A startup visa is a necessity for foreign workers
Category: Business Advice
Tags: business startup, Canada, startup visa
Those who are heading into Canada to create their own startup businesses will need to take a look at how they can get their visas so they can legally do business in the country. A startup visa can make a difference to anyone who wants to enter the country.
Considering how Canada offers lower taxes and a quickly growing economy, it is no secret that people want to move to the country to start their businesses. However, a startup visa will be required.
Who Is Eligible?
You could be eligible for your own startup visa to get into Canada. You must meet the following standards for eligibility:
- You must pass the country’s Canadian Language Benchmark tests.
- You must also have enough funds to show that you can support yourself and any dependents you have. The total amount of money required will vary based on the number of family members you are bearing with.
- You must hold full control over your business. You can also get a visa with up to four other people provided that each person has at least 10 percent of the voting rights associated with that business.
- A designated organization must also support your work. You may require venture capital funds and business incubator support depending on the business you run.
Getting An Application Ready
You will have to contact the Canadian government to get an application package for your startup visa. The IMM 0008 form is the one required for helping you get your visa.
The IMM 5620 fee payment form is also required. The fees that you will pay are in Canadian dollars and will vary based on the size of your business and what you plan on doing with it. Make sure you plan this well in advance so you understand what you will be getting out of the transaction.
The processing time for this will vary. It may take weeks for the visa to be brought out.
Don’t forget that Quebec has its own individual immigration department. You will need to contact the Quebec government if you are planning in incorporating your business in that particular province as the rules there may be different depending on what you have to work with.
You must be fully prepared to get your startup visa if you want to work in Canada and get your business ready there. The benefits of having your own business in Canada are strong but you need to make sure you can get in legally before you can start.
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