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Canada sees a steady rise in the number of new permanent residents through the Start-Up Visa Program.
Canada sees a steep hike in the between 2018-2019 in the total number of new permanent residents for qualified immigrant entrepreneurs offered Canadian Permanent Residence over the last five years for the program, a three-year pilot program targeting innovative entrepreneurs, linking them with private sector investors to establish their start-up business which once flourishes candidates can initially come on a work permit to Canada supported by the designated investor.
There are three types of private-sector investors: Angel Investor, Venture Capital Fund, and Business Incubator.
A designated angel investor group must invest at least $75,000 into the qualifying business where candidates can also qualify with two or more investments from angel investor groups totaling $75,000 with a confirmation of an investment of at least $200,000 from a designated venture capital fund into the qualifying business.
An applicant can be absorbed into a business incubator with the acceptance of a designated business incubator.
Two or more commitments from designated venture capital fund with a total of $200,000 helps the candidates to qualify and secure a Commitment Certificate and Letter of Support from a designated entity along with proof of sufficient settlement funds and proficiency in English or French at minimum CLB level 5.
To start up their business they need to apply for a short term work permit
The candidate can qualify for permanent residence provided heshe must be doing business incorporated in Canada, possessing at least 10 percent of the voting rights, and none can hold 50 percent or more of the voting rights.
If an entrepreneur has a feasible start-up business project and obtains a commitment certificate/letter of support from a designated entity the permanent residence application can be submitted. The time duration to finalize the application to visa issuance is 18 months.
Source:https://www.linkedin.com/pulse/canada-sees-steady-rise-new-permanent-resident-visa-colin-r-
