19 May Canada Residency by investment Programme[2023 Guide]
Residency by investment in Canada is available via the Federal Startup Visa. The programme is open to entrepreneurs with a qualifying business idea and secured funding or support from a designated Canadian venture capital fund, angel investor group or business incubator.
This up-to-date 2023 Guide to the Canadian Startup Visa shows you how to apply and outlines the many benefits, focusing on these topics:
- Canadian residency by investment programme – an overview
- Benefits of the Canada residency by investment programme
- Eligibility criteria for the Canada residency by investment programme
- Investment options for the Canada residency by investment programme
- Application process for the Canada residency by investment programme
- Frequently asked questions about the Canada residency by investment programme
Canadian residency by investment programme – an overview
The Canadian Startup Visa programme is designed for foreign entrepreneurs with innovative business ideas who want to start and grow their businesses in Canada. To be eligible for the programme, you must have a qualifying business idea and secure funding or support from a designated Canadian venture capital fund, angel investor group or business incubator.
The programme is intended to help grow Canada’s economy by bringing in talented entrepreneurs who can create jobs and innovate in key industries. It offers a pathway to permanent residency for entrepreneurs who meet the eligibility requirements and are able to establish and grow their businesses in Canada.
To apply for the programme, you must pitch your business idea and receive a letter of support. Once you have this letter, you can apply for a startup visa.
Benefits of the Canada residency by investment programme
If you are accepted into the Canada Startup Visa programme, you will have secured funding or support from a Canadian venture capital fund, angel investor group, or business incubator. This provides you with capital you may not have been able to access in your home country and gives your startup a fantastic financial boost and bedrock.
Pathway to permanent residency and citizenship
The Canadian residency by investment programme offers a pathway to permanent residency in the country for entrepreneurs and their families. This can be achieved in just two years, and it can lead to citizenship five years after that.
Access to world-class healthcare and education systems
Canada has a publicly funded, universal healthcare system (Medicare) that provides everyone with access to medical services regardless of their ability to pay. The healthcare system is highly regarded for its accessibility, quality of care, and low cost to patients. There is also a thriving private healthcare sector.
Canada’s education system puts a strong emphasis on providing equal access to education for all. It is home to some of the world’s top universities, including the University of Toronto, McGill University, and the University of British Columbia. The country also has strong research and innovation sectors, with many universities and institutions conducting cutting-edge research in various fields.
Business opportunities and a stable economy
The designated organisations that supply funding for foreign entrepreneurs in Canada also offer business support, such as mentoring, networking, and resources. This can help you swiftly build and grow your businesses.
Once your business is up and running, you will benefit from Canada’s stable and diversified economy, one of the largest in the world. The country has a highly educated workforce and a strong commitment to innovation and entrepreneurship.
High quality of life and multicultural environment
Canada is a safe and secure country, with low crime rates and a stable political environment. It is consistently ranked among the safest countries in the world. It is also a diverse country committed to multiculturalism. People from around the world come here to live, work and study, contributing to a rich cultural tapestry and a sense of openness and tolerance.
Away from its busy urban centres, Canada is home to some of the world’s most stunning natural landscapes, including mountains, lakes, and forests. There are many outdoor activities to enjoy, contributing to physical and mental health and well-being.
Eligibility criteria for the Canada residency by investment programme
The eligibility criteria for the Canadian Startup Visa programme are as follows:
Minimum bank balance requirements: You must have at least C$13,215 available in a bank account, with an additional C$3,500 per dependent.
Business ownership: You must own at least 10% of the startup’s voting rights and hold a key position in the company.
Support from a designated organisation: You will need a letter of support from a Canadian venture capital fund, angel investor group or business incubator. The minimum amount committed must be C$200,000 from a capital venture fund or C$75,000 from an angel investor, or you will need confirmation that your startup is part of a Canadian business incubator programme.
Fees: You will be asked to pay additional fees, but these are quite low (C$85 for a single applicant, C$170 for a family applicant and C$285 for larger groups.
Language proficiency: You must demonstrate proficiency in English or French, Canada’s two official languages.
Higher education: You need to have completed at least one year of post-secondary education.
Adequate settlement funds: You must supply evidence of sufficient funds to support yourself and any dependents during your stay in Canada.
Security and health: All applicants are required to pass security and medical checks.
Investment options for the Canada residency by investment programme
The Canadian Startup Visa programme requires applicants to have the support of a designated Canadian organisation. The designated body must provide a letter of support that outlines the amount of funding they are willing to invest in the startup. The amount of funding can vary depending on the organisation and the specific business proposal.
The minimum amount required is C$200,000 from a capital venture fund or C$75,000 from an angel investor, or you will need confirmation that your startup is part of a Canadian business incubator programme.
Application process for the Canada residency by investment programme
The application process for the Federal Startup Visa programme involves the following four steps:
- Secure a letter of support from a designated organisation.
- Once you have secured support, apply for permanent residence by completing an online application form and providing supporting documents, such as a business plan, proof of education and language proficiency, and proof of funds.
- If the application is approved, you will receive an invitation to apply for permanent residence. This invitation will include instructions on how to submit additional documentation, such as police certificates and medical exams, and undergo the required medical and security checks.
- If the application is approved, you and your fellow applicants can obtain permanent residence in Canada. You will be required to fulfil the conditions of the designated organisation’s support agreement, which may include providing regular updates on the progress of their business.
The application process for the Canadian Startup Visa programme can be complex and time-consuming. It’s advisable to seek guidance from a qualified agent such as Huriya Private to ensure the application is completed correctly and all requirements are met.
Frequently Asked Questions about the Canada residency by investment programme
Here are a few at-a-glance answers to some of the commonest questions regarding the Canadian Startup Visa programme.
Can family members be included in the application?
The programme allows applicants to include their spouse or common-law partner and any dependent children under 21 in the application. Family members included in the application will also be subject to medical and security checks and must meet the programme’s eligibility criteria.
How long does it take to receive permanent residency?
The average processing time for applications is approximately 12 to 16 months, with a usual ceiling of two years. However, it’s important to note that this is just an estimate, and processing times can sometimes be longer.
What are the tax implications for programme participants?
Individuals who are considered residents of Canada for tax purposes are generally required to pay Canadian income tax on their worldwide income. This includes income earned through your business or investments. You may also be eligible for tax incentives or credits, and you are advised to consult a tax professional to understand your specific tax obligations and any potential opportunities for tax savings or incentives.
Can participants maintain residency in other countries?
Yes – there is no requirement under the programme for applicants to have only one country of residence.
Residence in Canada gives you access to a financially and politically secure, safe and prosperous country with fabulous natural beauty and bustling business centres. It is one of the most sought-after locations in the world, and a residence visa here is a prize to be cherished.
Begin your investigation into the possibilities of the Canadian Startup Visa programme by contacting Huriya Private today.