Umair Saleemi, journalist for BBC Urdu, shed light on Canada’s ‘Startup Visa Program’ in his latest piece:
Every year, thousands of people from India and Pakistan migrate to America, Canada and European countries for better opportunities and a brighter future.
Therefore, any changes in immigration and work visa laws or the introduction of any new programs are closely monitored in these countries.
As Canada has changed the work permit law this month, Canadian authorities extended work permits for 18 months due to increased demand in the labour market during the Covid era, which is being phased out from January next year.
Since then, Canada has initiated a startup visa program has been hailed by some experts as a golden opportunity.
The program is mainly for talented foreigners who want to establish their own small businesses or startups in Canada.
Certain criteria have been set to assess the quality of a startup, including innovation, creation of new jobs for local people and ability to compete globally.
Who can apply for a Canadian Startup Visa?
To apply for a Canadian start-up visa, a candidate must have a valid business. It is important that the candidate owns the shares of the business. One must hold 10 per cent or more of the company’s shares and have voting power (at shareholders’ meetings).
A maximum of five people can apply in this program. It is important that the startup is supported by a Canadian organisation or ‘designated body’ and a letter of support is issued.
Your business must operate from Canada, have its main activities from Canada and be established in Canada.
In addition to mastering the English language, knowledge of French can further help your startup succeed in Canada. Canadian visa rules require the applicants to be fluent in speaking, writing and understanding either English or French.
The startup visa candidate also has to provide evidence to the Canadian government that they have the resources to support themselves and their dependents. Candidates cannot manage this money by borrowing money.
Immigration expert Julie Desai told BBC Gujarati that a startup visa is quite different from a normal work permit visa. Its aim is only to attract businessmen and entrepreneurs to Canada.
The most important requirement is that the candidate’s business must be innovative enough to create new jobs in Canada, Desai explains. This visa is not for general business people — such start-up plans are needed that they can compete in the world.
Under this program, the financial resources required by a family can be determined by the number of its members. If only one person wants to go to Canada under this program, one will need 13757 Canadian dollars. This amount can increase if other family members also want to go along. It will also be important to see if the Canadian authorities revise this amount every year.
Meanwhile the candidate needs a ‘Letter of Support’ for start-up from a recognized business group in Canada. For this the candidate approaches these organisations and assures them that their startup idea deserves support.
Candidate has to contract with these institutions for a letter of support as this letter is proof that a Canadian investor, such as a venture capital fund, angel investor group or business incubator, supports the candidate’s idea.
In addition, accredited organisations also issue Canadian Government ‘Certificates of Commitment’ to candidates. The government then verifies both the letters for the visa application.
The Canadian government may ask for more information about your startup to review the information.
The Canadian government may reject the application if the letter of support or other requirements are not met.
Immigration lawyer Prashant Ajmera asserts that it is very important that the startup plan has the support of Canadian organisations, that the candidate has a detailed business plan, and to have knowledge of the Canadian market.
