If you wish to register or transfer your foreign business to Canada (i.e. a company or business that has been incorporated in another country other than Canada). you will need to decide which province or territory you wish to register in. It will depend on what specific city in Canada you wish to conduct business.
If you wish to do business across all of Canada you will need to register in each of the 13 provinces and territories of Canada individually. Some provinces are busier commerce centres such as British Columbia, Alberta and Ontario and it may be prudent for you to register in those provinces first. Feel free to contact us before purchasing any service to be sure you are on the right track.
You can review the population of Canada to determine the best province in which to conduct business. Ontario is the largest commerce centre with over 13 million people. British Columbia comes second with over 4 million people. The remaining provinces are less with the exception of Quebec which operates in the French language.
At the close of Q2, the year-to-date Canadian VC investment stands at CAD $1.7B, representing a 7% increase from the first half of 2017. Venture capital investments to Canada in 2017 reached over USD5 bln, with 25% of all investments originating from the US venture capital funds, 10% from China and Europe and the rest from Canadian venture capital funds. For more info click here.
How does Start-up Visa Canada work?
Are you an international entrepreneur looking to bring your tech company in Canada? We can help with that. Our Start-up Visa Program offers assistance to select entrepreneurs to help them bring their businesses to Canada.
The Canadian Start-Up Visa Program is the first of its kind – worldwide. The program provides permanent residence to start-up entrepreneurs who have the potential to build innovative companies in Canada that can create new jobs, spur economic growth, and compete on a global scale.
At Landmark, we help with the process of gathering all relevant information required to be eligible to apply and get accepted with designated incubator programs selected by the Canadian government.
The Start-up Visa Canada Program was initiated at the beginning of 2013 setting the annual cap of 2,750 visas per year. However, there was a considerable reluctance on the part of Venture Capitalist and Angel Investors to provide necessary letters of support to foreign applicants and only two start-up visas were granted during the first year and half.
To improve this situation, Immigration, Refugee and Citizenship Canada (IRCC) chose to created a separate group of designated organizations, called business incubators with a mandate to review business concepts provided by foreign entrepreneurs and authorized to issue letters of support to start-up entrepreneurs from outside of Canada enabling them and their families to subsequently apply for a permanent status in Canada and work on their start-up venture from Canada while their families would also reside in Canada with the spouse of the foreign entrepreneur being able to be employed and children being able to attend Canadian schools and universities.
To receive a letter of support from a Canadian business incubator, a foreign entrepreneur would have to meet the requirements for admission to the business incubator program.
Program Eligibility Requirements
The purpose of this program is to recruit innovative foreign national entrepreneurs who will create new jobs and drive economic growth in Canada.
In order to be eligible, applicants for a Start-Up Visa must meet the following requirements:
- Meet minimum language requirements in English or French (CLB 5 in all abilities);
- Have sufficient funds to settle in Canada;
- Plan to settle in a province other than the Province of Quebec;
- Pass Canadian security and medical clearances;
- Prove your business is supported through a designated organization; and
- Show your business meets ownership requirements.
No more than five foreign nationals (each owning not less than 10% of all outstanding and issued shares of the start-up company) may apply for permanent residence as part of the same business venture under the Start-Up Visa Program
Immigration, Refugees and Citizenship Canada (IRCC) has designated a number of venture capital funds, angel investor groups, and business incubator organizations to participate in the Start-Up Visa program.
Successful applicants are required to secure a minimum investment for their Canadian start-up. If coming from a designated Canadian venture capital fund, the investment must be at least $200,000. If coming from an angel investor group, it should be at least $75,000.
Applicants do not need to secure any investment from a business incubator. However, applicants must be accepted into a Canadian business incubator program.
Applicants are not required to invest any of their own money. If their Canadian Start-up is unsuccessful, individuals granted permanent residence through this program will retain their permanent resident status.
Start-up Visa Process Stages
- Review of the start-up project to ensure compliances with the Start-up Visa Program
- Producing report containing recommendations with respect to the submitted Start-up project
- Selecting the designated organization that best fits the Start-up projects, needs and objectives of the start-up founder team
- Preparation of the application for the program at the chosen designated organization by the Start-up founder team
- Filing of the application package on behalf of the Start-up founder team.
- Preparation of the agreement for attending of the program organized by the chosen designated organization and assistance with securing a visitor visa to Canada or any other country where the program can be organized and held.
- Support with completion of the program and its requirements to ensure issuance of the letter of support by the chosen designated organization.
- Liasoning between the start-up founder team and immigration lawyer in charge of preparation of the permanent residence application on behalf the Start-up founder team.
- Работа с иммиграционным адвокатом до оформления статуса Permanent Resident.
I Want to Know More About the Start-up Visa Canada
What are the next steps?
Please, consult the official site of Immigration, Refugee and Citizenship Canada on what the next steps are here.
Confirmation of permanent residence
After your application for permanent residence was approved, IRCC shall issue a permanent resident visa to you and family members indicated in your permanent residence application. This visa shall also include a Confirmation of Permanent Residence (COPR) and your entry visa. For more details, please, consult the IRCC site.
I Want to Know More About the Start-up Visa Canada
Can I keep permanent residence status if my start-up company fails?
The government of Canada recognizes that only a small amount of start-up business ventures become successful companies. Therefore, the answer is ‘yes’ – you and our family members can keep your permanent residence status if your start-up business venture fails.