Canada has a bunch of ways for entrepreneurs to immigrate, including the Start-up Visa Program and other entrepreneur programs. If you're thinking of making the move, you must pick the right path by checking out aspects like eligibility, processing times, and what each business immigration program needs. This blog breaks down these options to help you find the best way to set up and grow your business in Canada.
Startup Visa Program
The Canada Startup Visa Program lets you move to Canada as an entrepreneur, either solo or with a team of up to five owners, provided they meet specific criteria:
Qualifying Business
Each applicant needs to own at least 10% of the voting rights in the company, and together with the designated organization, they need to control more than 50%. You also have to set up your business in Canada, run it from there, and make sure a big part of its operations happens within the country.
Letter of Support from a Designated Organization
If you're an entrepreneur, you'll need to get a support letter from a designated organization. These are business groups that are approved to invest in or help start-ups. You have to reach out to these groups, show them why your business is worth backing, and get them to write a support letter for you. The organization will then send a commitment certificate straight to the immigration authorities.
Keep in mind that until December 31, 2026, each designated organization can only support up to 10 complete group applications per year. They review these on a first-come, first-served basis. If they get more applications than their cap allows, they'll return the extras and refund the processing fees.
Language Requirements
Business immigration applicants need to score at least Canadian Language Benchmark 5 in listening, reading, writing, and speaking. This applies to either English or French, and you'll have to prove it with an approved language test.
Settlement Funds
You need to prove you have enough money to support yourself and your family. The amount depends on your family size and is updated every year. For instance, a single person needs $14,690, while a family of four needs $27,297.
Start-up Visa Canada ensures that only serious, viable start-ups and their founders can establish themselves in Canada. While the permanent residence application is processed, you can apply for a temporary work permit to begin working in Canada.
Processing Time
38 months
Fees
From $2,385
Other Business Immigration Options
Besides the startup visa program, here are a few entrepreneur programs offered by Canada:
Permanent Residence Pathway for Hong Kong Residents
The temporary public policy for Hong Kong residents in Canada gives eligible people and their families a way to become permanent residents. This policy, effective from June 1, 2021, to August 31, 2026, includes two streams:
Stream A: In-Canada Graduates
To qualify, you must:
- Hold a valid passport from the Hong Kong Special Administrative Region or be a British National (Overseas) born, naturalized, or registered in Hong Kong.
- Be physically present in Canada when applying and upon receiving permanent residence.
- Have valid temporary resident status in Canada.
- Intend to live in Canada outside Quebec.
- Pass an approved language test with a level 5 score in reading, writing, listening, and speaking (CLB or NCLC).
- Graduate from a Canadian post-secondary designated learning institution within the last three years with:
- A diploma (minimum two years),
- A degree (associate, bachelor’s, master’s, or doctoral), or
- A graduate or post-graduate diploma or certificate (minimum one year) with 50% of the program completed in Canada.
Stream B: Canadian Work Experience
To qualify, you must:
- Hold a valid passport from the Hong Kong Special Administrative Region or be a British National (Overseas) born, naturalized, or registered in Hong Kong.
- Be physically present in Canada when applying and upon receiving permanent residence.
- Have valid temporary resident status in Canada.
- Intend to live in Canada outside Quebec.
- Pass an approved language test with a level 5 score in reading, writing, listening, and speaking (CLB or NCLC).
- Have at least 12 months of full-time work experience (or an equivalent amount of part-time work, totaling 1,560 hours) in Canada within the last three years.
- These pathways ensure that Hong Kong residents with Canadian education or work experience can establish a permanent life in Canada.
Processing Time
No processing times are available
Fees
From $1,210
Self-employed Program
The Self-employed Persons Program lets you move to Canada permanently as a self-employed person in cultural activities or sports. With this visa, you can only work on your own business. To qualify, you need relevant experience and must be able to make a big impact on Canada's cultural or athletic scene.
As of April 30, 2024, IRCC has paused accepting applications for this program until January 2027.
Eligibility Requirements
- You should be willing and able to be self-employed in Canada.
- You will be assessed on experience, education, age, language abilities, and adaptability.
- You must meet medical, security, and other standard immigration conditions.
Relevant Experience
You must have at least two years of experience in cultural activities or athletics within the five years preceding your application and up to the decision date. More points are awarded for three, four, or five years of experience.
Cultural Activities
Two one-year periods of self-employment in cultural activities, two one-year periods of participation at a world-class level in cultural activities, or a combination of the above.
Athletics
Two one-year periods of self-employment in athletics, two one-year periods of participation at a world-class level in athletics, or a combination of the above.
This program aims to attract individuals who can enhance Canada's cultural and athletic sectors through their skills and experience.
Processing Time
50 months
Fees
From $2,385
How Is the Startup Visa Program Better than Other Business Immigration Programs?
The Start-up Visa Canada has a bunch of advantages over other entrepreneur programs like the Permanent Residence Pathway for Hong Kong Residents and the Self-employed Persons Program. This makes it a better choice for entrepreneurs:
Focus on Innovative Business Ventures
This program is all about attracting entrepreneurs with fresh, innovative business ideas. You need to get a letter of support from a designated organization to apply, which makes sure only serious, viable start-ups get in. The goal is to boost Canada's economy with high-quality businesses. On the other hand, the Self-employed Program is more about cultural and athletic contributions. While those are important, they don't focus as much on economic innovation and job creation.
Broad Eligibility and Collective Ownership
Unlike the Permanent Residence Pathway for Hong Kong Residents, which is only for people from that area, the Canada start-up Visa Program is open to entrepreneurs from all over the world. It lets up to five owners apply together, making it easier to collaborate and combine resources for better success.
Support from Designated Organizations
Getting a support letter from a designated organization isn't just about paperwork — it's about getting mentorship, funding, and networking opportunities. This way, you get a head start toward making your business a success. Most other programs don't come close to offering this kind of structured support.
Work Permit Flexibility
With the Start-Up Visa Program, you can apply for a temporary work permit while your permanent residence application is being processed. This means you can kick off your business activities in Canada right away, gaining valuable experience and a head start before becoming a permanent resident.
Clear Business Integration and Management Requirements
To get into the Canadian business scene, applicants need to set up and run their business actively in Canada. This rule is more robust than what's required for the Self-employed Program and the Permanent Residence Pathway for Hong Kong Residents, where you don't have to be as hands-on with your business in Canada.
Processing Time and Feasibility
The Start-Up Visa Program is quicker, taking about 38 months, compared to the Self-employed Program, which drags on for about 50 months. This means entrepreneurs can get their businesses up and running faster. As for the Permanent Residence Pathway for Hong Kong Residents, there's no clear timeline, but its limited eligibility criteria make it less appealing for global entrepreneurs looking to innovate in their businesses.
Changes in Immigration Programs
The pathway to permanent residence for Hong Kong residents is closing its doors in August 2026. Furthermore, IRCC has hit the pause button on accepting applications for this program until January 2027. That means, for now, the only game in the immigration arena is the Start-Up Visa Program.
Conclusion
Canada Startup Visa Program is way ahead of other entrepreneur programs like the Permanent Residence Pathway for Hong Kong Residents and the Self-employed Persons Program, and here's why:
First off, SUV focuses on cutting-edge business ideas, making sure only the most promising startups get considered by requiring support from a designated organization. Plus, it's open to entrepreneurs from all over the world and allows up to five owners to team up, promoting teamwork and collaboration.
On top of all that, an SUV gives you the bonus of a temporary work permit, which means you can get your business off the ground faster. This is in stark contrast to the longer processing times and narrower focus of other programs.
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