Canada offers several pathways for entrepreneurs and self-employed individuals through programs like the Start-up Visa Program and the Self-Employed Persons Program.
Both programs offer a pathway to permanent residency but cater to different types of entrepreneurs. The Start-up Visa focuses on innovative businesses with external support, while the Self-Employed Persons Program emphasizes individual contributions to specific sectors like culture and athletics.
Start-up Visa Program
The Start-up Visa Program is designed for entrepreneurs with innovative business ideas and provides a pathway to permanent residency. Key requirements include:
- Qualifying Business - The business must be innovative with the potential to create jobs and compete globally.
- Letter of Support - Applicants need a letter of support from a designated organization, such as venture capital funds, angel investors, or business incubators.
- Ownership Requirements - Applicants must hold at least 10% of the voting rights and, together with the designated organization, control more than 50% of the voting rights.
- Language Requirements - Applicants must meet Canadian Language Benchmark (CLB) 5 in English or French.
- Financial Support - Applicants must show sufficient funds to support themselves and their dependents in Canada.
- Investment Details - Investment from a designated venture capital fund must be at least $200,000 or $75,000 from an angel investor group.
Self-Employed Persons Program
The Self-Employed Persons Program is designed for individuals with experience in cultural activities, athletics, or farm management. To qualify, applicants must:
- Demonstrate Relevant Experience - Applicants must have experience in arts, culture, athletics, or farm management.
- Contribution to Canada - Applicants must show the ability to contribute significantly to Canada's cultural, artistic, or athletic sectors.
- Business Plan - A detailed business plan is required to outline how the applicant plans to create their own employment in Canada.
- No Minimum Net Worth Requirement - Unlike other programs, there is no minimum net worth requirement.