmation of Permanent Residence (COPR) and your entry visa.

Do I need to disclose my funds on entrance to Canada border?

Yes you will need to disclose to your funds to Canadian Border service agency once it is $10,000 and above. The funds don’t need to be in cash necessarily, it could in any form listed below:

• Securities that belong to you (for example, stocks, bonds, debentures, treasury bills)
• Bankers’ drafts
• Cheques
• Travelers’ cheques
• Money orders

Do provinces in Canada approve and provide PR for Startups same time?

Nope, there are provinces which issues their PR much faster than other provinces, some of the provinces are:

• Alberta
• Saskatchewan
• Quebec
• Ontario
• Prince Edward Island.
• Nova Scotia.

Note, Alberta does not have specific job or occupation list which is one of the reasons applying for Canada PR. This makes the province to be friendly and receives more PR applications.

Is work permit available for startup visa in Canada?

Yes Permanent residency visa applicants for startup visa can easily apply for work permit while waiting for PR approval. The work permit enables such startup to continuously build business in Canada until an approval for PR is granted.

Is it possible to contest political offices in Canada with PR visa with startup visa in Canada?

Nope, you can’t contest any elective or political office in Canada with your PR, you can only do that when you get Canada citizenship.

Conclusion

Conclusively, it is possible to get permanent residency in Canada with startup visa without delay using this guide efficiently. It is my hope that you will find this article beneficial and worthy of sharing to those in need.