Take Your Business to Canada with the Canada Startup Visa
SEP 5, 2022
KELIA LOSA REINOSO
Ever dreamt of expanding your business in Canada? It's possible if you qualify for a Canadian Startup Visa. Canada is the perfect location for entrepreneurs and investors looking to grow in a foreign market. Because of its geographical position, Canada finds it simpler than other nations to do business with the US. Some elements that influence foreign business people to choose Canada as a destination for immigration include the availability of trained personnel, natural resources like oil, gas, and wood, and simple access to the US market.
What is a Canadian Startup Visa?
The initiative is a fantastic approach for Canada to draw in business immigrants who will establish new businesses in the Great White North. The Start-up Visa Program in Canada favours immigrant company owners who have the aptitude and capacity to establish successful enterprises in Canada.
You can get a Startup visa if your ideas are original; you can produce employment for Canadians and your plan can compete internationally.
If you have an original business concept, you could move to Canada if your business plan is endorsed and recognized by a specific authority in Canada.
Requirements for a Startup Visa
Before you start making money from your business, you must have a qualified business, a letter of support from a recognized organization, fulfill the language criteria, and have enough money to settle and reside in Canada.
Additionally, you must be admissible into Canada. Find out more about admissibility here.
How to Apply For a Canadian Startup Visa to Start a Business in Canada
There are several steps you have to take to successfully apply for a Startup Visa.
- Step 1:Check your eligibility. Before applying, you must check that you're eligible to apply and that this is the best path for you to move to Canada.
- Step 2:Gather all the documents you need to support your application. Letters from sponsors, proof of finances (personal and business), language test results and, if asked, medical and police certificates.
- Step 3:Submit your biometrics. You'll need to provide your fingerprints and biometric data before you apply.
- Step 4:Get the application package. This will contain all the forms you need to fill in. These need to be filled in correctly and in full, or your application may be rejected.
- Step 5:Pay your application fees and submit. After you have paid both the application and biometrics fees, you can apply through an online portal.
To ensure your application is complete, you must:
- Respond to all inquiries
- Your application and all other paperwork must be complete
- Pay your processing costs, including any necessary supporting documentation, and attach a copy of the receipt to your application.
5 Reasons to Start a Business in Canada
The Canadian government supports entrepreneurship. Thanks to the North American Free Trade Agreement (NAFTA), you may operate your company more profitably in Canada than in the US, and still have unrestricted access to the North American market.
Depending on the industrial sector, Canada has the lowest business expenses among 11 nations in North America, Europe, and Asia-Pacific, and it is around 9% less expensive after taxes than the United States.
The lower cost of the high-quality, trained labour force in Canada is a significant contributing factor; the country has the lowest overall labour expenses when accounting for wages and compensation, statutory benefits, and additional perks.
Here are five reasons you should get a Canadian Startup Visa
1. Tax Benefits
The high corporation tax rates in their home countries are one of the main reasons international business owners and entrepreneurs want to enter the Canadian market. These overseas corporations believe that high corporate tax rates are detrimental to the success and profitability of their businesses. An example is the United States of America, where the national corporation tax rate was 21% in 2019. Canada, on the other hand, continues to have one of the lowest tax rates. This is why international investors and company owners find Canada quite alluring.
2. Canada is a Great Place to Live
Canada is renowned for its breathtaking beauty and vast uninhabited areas. The views of the unspoiled, natural surroundings, which are made up of lovely lakes and rivers, are spectacular. Three seas, mountains, plains, and some of the most beautiful cities in the world, including Toronto, may all be found in one region.
The rapidly expanding and industrialized economy of Canada offers countless opportunities and possibilities. Canada, deemed as one of the richest nations, offers the highest standard of living, lowers taxes, and has an inflation rate of 2.3%, all while boosting its economy.
With an average yearly salary of roughly $40,000, Canadians also keep a growing portion of their yearly earnings. Moreover, with the lowest unemployment rate in recorded history (4.9%) and the creation of hundreds of thousands of new jobs each year, the economy is still improving.
3. A Strong and Stable Economy
Even if the global financial crisis worsens, Canadian financial institutions are still strong. According to the World Economic Forum's Global Competitiveness Report for the second consecutive year, Canada boasts the world's most stable financial sector.
