To qualify for the Start-Up Visa Program, you must meet the following criteria:
1. Have a Qualifying Business:
- Create a business that satisfies specific conditions.
- At the time of commitment from a designated organization, each applicant must hold 10% or more of the voting rights, and collectively, they should hold over 50% of the total voting rights.
- Provide active management of the business from within Canada and ensure an essential part of the operations occurs in the country.
- The business must be incorporated in Canada.
2. Obtain a Letter of Support from a Designated Organization:
- Contact a designated organization approved to invest in or support potential start-ups.
- Convince the organization of the worthiness of your business idea.
- Obtain a letter of support from the designated organization, which must be included in your application.
- The organization will also send a commitment certificate directly to the immigration authorities.
3. Meet Language Requirements:
- Take a language test from an approved agency (English or French).
- Achieve a minimum level of Canadian Language Benchmark (CLB) 5 in speaking, reading, listening, and writing.
4. Bring Sufficient Settlement Funds:
- Provide evidence that you possess the necessary funds to support yourself and your dependents upon arrival in Canada.
- The Government of Canada does not offer financial support, and borrowed funds are not acceptable.
Ensure you meet these requirements to enhance the success of your application for the Start-Up Visa Program in Canada.
| Number of family members |
Funds required (in Canadian dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If more than 7 people, for each additional family member | $3,706 |
Financial Considerations for Newcomers to Canada
1. Determining Settlement Costs:
- Research the cost of living in your chosen settlement area in Canada.
- Check your home country’s regulations on money withdrawal with your lawyer, banker, or financial adviser.
- Refer to the Canada Border Services Agency website for information on bringing money, duty-free items, and tax-free imports.
2. Proof of Funds:
- As a skilled worker or self-employed person, provide proof of funds for settlement.
- Active management of funds and business operations in Canada is required for permanent residence.
3. Adjusting to Canadian Cost of Living:
- Be prepared for potential adjustments in your income and living expenses.
- Understand that the cost of living, including housing, utilities, and other expenses, may differ significantly from your home country.
4. Housing Costs:
- Expect housing and utility costs to constitute a significant portion of your expenses (35% to 50%).
- Renting an apartment may cost at least $350 monthly while owning a house involves additional expenses such as property tax and household insurance.
5. Health Insurance:
- Provincial health programs may not cover newcomers initially; inquire about additional health insurance options.
- Basic expenses include food, clothing, and occasional expenses such as prescription medicine, school supplies, and long-distance calls.
6. Pay Cheque Deductions:
- Understand paycheque deductions, which can include income taxes, pension plans, and union dues.
- Deductions may reduce your pay by 25% to 35%.
7. Sales Taxes:
- Be aware of sales taxes like the Goods and Services Tax (GST) and Provincial Sales Tax (PST) or Harmonized Sales Tax (HST) in certain provinces.
- Sales tax rates range from 5% (GST) to additional percentages for PST or HST, depending on your location.
Understanding these financial aspects will help you plan and navigate your settlement journey in Canada effectively.
