What Are the Canadian Start-up Visa Requirements for 2024?

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Think of Canada and what comes to mind? Miles and miles of Great Outdoors to explore, stretching from the Atlantic to the Pacific to the Arctic oceans? A safe environment in which to raise your family? If so, the Canadian Start-up Visa Program might be an ideal Residency by Investment. Let’s walk you through how to meet its requirements in 2024.

Step 1: Be an Entrepreneur

The Canadian Start-Up Visa focuses on attracting immigrant investors who are capable of launching businesses in Canada (outside Quebec). These new start-ups need to be innovative. They must also employ Canadians. Lastly, these companies need to be able to compete internationally. 

Step 2: Secure a Letter of Support from a Designated Entity

Your letter of support must come from one of the following sources:

1. a designated angel investor group or two or more groups investing at least $75,000 in a qualifying business
2. a designated venture capital fund or two or more funds investing at least $200,000 in a qualifying business
3. a designated business incubator admitting a qualifying business to its program.

The use of the word designated is key to the success of your application. That’s because the Government of Canada has created a list of relevant organizations. These are the only viable ones to obtain a letter of support from.

Your letter of support is valid for six months from its issue date. That means you have to apply within that time frame. Should you delay it more than that, you will need to retake this step from scratch.

Step 3: Demonstrate Language Proficiency

Canada’s official languages are English or French. You need to show that you can read, speak, write, and understand either. The level of aptitude you have to show is of at least benchmark level 5. This is as set out in the Canadian Language Benchmarks and the Niveaux de compétence linguistique canadiens.

Immigration, Refugees and Citizenship Canada (IRCC) will only accept applications with results from:

• CELPIP: Canadian English Language Proficiency Index Program
• IELTS: International English Language Testing System
• TEF Canada: Test d’évaluation de français
• TCF Canada: Test de connaissance du français

You must have taken a test within the last two years to qualify for the Canadian Start-up Visa Program.

Step 4: Show You Have Sufficient Settlement Funds

The onus is on you to prove that you have enough capital to support yourself and your family in Canada. These funds must be available and transferable. They have to be debt and obligation free.

Your family size affects the required funds. These also vary from year to year. You must ensure you consult the most recent figures.

The bank or financial institution where you have an account must validate the state of your finances. They need to do this by writing a letter printed with their official letterhead. This needs to include current and average balances.

Step 5: Meet Biometric Requirements

You and your family members must visit a biometric collection service point to have your fingerprints and photos taken. Only after receiving your biometrics, will IRCC begin processing your application.

Your Smart Route to a Canadian Start-up Visa

Consult an investment migration specialist like RIF Trust to ensure that you receive a Canadian Start-Up Visa. We can guide you every step of the way. So, don’t delay and contact RIF Trust today.