Canada’s start-up visa programme, to attract immigrant entrepreneurs who are looking at a pathway to permanent residence, is a becoming a big draw for Indians. The programme is in line with the Canadian government’s aim of attracting start-ups with the potential to grow globally.
Introduced as a three-year pilot, the programme became permanent in 2018 and is now gaining more popularity in the post-pandemic times. Among some of the advantages of the start-up visa are successful applicants can move to Canada with their families and look at a pathway to citizenship; there are no minimum education or net worth requirements and Indian entrepreneurs can invest in Canadian start-ups to become eligible for the programme.
“Canada is inviting international entrepreneurs interested in starting businesses that will stimulate the Canadian economy while creating employment opportunities for residents. The start-up visa programme is ideal for Indian entrepreneurs with an existing business that is ready for investors,” explains Esha Chopra, director strategy and marketing, Toronto Business Development Centre.
To be eligible to apply to the start-up visa, applicants must have already created their business and secured commitment from a designated Canadian business investment organisation or incubator, approved by Immigration, Refugees and Citizenship Canada (IRCC). These organisations choose which business proposals to review and each has its own intake process for proposals and criteria used to assess them. Once the start-up visa applicant’s proposal gets the green light, the organisation provides a letter of support, allowing the prospective immigrant to continue with the process.
To be eligible to apply to the start-up visa, applicants must have already created their business and secured commitment from a designated Canadian business investment organisation or incubator, approved by Immigration, Refugees and Citizenship Canada (IRCC). These organisations choose which business proposals to review and each has its own intake process for proposals and criteria used to assess them. Once the start-up visa applicant’s proposal gets the green light, the organisation provides a letter of support, allowing the prospective immigrant to continue with the process.
Toronto Business Development Centre (TBDC) is one of the start-up incubators in Canada which has recently been granted a designated organisation status by the Canadian government. As a designated organisation, TBDC runs a six-month programme to help international start-ups, including many from India, establish and grow their business in Canada by providing them with access to mentors, investors, and working spaces.
Companies from different sectors including aerospace, fintech, cleantech, edTech and mobility have been attracted by the start-up programme to enter Canada and establish a foothold in the North American market. “More recently we have seen start-ups with solutions in remote working tools, business resilience services, and healthTech, among other sectors, that have immense potential in markets that are limping back to normalcy post pandemic,” Chopra says.
“As a designated start-up visa organisation, TBDC helps international entrepreneurs and business owners find the best opportunities by providing access to the Canadian market and helping them get accepted and qualified for the programme,” Chopra says. Getting a letter of support from a designated organisation is the first step for entrepreneurs who are planning to immigrate to Canada, in their journey of getting accepted and qualified for the start-up visa programme.
Unlike almost every other federal and provincial-level entrepreneur programme for aspiring immigrants to Canada, which require a minimum of one or two years of running a company, the start-up programme is flexible on the stage of the venture. This makes the programme a faster pathway to permanent residence for Indians. “With a viable start-up business project, an immigrant entrepreneur can expect it to take about four to six weeks to secure a commitment certificate or letter of support from a designated entity. Once that letter of support is received, the application for work permit and permanent residency can be submitted,” Chopra says.
She adds that Indian companies that choose to establish their businesses in Toronto, gain access to a talented and diverse workforce. “Toronto’s start-up ecosystem also attracts significant attention from global venture capital and angel investors.
She adds that Indian companies that choose to establish their businesses in Toronto, gain access to a talented and diverse workforce. “Toronto’s start-up ecosystem also attracts significant attention from global venture capital and angel investors.