Are you a foreign entrepreneur with an innovative business idea for the Canadian market? Do you have the skills and experience to build a business in Canada? If so, the Start-Up Visa Program may be a great option for you. The program offers a unique opportunity to build a business, make a profit, and immigrate to Canada.
Investors are the key to Canada’s Start-Up Visa Program
The Start-Up Program does not require a minimum initial investment from you and there is no net worth requirement (though you must show you have sufficient funds to settle yourself and your family in Canada). Instead, to be eligible for the Start-up Visa Program, you must have a qualifying business and get a letter of support from a designated organization. These designated organizations are venture capital funds, angel investor groups, or business incubators that have been approved to invest in possible start-ups through the Program.
A comprehensive business plan is essential
Before you can apply to immigrate under the Start-Up Visa Program, you first need to obtain a letter of support from at least one designated organization. The letter is proof that the organization support your business idea. That means you must pitch your business idea to organizations. Each organization has its own intake process and criteria for assessing business proposals. That being said, without question, all of them will need to see a detailed, well-researched business plan. An investor can’t commit to supporting your business without knowing its objectives, strategies, and forecasts.
What investors look for in a business plan
A proper business plan is essential if you want to immigrate to Canada under the Start-Up Visa Program. Your plan must demonstrate that your business is viable in Canada and can create jobs for Canadians. Your business plan should be as detailed as possible, including the following points:
- A description of your company
- Short and long-term goals
- Market research
- Marketing strategy
- Financial plan (i.e., cash flow projections, P&L analysis, payback period)
- Key management, staff, partners, suppliers, etc.
Once you have prepared your business plan, take steps to launch your business in Canada. You do not have to wait for your immigration application to be submitted, and in fact, taking concrete steps such as incorporating a Canadian company, leasing commercial space, and/or recruiting staff shows your commitment to your business plan.
Start-up visa immigration is an amazing opportunity, but the application process can be challenging. Your application will be refused if you don’t have a letter of support, and to get investor support you need a proper business plan. The experienced immigration and corporate lawyers at Invicta Law Corporation can help your application succeed. Contact us today to schedule a consultation or to obtain a quote. We can discuss your eligibility for business immigration to Canada and advise you on the best strategy to achieve your business and immigration goals.