2024 Start-Up Visa Canada Guide
Your definitive guide to launching your start-up in Canada in 2024.
2024 Start-Up Visa Canada Guide
Foreign entrepreneurs can achieve permanent residency in Canada by establishing innovative businesses through the Canada Start-Up Visa program. This program offers a unique opportunity for entrepreneurs and their families to relocate to Canada, highlighting key requirements, the application process, and the potential to secure permanent residence.
If you’re considering business immigration to Canada and have access to capital between CAD $200,000 and $500,000, the Canada Start-Up Visa program could be an ideal option. This program allows you to launch your business in Canada, offering a pathway for you and your family to live and work in the country. This guide provides a comprehensive overview of the program’s eligibility criteria, the application process, and everything you need to know to navigate the Start-Up Visa opportunity.
What is the Canada Start-Up Visa Program?
The Canada Start-Up Visa Program is a business immigration initiative designed for foreign entrepreneurs to secure permanent residency by creating innovative businesses. Successful applicants, along with their families, can relocate to Canada in as little as 3 to 6 months, and obtain permanent residency within 2.5 to 3 years. The program is specifically aimed at entrepreneurs who receive support from designated Canadian organizations such as incubators, angel investor groups, or venture capital funds. Up to five business partners can participate in the same start-up, provided they meet all eligibility requirements.
Requirements for the Canada Start-Up Visa
To qualify for the Canada Start-Up Visa Program, applicants must meet the following criteria:
- Obtain a Letter of Support from a designated organization in Canada.
- Incorporate your business within Canada.
- Each applicant must hold at least 10% voting rights in the business alongside a designated organization.
- Collectively, the applicants and the designated organization must control more than 50% of the voting rights.
- Actively manage the business, with core operations located in Canada both during and after the application process.
- Meet a minimum language proficiency level of CLB 5 in either English or French.
- Demonstrate sufficient settlement funds and operational capital, typically over CAD $200,000.
Processing Time for the Start-Up Visa Program
In 2024, the processing time for the Start-Up Visa application is estimated at approximately 37 months (just over three years), according to IRCC. These timelines are based on processing times for 80% of applications and can vary depending on IRCC’s workload.
Start-Up Visa vs. Other Business Immigration Programs
Canada offers several business immigration options beyond the Start-Up Visa Program. Entrepreneurs can explore alternatives such as the C11 Entrepreneur Work Permit, Intra-Company Transfer Program, Self-Employed Category, Provincial Nominee Programs (PNP), and the Quebec Immigrant Investor Program. Each program has unique benefits and requirements. Use the comparison table below to evaluate the pros and cons of each program and determine which is best suited for your immigration and business goals.
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- Study Visa
- Tourist Visa
- Work Permit
| Criteria | Start-Up Visa | Business Work Permits to Permanent Residency Pathways (C11, ICT, C10) | Self-Employed Category | PNPs |
|---|---|---|---|---|
|
Business owners or professionals with experience or specialized knowledge |
Business owners, entrepreneurs, investors, professionals |
Self-employed professionals in cultural or artistic fields, including athletics, with unique skills. |
Individuals willing to start a business or invest in a particular province |
|