Canada’s Startup Visa offers entrepreneurs who can obtain the financial backing of venture capital funds or angel investors, or who are accepted by business incubators, the right to start and operate a new business in Canada.
The program offers a path to permanent residency in Canada in as few as two years and citizenship in as few as five.
Though there are no specific physical presence requirements, applicants are expected to take an active and ongoing managerial role in their startups and, therefore, in practice spend most of their time in Canada.
Applicants to Canada’s Federal Startup Visa program do not need to make an investment themselves but must, instead, secure the financial backing of external, accredited investors for the startup they plan to launch.
Applicants must demonstrate a modicum of personal funds:
Prove a minimum bank balance of C$13,215; Prove an additional minimum bank balance of C$3,500 per dependent;
Applicants must, additionally, obtain a certificate of commitment from an angel investor group, a venture capital fund, or a business incubator:
C$200,000 commitment from designated Canadian venture capital funds; OR C$75,000 commitment from investors part of designated Canadian angel investor groups; OR Confirmation that the startup is part of a designated Canadian business incubator program.
Applicable fees:
CAD $85 application fee for a single applicant; CAD $170 for a family application; CAD $285 for a group of three or more main applicants and their dependents.
The main applicant can sponsor a spouse, children under 21, and financially dependent parents and grandparents for residency in Canada.
Salient Benefits
Program benefits
Path to citizenship;
No investment or donation required;
Enhanced education opportunities;
Enhanced business access to large economies;
Short processing time
English as official language
Safety and security;
Option to include three or more generations of family members in the application;
Path to Citizenship
Requirements to qualify for citizenship
After spending a total of 730 days (two years) in Canada, the Startup Visa applicant is eligible for permanent residence in Canada.
After spending at least 1,095 days over a five-year period in Canada, applicants are eligible for Canadian citizenship, provided they have first become permanent residents, have filed taxes each year, and has mastered either English or French.
Naturalization applicants must, furthermore, take an Oath of Allegiance.
In 2019, says Bastien Trelcat, “some consultants started abusing loopholes in the program, such as by selling it as a passive investment,” which has resulted in lower approval rates.
“A typical millennial”, Stephane Tajick says there is no book on his nightstand, only his phone, and that the falling supply of good RCBI programs keeps him up.
Programs that offer residence permits within months to those who can demonstrate income or personal wealth above a certain level, usually requiring that the holder not take up employment locally.
Programs that offer residence permits within months to those who physically relocate to start and/or run a business. Startup and entrepreneur visas fall under this category.
Policies that offer citizenship - free of charge and without a residency period - to grandchildren, great-grandchildren, and sometimes even more distant descendants of European ancestors.
“Thanks to IMI Club, I am never that one guy in the meeting that hasn’t heard about the latest RCBI program price cut or rule change. Getting those regular alerts is simply necessary for me to stay on top of this rapidly-changing market.”
Eric G. Major CEO, Latitude Residency & Citizenship
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