Canadian Startup-Visa 2016. Great opportunities for startup owners and developers from all over the world.
Canada has always been an attractive destination for those who chase better life. Due to its prosperous well-developed economy, low level of inflation and high standard of life, along with stunning nature it appears to be the perfect place to settle down. All these factors attracted immigrants from all over the world to move to Canada for decades. So let's figure what exactly makes it a great country, not only for life, In and for the development of your startup.
Among the priorities of Ministry Of Immigration of Canada, one is an attempt to simplify assimilation process for newcomers. For instance, amongst the others aspects, Government of Canada in 2013 implemented new kind of Visas - Startup Visas, that aimed to help new residents to conform with a fast growing market of modern technologies. Start-up Visas design both to reduce pressure both on the economy of the country and new immigrants, who have to earn money for everyday life and to overcome hardships of first years abroad.
During first five years of its existence, Start-Up Visas Program will be working in a test mode and will give a chance to more than 2700 startup developers to come before the end of this period. At the beginning of 2016, more than 100 people already received such kind of Visas.
Most popular trends in this Program are:
IT and communication sphere, software and apps development
Info Security and New Media
Canadian Government leads quite ambitious policy to support and develop a strong competitor for Silicon Valley in the US. This ambition is supported by the reduction of bureaucracy for people who is starting their entrepreneurship. In Canada, you can register your business online without visiting any of the offices. Moreover, there are a lot of Centres for the informational support of Entrepreneurs, and support Programs for Startups. The contact information of such of such centers can be easily found at the official site of CIC.
Also, it is critically important that Government of Canada allows finances influx by flexible and transparent tax policy. For example, the amount of taxes may vary from 19.5 to 34%. It depends on received profit of company and province where business was estimated. VAT is required to pay only for businesses with an annual turnover of 30 000 CDN and it varies from 5% to 15%.
According to Forbes research: Canada is one of the ten countries in the world that are most attractive for small businesses. Therefore, the percentage of small businesses that have overcome the critical "first year abroad" reaches 78.6%.
First and most important thing that you need to succeed with your start-up in Canada - is idea. It should be a progressive idea, an idea that has the potential to break out into the lead in the global market of innovations. The idea must be well developed and expressed on the paper in a form of detailed business plan. Then you should present your materials to the potential investors. At this stage, your personal data is not so as important. All attention goes to the potential of the project.
If the project seems to be worthy of investors attention, he needs to confirm the intention on its sponsorship and support by sending you a Letter of Support. After you get this letter and all other necessary documents, you can apply to the Canadian consulate for a Start-up Visa.
When applying for a Start-Up Visa applicant must provide the following documents:
Certificate conforming the knowledge of English or French (IELTS level 5);
High Education Diploma or Certificate of Completion of at least one year of high school;
Letter of Support from the Canadian venture capital or business, confirming its readiness to provide support for Start Up (the minimum amount - 200 000 CDN for an investment fund and 75,000 CDN for business- angels);
Bank statement, confirming the availability of funds on the applicant's account for the first months in Canada ( 12,604 CAD for the one person, for each family member, added approximately CAD 3,000);
Medical examination results from a medical institution, accredited by the Ministry of Immigration Canada;
Certificate of no criminal record
The applicant can be followed with his spouse and children (family members will be included in the application for a Visa). Accompanying family members are also entitled to all the rights of Permanent Residents, including the right to study and work. The term of consideration of the application for Start-Up Visa should not exceed six months.
Business Incubators and Accelerators
Immediately after starting the Start-Up Visas Program, the Canadian government made a decision to support newly created businesses through providing them with the assistance of business incubators and accelerators which accredited by the Ministry of Citizenship and Immigration.
Business incubators typically provide funding for innovative projects in the early stages of project development - " seed" and "pre-seed" and then helps to find additional funding. Also, in most cases, they provide working space in co-working centers and the opportunity to study or to obtain professional guidance from industry professionals. For communication with representatives of business incubators, as well as to apply for reviewing of your project, you can check a specialized portal F6S.
As a result of all the above, I can state that Canada - a suitable place for the realization of new ideas. And if you are confident in the potential of your project, ready to convince others of its consistency and prepared to develop it in the most proper environment created both by business and government, you should think about Canadian Start-up visa.
Useful information and references:
A site dedicated to Canadian Start-Ups (you can see the ratings of startups, the most relevant markets, the volume of investments, etc.)
List of venture capital funds, business angels and incubators, accredited by the Government of Canada
The list of grants provided by the Government of Canada for the development of small businesses
Portal with a free database of small business funding
Government of Canada official site which contains a list of all the programs and features that are offered for new business immigrants