Are you interested in moving to Canada but aren’t sure if you qualify for any of the skilled worker immigration programs? If you are an entrepreneur seeking alternatives to the traditional business immigration streams of other PNPs, Canada’s Startup Visa may be the ideal solution for you.
Immigration and Startups in Canada: A Fantastic Success Story
Express Entry’s transparent and merit-based methodology, as well as the three federal and several PNP streams it covers, may have garnered a lot of attention and headlines. However, Canadian immigration is more than just talented workers looking for work in the country.
Canada has a thriving startup ecosystem, and immigrants play an important role in the country’s startup success story. According to the Innovation Economy Council, one-third of all startups in Canada are owned by immigrants or their children. Furthermore, the rate of employment creation in these firms is faster, and they tend to grow faster than startups owned by Canadian entrepreneurs.
And why is this excellent news for the Canadian economy? A skilled worker who settles in Canada contributes to the Canadian economy through his or her labor, tax payments, and purchases of products and services from other Canadians.
A startup, on the other hand, contributes far more to the economy by creating jobs for native Canadians and immigrants, creating wealth, and causing beneficial disruptions in the Canadian business and manufacturing ecosystem.
Understanding Startup vs. Established Businesses
What distinguishes a startup from a traditional business? Startups, on the other hand, are riskier since they attempt to produce something new by leveraging technology and other innovative concepts.
Furthermore, while startups may not create profits rapidly, they may benefit the economy more in the long run through job creation, foreign earnings, and aggressive innovation.
Finally, even failed firms contribute to the overall growth of the startup ecosystem. This raises the likelihood of successful startup enterprises being created by entrepreneurs.
The Canada’s Startup Visa Program
One factor for Canada’s consistent expansion in its startup ecosystem is the country’s decision to establish a special immigration scheme for startup entrepreneurs.
Almost every province in Canada has a PNP stream for business people. These streams share some eligibility restrictions, such as
- The business owner must meet minimum net worth standards.
- The minimum investment required in a new or existing business in the province.
- The businessperson’s permanent residence is based on meeting the terms of the Business Performance Agreement, which may include precise revenue and profit targets. In any event, the BPA makes PR contingent on the business’s continuous activities.
The Canada’s Startup Visa , on the other hand, takes a different approach to entrepreneur immigration. Its distinguishing characteristics include
- There is no minimum investment requirement. The entrepreneur must have a unique and disruptive startup idea and acquire investments from Canadian Designated Organizations.
- Minimum investment requirements range from $75,000 for angel investors to $200,000 for venture capital firms. So with no investment required if approved into a Business Incubator program.
- The entrepreneur must have at least 10% voting rights in the startup and more than 50% vote rights in addition to the Designated Organizations.
- You, the entrepreneur, must have sufficient settlement monies to support yourself and your family in Canada.
- CLB 5 or above in English or French is required.
- There is an option for five entrepreneurs to apply for permanent residency using a single application. This component recognizes that startups are frequently comprise of a group of young and innovative entrepreneurs collaborating.
Other Options for Work Permit
Of course, nothing prevents you from applying through the traditional Business Immigration streams of PNPs. Even the Intra-Company Transfer work visa if your business idea qualifies.
With so many alternatives available to you, all you need is a sound business strateg. And the support of an experienced immigration attorney to make your Canada immigration dream a reality.
If you don’t mind organizing your own money, traditional business immigration may be a good option for you. If not, you just need to persuade the Designate Organizations. To invest in an innovative business idea that can be quickly scale up and will create jobs in Canada.
If you succeed, your Canadian immigration dream will come true even if your startup does not become a profitable firm in the long run.
For your fast immigration in surrey or Canada, we are here to take you to your destination. Make Sure Shot Immigration your choice is the easiest province to immigrate to Canada.
Visit our website to dig deep into express entry criteria, Canada express entry eligibility, and other services.
