Do you have an innovative business idea?
Canada has a program that gives you the opportunity to undertake and live in the country, with an affordable and considerably lower investment value, when compared to the US Business and Canadian Entrepreneur visas. The idea incubation and acceleration program called the “Canada Business Start-Up Visa” seeks entrepreneurs who have the skills and innovative ideas who are interested in starting a business in Canada with the aim of employing Canadians and being able to compete in the global market.
Your business or idea does not necessarily need to be in the technology sector, but rather be able to add a technological component that will allow your business to grow in a scalable and sustainable way. Still have no idea what that component would be? It is during the mentoring period that Innova in Canada helps you think about it!
There are many reasons why you might choose Canada as your company’s headquarters and home for you and your family.
The main one is that Canada was voted the best country to live in 2021, by the “U.S. News’ Best Countries reports”. It is a country with a strong economy with high purchasing power, accessible public health, inclusive and modern public education, lower business costs, taxes better used for the benefit of the population, and security for you and your family to enjoy all the natural beauties that exist for on here!
Through the Canadian government’s Startup Visa Program you have the possibility to have your idea incubated and accelerated and to be able to leverage your business through financial support from Canadian investors!
WHY START-UP VISA?
Why Canada is an excellent and safe country to start your startup?
- Because it focuses on entrepreneurial immigrants with the ability and potential to create an innovative business in Canada that will contribute to the country’s economy by generating business and jobs.
- You and your partners can come with your family to Canada as permanent residents and entrepreneurs.
- 1-year incubation of your company with support from mentors in several areas to help your business be repeatable and scalable
- Networking and exposing your business idea to potential investors
- Your business or idea does not necessarily need to be in the technology sector, but rather be able to add a technological component that will allow your business to grow in a scalable and sustainable way.
- Affordable and considerably lower investment value compared to the US Business and Canadian Entrepreneur visa
In partnership with Inova in Canada, we will organize your idea and match it with the government’s designated incubator.
THE ROLE OF AN INCUBATOR x ACCELERATOR
Usually incubators help entrepreneurs from an earlier stage of ideation to the beginning of solution validation and accelerators work with startups that are already in the process of growth or validation.
Regarding the incubator, in most cases, the selected startup work in the space provided by the incubator along with other companies. And the great benefit of this is the access to a good infrastructure to develop the business. In addition, of course, those responsible do not have to bear many expenses to run the business.
The startup accelerator supports and invests in the development and expansion of companies that bring new concepts. And it also acts as an investment fund to help these businesses. Therefore, in an acceleration, the entrepreneur knows his main investor, a key client and/or partner firms that will be important for the activities.
The good news is that in the incubation process here in Canada promoted by our consultancy, you have a mix of the 2 styles mentioned above.
During the period of incubation you will:
- Validate your idea;
- Adapt it to the Canadian market;
- Prepare your pitch;
- Participate in pitch contests;
- Have the support of human and technological capital to develop your idea;
- Being exposed to Angels Investors and sponsors from the incubator itself.
The Startup Visa is one of the most coveted visas for entrepreneurs around the world today, as it allows the immigration of up to five partners with their respective families to Canada, while having the great opportunity to have their idea developed and accelerated.
WHAT YOU WILL NEED TO BE ELIGIBLE:
In addition to having an innovative idea, your company will be able to generate jobs in the future and is scalable.
1 – Be eligible to enter the country
This is the main thing, if you are not eligible to enter the country it is not possible to proceed with the other steps;
2 – Have a qualifying business
Regarding how many partners you have or will have in your company and what percentage each one will have in the business;
3 – Receive a Letter of support
Receive a support letter from one of the institutions designated by the government;
4 -Achieve the CLB 5 score in the English exam
You will need to take an English proficiency test, the IELTS or CELPIP, and reach this minimum grade;
5 – Have financial resources
You need to be able to stay in the country until your business starts to generate financial returns;
HOW DO YOU KNOW IF YOUR BUSINESS IS QUALIFIED?
To participate in the Startup Visa program, your company must meet all of the following criteria:
- Your business has a maximum of 5 partners. If you have more, be aware that up to 5 members may be eligible for permanent residency.
- Each partner must own at least 10% of the shares in the company at the time and all partners together must have at least 50% of the voting rights of the shares.
- All partner members must have an English level equivalent to IELTS General 5 or CELPIP CLB 5.
- The company will be incorporated in Canada and the essential part of the activities, as well as the management of the company, must be carried out in the country.
- Each partner has the financial resources required by immigration to stay in Canada while the company is growing.
Does your company meet these criteria? It is already halfway to participate in the SUV.
But something essential will still be missing: your company needs to be accepted by a designated institution and that institution has to provide the support letter saying that it will support your business as it develops in the country. This is where Innova in Canada comes in! We will prepare your company and pitch your idea to an incubator/accelerator to help you earn this letter and complete the requirements to immigrate and undertake in Canada.
UNDERSTAND THE PROCESS TIMELINE FOR THE NEXT BATCH
Share the link to this article with your partners and take the first step towards Canada!
Innova has already started its selection for another class to be incubated and accelerated in March (Batch 3).
To register,click here
STILL GOT QUESTIONS?
- Access the Innova in Canada website and instagram here for more information
- Follow our youtube channel and our social networks, where we post content on immigration daily, with tips and news from the government of Canada.
- Also see here other ways to immigrate to Canada with your family