The internationally renowned reputation of Canada's well-regulated financial institutions, including its banks, trust firms, cooperatives, insurance companies, and stock exchanges, is a result of its stability and competitiveness.
Since financial rules have been loosened throughout the world, Canada's financial industry has become one of the country's top export earners. The other financial institutions in Canada are also excellent, providing safe and profitable investment alternatives.
Canada came first on Forbes' list of the Best Countries for Business in 2011. Due to its open markets, protection of investors, lack of corruption, low levels of red tape, and low corporate tax rates, the nation took the top rank. As a result, Canada is ranked number 6 as of December 2018 on the Forbes list, while the United States is ranked number 17.
Amazingly so, Canada's economy grew steadily from 2005 to 2014 despite the financial crisis, which started in 2008. Moreover, major banks in the nation emerged from the crisis as some of the strongest in the world. Forbes claims this stability is due to the Bank of Canada's early action and cautious lending policies.
4. Phenomenal Work Force
Canada boasts a phenomenal workforce that is highly skilled. As a result, Canada has a large pool of candidates if you're considering recruiting local workers. In terms of the proportion of individuals with a postsecondary degree, who are 25 to 34 years old, Canada ranks second among the Organization for Economic Co-operation and Development (OECD) nations (61%) and first (65% ) among adults who were born abroad. Nearly 45% of the population of Canada is between the ages of 25 and 54, according to the Canadian Council for Social Development.
5. Multiculturative and Supportive to Foreign Business
The best and brightest come to Canada from all over the world because of its business-friendly immigration laws that only allow for the admission of highly qualified applicants. Canada is a sizable nation that wields considerable influence. Yet, when it comes to guaranteeing equal opportunities for everybody, whether they are citizens or migrants, it ranks first among the Group Seven (G7) nations.
Canada is one of the few nations growing its immigration sector daily. For example, a business visa enables immigrants to come to Canada and launch a small business, while skilled workers programs allow them to live and work there. In addition, almost every ethnic group in the world is represented in Canada. As a result, with over 200 different languages, Canada is one of the world's most ethnically and linguistically diverse countries.
Did You Know?
Canada has been ranked as the best G7 country in which to conduct business for the ensuing five years by the Economic Intelligence Unit.
You can also use the Canada Investor Visa to start a business in Canada.
About Foreign-Owned Businesses in Canada
Canada has massive foreign-owned company statistics. Enterprises controlled by the United States retained the biggest total percentage of foreign-owned assets in Canada (51.9%), followed by the United Kingdom (11.0%) and Japan (6.0%). Enterprises from America's macroregion (53.7%) owned more than half of all assets under foreign ownership in 2019, followed by Europe (31.4%) and Asia (13.3% t). The proportion of assets held by businesses in the Americas area increased somewhat in 2019, while the proportion of businesses managed by Europe and Asia decreased significantly from levels in 2018.
Provincial governments constantly court multinational enterprises (MNEs) to conduct business there. Even though they make up less than 1% of all businesses nationwide, MNEs contributed 15.3% to Canada's gross domestic product and, on average, employed 18.2% of the corporate sector's workforce from 2016 to 2018.
Start Your Business in Canada
With MDC, you can start a business in the Great White North with a CanadianStartup Visa in no time. Get in contact with one of our Regulated Canadian Immigration Consultants (RCICs) today to learn more about expanding your business in one of the world's strongest economies.
How much Money Do I Need for a Startup Visa?
You must get a minimum investment of $200,000 if the investment originates from a recognized Canadian venture capital fund. Obtaining a minimum investment of $75,000 is necessary if the investment originates from a recognized Canadian angel investor club.
What happens if my business fails if I immigrate under the Start-up Visa Program?
You may continue to live in Canada. Your status as a permanent resident is unaffected if your firm collapses. Canada knows that not every firm will thrive, and this program is set up so that the public and private sectors share the risk.
How do I get support for my business from a designated organization?
You must persuade the chosen group that your company concept is one they should support. Each company has a different method for presenting ideas. Every company has unique needs. For instance, you could be required to give a live presentation of your company idea or submit a thorough business plan.
A letter of support will be sent if you and the specified group can come to an agreement. When you send your application to Immigration, Refugees & Citizenship Canada (IRCC), you must attach this letter.