PR Applications In Canada Witnesses A Steady Increase Through Start-up Visa Category

26 May 2020

Canada is witnessing a steady increase in the number of new PR admissions through the Start-Up Visa Program.

In 2019, the entire number of new permanent resident accepted admissions approached 510, higher than double the number 250 that welcomed in 2018. The numbers have been constantly increasing over the last 5 years for the program, which grants Canada PR to suitable immigrant entrepreneurs.

The notable increases observed in 2018 and 2019 could be down to the program being offered permanently in Mar 2018. Earlier, it had been a 3-year pilot program.

The program focuses on innovative entrepreneurs and joins them with investors in the private sector in Canada who will support in establishing their start-up business. Aspirants can originally come to Canada on a work permit assisted through their preferred investor which is Canada-based, before satisfying for Canadian PR once their business is up and operating.

Types of Investors

There are 3 types of investors in the private-sector:

1. A preferred angel investor must invest a minimum of CAD 75,000 into the eligible business. Applicants can also eligible for two or more investments from angel investor groups totaling $75,000.
2. A preferred venture capital fund must prove that it is investing a minimum of CAD 200,000 into the eligible business. Applicants can also eligible for two or more commitments from selected venture capital funds totaling $200,000.
3. A preferred business incubator needs to accept the candidate into its program of the business incubator.

Applicants with a qualifying business need to receive a Certificate of Commitment and Letter of Support from a preferred entity, show they have adequate settlement funds, and be skilled in English and/or French at a minimum CLB level of 5. They can then appeal for a short-term work Canadian permit to commence working in their business.

If an entrepreneur has a capability to start-up a business project, generally it will take roughly 4 to 6 months to obtain a Certificate of Commitment and Letter of Support from a preferred entity. Once a letter of support is obtained, the application for Canadian PR can be presented. It will take about 18 months for the visa issuance.

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