Why Obtain Permanent Residency in Canada Through the Startup Visa?

Why Permanent Residency in Canada Through the Startup Visa?

If you plan to settle in Canada by starting your own business, you can rely on the unique Permanent Residency in Canada through the Startup Visa program. Due to its minimal requirements, the Startup Visa has advantages over other programs. This is why it has gained great popularity among business professionals and entrepreneurs.

Since the program’s launch in 2013, its focus has been on entrepreneurs who wish to implement their business ideas and innovative products in the Canadian market. These individuals must receive a commitment to investment and a letter of support from Canadian venture capital funds, angel investor groups, or business incubators. For full details on the conditions and costs of this visa, visit the Canadian Startup Visa page. In this article, we will examine the main reasons why this visa stands out compared to other Canadian visas. We will also explore the disadvantages of the Canadian Startup Visa.

7 Advantages of Permanent Residency in Canada Through the Startup Visa

1- Low Language Skill Requirements

Unlike other Canadian immigration programs, with just a CLB5 language score, you can easily apply for permanent residency in Canada through the Startup Visa.

Achieving CLB 5 in each of the listening, speaking, writing, and reading skills in either French or English is one of the initial requirements to apply through the Canadian Startup Visa program.

CLB5 equivalent language scores vary across different language tests. For example, CLB5 in the IELTS exam is equal to a score of 5 in each of the four skills.

Good News: Those who trust the SMILE to Canada team for their Startup Visa process can benefit from free English language training services from SMILE to Canada, from the start of the visa process until the time they receive Canadian permanent residency. You can get started with language training here.

2- No Need to Be in Canada to Obtain Permanent Residency

One of the greatest advantages of obtaining permanent residency in Canada through the Startup Visa is the cost savings, as there is no need to be physically present in Canada. During the processing of your application and until your permanent residency is granted, you can remain in Iran or anywhere else, with no obligation to be in Canada. This means you can continue your usual life in Iran or anywhere in the world, without incurring the living expenses of Canada, and after receiving your permanent residency, you can move to Canada to live.

3- Opportunity to Immigrate to Canada During the Application Process

Interestingly, during the processing time of your application, you have the complete freedom to choose whether or not to come to Canada! This means that if you wish to be in Canada before obtaining permanent residency through the Startup Visa to familiarize yourself with the culture, environment, and living conditions of the country, there are no restrictions on your entry.

Our recommendation for doctors and dentists wishing to immigrate through the Startup Visa is to come to Canada before obtaining their permanent residency. During the application process, they can address the necessary medical credential equivalencies and evaluations. This allows for efficient use of time in starting their medical careers legally in Canada.

۴- Free School Tuition for Children

During your stay in Canada with the Startup Visa, you are exempt from paying tuition fees for your children’s school. Normally, you would be required to pay tuition, which on average is around CAD 25,000. This benefit is a significant saving for parents.

۵- Full-time Work Permit for the Applicant and Their Spouse

Individuals entering Canada on a Startup Visa can apply to work in any field and earn an income until they receive permanent residency and the Startup program is confirmed. This work permit is not limited to the applicant alone; their spouse will also benefit from this work permit.

۶- Stability of the Application in Case of New Regulations

One of the significant advantages of the Canadian Startup Visa is the security it offers for your immigration process. Once your application is submitted, any new laws introduced by the Canadian immigration authorities will not affect your case. Your Startup Visa application will be processed according to the rules in place at the time of submission.

۷- Innovative and Effective Startup Idea

To be accepted for the Startup Visa, one of the requirements is to obtain a letter of support from one of the designated organizations for Canada’s Startup Visa, which includes groups of venture capitalists, angel investors, and incubators.

To gain support from these designated organizations, you must present your business idea to them and convince them that supporting or investing in your business will benefit them. Therefore, presenting an innovative and comprehensive business plan plays a very important role in the success of your application. If you’re concerned about providing a compelling idea, the SMILE to Canada immigration team, with over five years of professional experience in handling Canada’s Startup Visa applications and a deep understanding of the Canadian market, will assist you from the first steps of ideation to startup launch.

Additionally, unlike other investment programs that require personal financial investments, the permanent residency program through Canada’s Startup Visa does not have such a requirement. In fact, it is expected that the designated organization will provide the financial resources for your business. However, you will still need to provide documents proving your ability to support yourself and your family while living in Canada.

Disadvantages of Obtaining Permanent Residency in Canada Through the Startup Visa

1. Cost of Residency Through the Startup Visa

At first, you might think that obtaining a Canadian Startup Visa is expensive, but compared to other methods of starting a business for yourself, registering a company, or even entrepreneurship and receiving a job offer, the total cost from the start of the application process to obtaining permanent residency is far more economical than other immigration methods.

Required Financial Capability for Canadian Permanent Residency through the Startup Visa

As mentioned earlier, you must demonstrate to the approving organization that you have enough funds to support yourself and your family members while your business is in its early stages. The required amount of funds depends primarily on the number of family members accompanying you.

Here is a summary of the required amounts:

• Single applicant – 13,757 CAD
• 2 family members – 17,127 CAD
• 3 family members – 21,055 CAD
• 4 family members – 25,564 CAD
• 5 family members – 28,994 CAD
• 6 family members – 32,700 CAD
• 7 family members – 36,407 CAD

In summary, for each additional family member, you should add approximately 3,706 CAD to these amounts.

2. Processing Time

Currently, the processing time for a Canadian startup visa application takes between 2 to 3 years. However, before the COVID-19 pandemic, all applications were processed within one year. Given the recent changes in the acceptance of new applications, it is expected that the processing time will return to pre-COVID levels, and with the decrease in the volume of applications, this time is anticipated to decrease.