Startups evaluating options to set up Business in Canada
After the termination of Canada’s Federal Immigrant Investor Program which permitted the Business investors to seek Permanent Residency in exchange for investing at least C$ 800,000 on June 19, 2014, Startups are evaluating their options to set up business in Canada under a new Federal Start-up program.
The program “Start-up” Visa allows the qualifying investor and their family members to migrate to Canada if they fulfill the criteria of visa category.
There are four primary criteria for the Start-up visa. Applicant must
– have a Letter of Support from a designated angel investor group, venture capital fund or business incubator
– meet the ownership requirements for a qualifying business
– get scores of at least Canadian Language Benchmark (CLB) 5 in all four categories for either English or French, and
– have an adequate amount of money to settle and provide for the cost of living prior to earning an income. The settlement funds are dependent upon the family members migrating with the Essential Applicant.
We at Cross Border Legal, provide complete support for evaluation and preparation of Business plans for the qualifying investor for Startup Visa.
It is to be noted that business or an applicant may not require to invest their own funds in the business. They are only required to secure the investment from either Angel investor or Venture Capital Fund which is currently C$75,000 in case of Angel Investor and C$200,000 in case of Venture Capital Fund.
To know more about the startup visa program and get your evaluation from a Canadian Startup Visa Expert, contact us to schedule a meeting with one of our attorneys.