Canadian Entrepreneurship: With more people gaining interest in setting up their own businesses, there is a trend of being creative. Even the smallest setup will require a new idea as the industry is becoming more cluttered. When you are trying to move out of the present country, then having a business setup will increase your chances of getting the visa. Canada is one of the few countries that are openly welcoming entrepreneurs to enhance their economy and give a chance to the young generation to live their dream.
The start-up is not a piece of cake and not as easy as it looks on paper. There are so many elements that go behind the scene before anything tangible comes to the surface. Canada is offering a start-up visa program so that new immigrants can establish their businesses and boost the economy. If you wish to apply for that program but are not aware of the process, then taking on assistance from Canada immigration Delhi is the best option out there.
However, before you even start thinking of the process, it is important to know if you qualify for the visa category or not. This article is going to share information on the requirement or ways to qualify for the entrepreneur’s program.
What does it mean to be an entrepreneur?
You might have heard that someone just started a project or their own setup? So, an entrepreneur refers to anyone who starts a business with a creative idea. Any person who originates a new company from scratch will be considered an entrepreneur. The next question is how to become one?
There is no right and wrong way to become an entrepreneur, and you can start from any point, but the general trend of initiating your own setup is:
- Start with the idea that you think will work well
- Learn about a range of different roles your business need
- Make a business plan and source of funding
- Devise a budget and hire people to support
- Market your business with new strategies and platforms
This is just a starting process for those who do not know where to start. However, if you have established a business and want to expand or just opt for an immigrant entrepreneur program in Canada, then you have to take the next step.
Requirements for Canadian entrepreneur program:
Canada is an immigrant-friendly country, and because of the Covid-19, the economy has slowed down; that is why the country is looking for some new business to establish. The start-up visa program was established to help emerging businesses and let foreign business owners reside permanently in the country. When you apply for this program, you can even travel on a temporary visa to establish and launch your business until the permanent residency visa arrives. The pilot program was launched in 2013, and since then, there has been an increase in the number of visas offered every year for new businesses. This is a great initiative for people who want to move and invest in their own business.
Step 1- Who is it for?
The first step in determining the qualification of this visa is knowing who can apply for this visa program. The start-up visa category is an idea for the people who have existing businesses and an extra source of funding. This is because you have to work on your own, and when you are trying to earn a livelihood, you cannot have enough funding to support and launch a business. To be eligible for this visa, one must have already created a business and have a letter from a designated Canadian business investment organization. This is one of the main requirements to apply for the entrepreneur visa program.
Step 2- own a qualifying business:
If you want your business to qualify for this visa program, the owners must have a business where the applicant has at least a 10% share in all aspects of the corporation. Some people think it is like being a part of any business, and then you are ready to go. But most importantly, having the voting right in the business corporation is the key most people do not look into. The best part is that even people can apply for this visa program like you have a few business partners, and all of them can apply at the same time if the joining share is more than 50% and 50% of the voting rights.
It is important not to mix voting rights and share because these are two different things.
Step 3- Get permission from authority:
Once you have established business, the next step is getting permission from the designated organization because it is important to ensure business development in Canada. The business activities are going to take place in the country so make sure you discuss and be aware of the resources for active management. There are three main designated organizations that are:
- Designated business incubators
- Designated venture capital funds
- and Designated angel investor groups
If you are interested in getting the entrepreneur’s visa, then you have to get your permission from one of these authorities. The letter will demonstrate the type of your business, and it is valid for six months from the issuing date.
Step 4- Proof of English or French:
Even when you are a successful start-up owner or a qualified person, you still have to provide proof of your Canadian language proficiency that is French or English. For the qualification purpose, one must fulfill the benchmark for the Canadian Language Benchmark (CLB). In most cases, you are required to demonstrate at least CLB 5 or more. The date of the test result should be valid and from the last two years. The immigration authority will accept the results from
Bottom of Form:
- IELTS (General test)
- CELPIP (General test)
The tests are fairly simple, but they must be done.
Step 5- Proof of funding requirements:
Applicants who are applying for the entrepreneur program should provide funding proof. You have a business, and you want to show the immigration department that you can support your business and even your living. There are certain IRCC requirements the business owner has to fulfill to meet their financial requirement. Also, it is important to mention if you are taking any family members or dependent and how you are going to take care of them.
Get your documents ready for meeting the funding requirements and make sure they align with IRCC notes.
Final notes!
Offering foreigners an entrepreneur visa is such a commendable step on behalf of the Canadian government. The eligibility requirement is something different from than general express entry program, but it is still an online process. The documentation and application process requires time and energy, and enthusiasm to move with your established business will be worth everything. If you do not have enough information or are not aware of the process, then taking on assistance from experts is the best option for your future.
The entrepreneur visa program is a fairly new thing, but more and more people are getting aware of that. Also, the world is coming more acceptable for new business ideas, and even funding is more available for this kind of new projects and start-ups.
Get into your element and start working on your visa process right now!
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