When discussing the Golden Visa program, we must mention Canada. `The startup visa program launched in 2013.
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The main aim was to attract investors and entrepreneurs to create more jobs and enhance economic growth. This program seems apt for business owners, foreign entrepreneurs, and investors wanting permanent residence in Canada.
This program will be effective if you are an immigrant entrepreneur and wish for a PR (Permanent Residence) status in Canada. You are good to go once a designated Canadian organization validates your startup proposal. So, is this the Golden visa? Not precisely, but it is often likened to the same. With entrepreneurs globally attracted to this program, it’s gaining immense popularity. So, let’s look into the nitty gritty of Canada’s investor visa and how it stands out in 2024. Let’s get started.
How Will the Canadian Investment Program be Beneficial?
Canada’s startup visa program is beneficial in many ways, making it increasingly popular. Here are some of the advantages this program comes with. Let’s take a look at them.
- If you have a startup visa, it puts you a step forward in acquiring permanent Canadian citizenship. The primary applicant and their family get permanent residence status when the application is cleared. They even have the privilege of accessing the social benefits and every facility the country provides. When you reside in Canada for a maximum of 3 years, you will eventually be eligible to acquire Canadian citizenship.
- Your spouse and unmarried dependant children below 22 are also eligible for PR status. They would even get access to study and work in Canada alongside healthcare benefits.
- You may be from any nationality. That doesn’t matter. Everyone has the right to enroll in this program.
- Upon enrolling in the program, you can access unlimited business activities in Canada.
- Another USP of the startup visa program is its low investment requirement. The applicants needn’t make any minimum investment. A Canadian angel investor group’s commitment would suffice.
- If you have an entrepreneurial team, you could immigrate together by enrolling in the startup program. The team should have at most five members, at the maximum, with an investment of 10% per ownership.
- You could attain a work permit in Canada while processing your application for permanent residence.
- The startup visa program allows you and your kin to live in Canada, except Quebec. Another boon is a long-term membership continuing up to ten years with any angel group that comprises HNWI (high net worth individuals) who give financial backups to entrepreneurs or small startups.
- When you have met all the criteria for Canadian citizenship and acquired the same, you get the opportunity of visa-free travel to around 187 countries.
Who Is Eligible to Apply For Canada’s Startup Visa Program?
To qualify for a startup visa program, here are some criteria you must meet. Let’s take a look.
- Foreign nationals must obtain an investment commitment or letter of support from any of Canada’s designated organizations. You must contact the designated organization and convince them of your business idea. They may extend their support if your idea seems appealing to them.
- Foreign nations must also hold at least 10% of company shares voting rights.
- Another criterion is jointly holding 50% of the voting rights with your designated organization.
- The other and most important eligibility is to meet the language requirement. For this, taking a language test from any approved agency is needed. You must meet the CLB (Canadian Language Benchmark) criteria in French or English. The skills that you must show proficiency in include reading, writing, speaking, and listening.
- The applicants must furnish proof of their funds and show that they are financially sufficient to support themselves on their arrival to Canada. The amount of the funds depends on the family size. For instance, for a single member, it should amount to approximately $12,960, with an add-on of $3,500 for each member.
Are there any disadvantages to the Startup Visa Program?
Though this program has immense facilities and comes with a lot of facilities, there are some downsides to it as well. Let’s take a look at a few of them:
- Getting support from the designated organizations isn’t an easy thing. There is immense competition. So, this could make it a time-consuming process.
- Obtaining a permanent residence is lengthy and may take as much as three years.
- As an entrepreneur, one must be prepared for failure because of unstable markets, stiff competition, and immense obstacles that may come their way.
- Due to increased competition, there are increased chances of rejections and delays, primarily if you do not provide accurate or complete information.
What is the Success Rate for a Canada Startup Visa?
Any immigration program’s success rate varies from one year to the other. It also depends on several factors, including the business plans submitted by the applicants, their ability to secure an investment, and even the program’s overall demand. The startup visa has a success rate of over 75%, which seems pretty high.
What is the Fee to Apply For a Canadian Startup Visa?
The primary applicant needs a processing fee of $1625, while the permanent residence fee will cost an additional $515. To include your partner or spouse, you must pay $850 as the processing fee and $515 as the permanent residence fee. A dependent child will cost $230 per child—the biometric charge per individual amounts to $85. However, it is also essential to understand that the fee structures mentioned above are subject to changes.
Conclusion
However, applying and getting qualified for the visa program might appear tedious, it may not be difficult when you follow the proper process and meet all the requirements. The process to obtain a Canada investment visa at the Global Residence Index is explained vividly and easily. You may contact them for further details.
Contact Info:
Name: Calvin S. Mazlumyan
Email: Send Email
Organization: Global Residence Index
Phone: +1 (310) 929-6221
Website: https://globalresidenceindex.com/canada-investment-visa/
Release ID: 89125215
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