"When I'm in Canada, I feel this is what the world should be like." – Jane Fonda. Canada is a mesmerizing place that you should visit at least once in your life. Beautiful landscapes, architectural wonder cities, and more are waiting for you. We should also add maple syrup to the list. Canada accounts for almost 80% of the world's maple syrup production. Every year millions of people travel to Canada for various reasons. In 2019, this number was 22.1 million. Of course, it could be much higher in 2020, but it was not possible because of the COVID-19 pandemic. Considering many people want to visit Canada and start a business there, we decided to talk about entrepreneur visa Canada. In this blog, you will get answers to these questions: what are Canada entrepreneur visa requirements, how much is entrepreneur visa Canada cost, how long Canada entrepreneur visa processing time takes, and more.
Basics about Canada
Canada is located in North America. It has ten provinces and three territories extending from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres. It makes Canada the world's second-largest country by total area. It has a southern and western border with the United States, extending 8,891 kilometres, and it is the world's longest bi-national land border. Canada's capital is Ottawa, and the other metropolitan areas are Toronto, Montreal, and Vancouver. The population of Canada is almost 38 million, and there are two official languages English and French. Also, there are many various indigenous languages. Furthermore, Canada is a multicultural country. Here you can see many people originated from different European, Asian, or African countries.
Visa policy
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People who want to see sightseeing places, taste local cuisine, discover the secrets of the country, start a business, study, meet family, and so on should get a visa. Depending on the purpose of the visit and duration of stay, there are various visa types for Canada. In general, we can divide them into two categories (stay duration):
• Short-stay visas
• Long-stay visas
Short-stay visas are for people who will spend limited time in the country. Depending on the purpose of the visit, there are some subcategories. These subcategories are:
• Visitor visa
• Business Visitor visa
• Transit visa
• Electronic Travel Authorization
When it comes to long-term visas, it is for people who plan to stay in Canada for several years. Subcategories of long-term visas are:
• Study permit
• Work permit
• Self-employed visa
• Super visa
• Skilled Worker visa
Entrepreneur visa Canada
What is entrepreneur visa Canada? We can say that it is a type of startup project. The Canadian government aims to attract active entrepreneurs from various parts of the world, get them into Canada, and provide them with the support they need (including funding) to build businesses. It will be beneficial for many people and the government. The entrepreneur will get a chance to start a business, and local people will find new job opportunities. Entrepreneurs who qualify for the project will be found; the purpose is to clear strong candidates for entry into Canada within weeks. The Canadian entrepreneur visa allows permanent citizenship, which can then lead to citizenship.
We can see such kinds of visa types in most developed countries. In comparison with other visa types, it seems attractive for many people. There is not any doubt that it is a good chance to reach the dreams.
Overview of working principle
Of course, tourists should prove their Canada entrepreneur visa eligibility to get permission to engage with their business goals. People who want to immigrate to Canada through this program need the support of a Canadian venture capital supply, sponsor investor group, or business incubator. It means that they should find a sponsor that is willing to invest in their new business. How and where to find it? Canadian venture capital supply, sponsor investor group, or a business incubator should be one that is chosen by the Canadian government.
First of all, you will choose the organization from that list. The next can be a little bit hard. As they will give you financial support, you should have an attractive idea and present it with covering all details and major points. What are visa requirements for Canada? Actually, it is hard to answer this question because there are various organizations and all of them have different terms. Some of them will ask for detailed presentations. On the other hand, some of them will require more general information.
Where to begin?
Before applying for support from any company, you must get through information about them. We advise you to visit their websites and check various sections, where you can find the goals, structure, and objectives of the company. It will help you find the best Canadian venture capital supply, sponsor investor group, or business incubator for your startup. What if they accept my business idea? If the investor group decides to finance your business idea, they will give you a letter of support and send a finished certificate directly to Immigration, Refugees and Citizenship Canada (IRCC). This certificate is called the Commitment Certificate, and it presents the relevant features of the commitment between you and the investment company. Also, you may see a term: syndication. It is when you receive support from multiple organizations. In that case, those organizations will provide Immigration, Refugees and Citizenship Canada (IRCC) with a single Commitment Certificate, and you will receive one letter of support.
Keep in mind that you can't apply for a Canadian entrepreneur visa without a letter of support.
Needed documents (Canada entrepreneur visa requirements)
Above, we have mentioned some of the points that you will need to show as proof of your Canada entrepreneur visa eligibility. Furthermore, you must collect the essential documents and provide information about yourself. You will need these documents during your visa application:
1. The document that proves that you received a support
As we mentioned above, you will receive a letter from the sponsor. Also, there are some minimum investment requirements depending on the organization that supports your business idea.
• If the sponsor is a Canadian venture capital fund, the minimum investment must be $200,000.
• If the investor is a Canadian angel investor group, then the minimum investment should be $75,000
• If you get acceptance from the Canadian business incubator program, then you don't need to secure an investment in your new business
2. Document to prove language skills
As we mentioned above, there are two official languages in Canada: English and French. So, you will need skills one of them to communicate easily. Of course, having skills in both will be more advantageous. Applicants must undergo a language test from an agency accepted by Immigration Refugees and Citizenship Canada (IRCC) and meet the minimum level of the Canadian Language Benchmark 5 in speaking, reading, listening, and writing in either English or French. After giving the test and getting the result, you can determine your Canadian Language Benchmark level. Official website.
3. Maximum of 5 people can own a single business when you apply for an entrepreneur visa
Each of the applicants should hold at least ten per cent of the voting rights in the business.
Furthermore, the total voting rights of the company and the applicants must be more than fifty per cent.
4. Verify that you have sufficient settlement reserves. The Canadian government does not grant any financial support to applicants for this visa. That is why they should support themselves and their family after coming to Canada. Of course, they will prove it with a document. How much do I need? In general, we can say that it depends on your family size. If you are single, $12,960 will be enough. If there is more than one person in your family, add $3,492 for each additional person. But, the Canadian government advises bringing as much money as you can because you may face some difficulties and need funds. Also, if you have more than $10,000, you should inform the Canadian government. If you do not make them aware, you can be punished.
Canada entrepreneur visa processing time and the fee
After providing all documents and details, you will need to pay the fee and wait for processing. As it changes depending on the country, it is hard to say the exact processing time. But, the average processing time for an entrepreneur visa Canada (Canada Business Visitor Visa) is 10-60 calendar days. How much is entrepreneur visa Canada cost? The visa fee is 1540 CAD. While applying for a visa, applicants may need to pay an extra amount for spouse and child.
E-visa
As we said, you can apply for a visa online. But, there can be one question: can everyone apply online? Unfortunately, this option is not available for everyone. Maybe, there will be some updates in the future. But currently, only nationalities on the e-visa list can do it. There are 53 countries on that list. Of course, we cannot mention all of them here. You can check the full list on the visa policy section of our website. Some of those countries are:
Andorra
Australia
Austria
Bahamas
Barbados
Belgium
Brunei Darussalam
Bulgaria
Czech Republic
Hong Kong
Papua New Guinea
San Marino
Solomon Islands
United Arab Emirates
United Kingdom
Holy See (Vatican)
