Author Topic: Start Up Business Immigration To Canada Class For Entrepreneurs  (Read 1096 times)

TorontoGal

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The Start-Up Business Class

Citizenship and Immigration Canada has released on March 28, 2013 the specifics of the Start-up Business Class, and officially announces the start of application intake on April 1, 2013.  As a Federal economic immigration program, the Start-up Business Class is the latest addition to other categories in the program, such as the Canadian Experience Class, the Federal Skilled Trades Class, the Provincial Nominee Class and the hihgly popular Federal Skilled Worker Class. 

Requirements of the Program 

There are specific requirements that applicants must comply with when applying under the Start-up Business Class.

One, the applicant must have secured a commitment from a designated Angel Investor Group to invest, at least, $75,000 in a “qualifying business”, or at least $75,000 each from not less than two designated Angel Investor Groups. As an alternative, an applicant can secure a commitment to invest a minimum of $200,000 in a qualifying business from a designated Venture Capital Fund, or $200,000 dollars each from two or more designated Venture Capital Funds. 

Two, the applicant must have passed an English or French proficiency test, obtaining no lower than a Canadian Benchmark Level of 5 in speaking, listening, reading and writing.

Three, the applicant must have finished a minimum of one year post-secondary education, where there is no requirement to complete a credential. 

Fifth and last, the applicant must have available and transferable funds amounting to, at least, 50% of Statistics Canada’s low-income cut-off, excluding debts and other financial obligations. 

A maximum of five applicants will be entertained for each business. A qualifying business is defined as a corporation operating in Canada where each of the maximum of 5 applicants has at least 10% of voting rights for all shares, with nobody, except one of the visa applicants, has 50% or higher of the corporation’s total voting shares.  (An unincorporated business may qualify if incorporation depends on the approval of the permanent visa application of one or more foreign nationals applying under the same business.)

Those who intend to apply with other foreigners under a single business should know that when one applicant is refused a visa under such business, all others will be refused. 

The following is CIC’s list of all Designated Angel Investor Groups and Venture Capital Funds:

Designated Angel Investor Groups

Angel One Network Inc.
First Angel Network Association
Golden Triangle Angel Network

Designated Venture Capital Funds

Advantage Growth (No.2) L.P.
BDC Venture Capital
Blackberry Partners Fund II LP (d.b.a. Relay Ventures Fund II)
Celtic House Venture Partners Fund III L.P.
Celtic House Venture Partners Fund IV LP
DRI Capital Inc.
Golden Opportunities Fund Inc.
INOVIA CAPITAL INC.
New Brunswick Innovation Foundation Inc.
Northwater Intellectual Property Fund
OMERS Ventures Management Inc.
Ontario SME Capital Corporation
Panagea Ventures Fund III, LP
PRIVEQ III Limited Partnership
PRIVEQ IV Limited Partnership
Quorum Investment Pool Limited Partnership
Quorum Secured Equity Trust
Rho Canada Ventures
Summerhill Venture Partners Management Inc.
Tandem Expansion Management Inc.
Vanedge Capital Limited Partnership
Version One Ventures
Wellington Financial LP
Westcap Mgt. Ltd.
Yaletown Venture Partners Inc.