The low-income cut-offs for Canada’s Start-Up Visa Program have been updated.
Individual candidates now need to show they have at least $25,338 available, rising with each family member included in the application.
The update was published on the website of Immigration, Refugees and Citizenship Canada on February 19, 2019.
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New Low Income Cut Offs For Start-Up Visa Program
|Number of Family Members||Funds Required|
|7 or more||$67,055|
|If more than 7 family members, for each additional member, add||$6,827|
Candidates must provide proof of funds with their application. The money can be in the form of:
- Documents that show property or capital payable to the applicant (such as stocks, bonds, debentures, treasury bills, etc.).
- Documents that guarantee payment of a set amount of money, which are payable to the applicant (such as bankers’ drafts, travellers’ cheques or money orders).
The Start-Up Visa program grants Canadian permanent residence to qualified immigrant entrepreneurs.
The program aims to recruit innovative entrepreneurs to Canada and link them with the Canadian private sector businesses, (angel investor groups, venture capital funds or business incubators) and facilitate the establishment of their start-up business in Canada.
Successful candidates will receive a letter of support from a government designated entity.
The government designated entity is primarily responsible to determine the viability of the applicant’s intended business and present an approved project along with a Commitment Certificate to immigration authorities.
Applicants to Canada’s Start-Up Visa program must meet four basic eligibility requirements:
- Have a qualifying business
- Obtain a commitment from a designated entity in the form of a Commitment Certificate and Letter of Support;
- Have sufficient unencumbered, available and transferable settlement funds;
- Demonstrate sufficient proficiency in English or French through standardized testing (Canadian Language Benchmark level 5).
The required commitment from a designated entity must meet the following criteria:
- A designated angel investor group must confirm that it is investing at least $75,000 into the qualifying business, or two or more commitments from designated angel investor groups totaling $75,000; OR
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business or two or more commitments from designated venture capital funds totaling $200,000; OR
- A designated business incubator must confirm that it is accepting the applicant into its business incubator Program.
In order to qualify, the intended business must be incorporated and carrying on business in Canada at the time the commitment is made and:
- The applicant owns a least 10% of the voting rights in the corporation; AND
- No other person holds 50% or more of the total amount of voting rights in the corporation.
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