Do you know that as an entrepreneur with an ability to start a business and create jobs, you can immigrate to Canada?
Yes, you can make the move via the Canadian start-up visa program!
Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that:
- are innovative
- can create jobs for Canadians
- can compete on a global scale
The visa program will cost the entrepreneur 2,140 Canadian dollars (Approximately 720,000 naira). The processing time for the visa as stated by Canadian immigration is 32 months, including the time needed for biometrics.
Before embarking on the application process however, you have to get support for your business idea from one or more of the designated organizations.
Designated organizations are business groups that are approved to invest in or support possible start-ups through the Start-up Visa Program.
Organizations choose which business proposals to review. Each organization has its own intake process for proposals and criteria used to assess them. For example, you may be asked to present your business concept in person or submit a detailed business plan.
If an organization decides to review your business idea, it’ll assess the potential of your proposal and whether or not it’ll succeed.
If an organization chooses to support your business idea, it’ll give you a Letter of Support.
The Designated Organizations in question are listed below;
- Venture capital funds – You must get at least one of these groups to agree to invest a minimum of $200,000.
- Angel investor groups – You must get one or more investors connected to these groups to agree to invest a minimum of $75,000.
- Business incubators – You must be accepted into atleast one of their programs.
Who can apply for the start-up visa?
To be eligible for the Start-up Visa Program, you must:
- have a qualifying business
- get a letter of support from a designated organization
- meet the language requirements
- bring enough money to settle
Continue reading “How to move to Canada by starting a business – Part 2“
Nnamdi Maduakor is a Writer, Investor and Entrepreneur