The start-up visa programmeWednesday, June 16, 2021
Dear Mr Brown:
Please explain how the start-up visa programme works. I heard that focus is going to be placed on the programme by the Canadian Government so I want to know how it works to increase my options for permanent residence. Thank you for your help so far.
The minister of immigration, Marco Mendicino, has stated that the start-up visa programme is an important part of Canada's immigration strategy to attract foreign entrepreneurs. So far, more than 200 start-ups have become permanent residents there. Mr Mendicino also stated that recruiting international students will bolster the economic growth and employment of Canada, as some will become successful business owners.
The start-up visa deals with applying for Canadian permanent residence as a qualified immigrant entrepreneur. The programme targets innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up business.
The initial objectives of the programme include:
• Linking foreign entrepreneurs with Canadian private sector partners (venture capital funds and angel investor groups) who have experience and expertise dealing with start-up businesses;
• Enabling immigrant entrepreneurs to create jobs in Canada and build innovative companies that can compete on a global scale; and
• Providing private sector firms with access to a broader range of entrepreneurs, ie the best and the brightest minds from around the world.
The programme aims to recruit innovative entrepreneurs to Canada and link them with Government-designated Canadian private sector businesses, (angel investor groups, venture capital funds or business incubators) and facilitate the establishment of their start-up business in Canada. The support given to the candidates can be financial or in the form of accepting the candidate into a business incubator programme.
Due diligence will be assessed by the designated entity and may be based, amongst other things, on the following:
• The Business Plan and Business Model.
• Corporate documents.
• Potential customers and suppliers.
• Sales, marketing and distribution strategies.
• Material contracts.
• Employment agreements.
• Loan agreements.
• Intellectual property, including patents.
• Financial information, including audited financial statements and notes, and quarterly financial statements.
• Corporate financing.
• Employees and benefit plans.
Applicants to Canada's Start-Up Visa programme must meet four basic eligibility requirements:
1. Obtain a commitment from a designated entity in the form of a Commitment Certificate or Letter of Support;
2. Have sufficient unencumbered, available and transferable settlement funds;
3. Have completed at least one year of post-secondary education; and
4. Demonstrate sufficient proficiency in English or French through standardised testing (Canadian Language Benchmark level 5).
A designated entity is a Canadian private sector angel investor, venture capital fund or business incubator. The required commitment must meet the following criteria:
1. A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
2. A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
3. A designated business incubator must accept the applicant into its business incubator programme.
To receive permanent residence, the following criteria must be met:
• Applicants must be actively involved in the management of the business within Canada;
• The operations of the business, or an essential part, must take place in Canada; and
• The business must be incorporated in Canada.
It is important to note that the failure of a business would not affect the permanent resident status for successful applicants. Should you require assistance with this, you can contact me when you complete your studies.
Please visit JAMAICA2CANADA.COM for additional information on Canadian Permanent Residence programs, including Express Entry, The Study & Work program, Visas or Appeals, etc.
– Antonn Brown, BA, (Hons), LLB, MSc, RCIC, is an immigration counsel and an accredited Canadian education agent of JAMAICA2CANADA.COM—a Canadian immigration & education firm in Kingston. Send questions/comments to firstname.lastname@example.org.
Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login