Start-Up Visa Business Plans
There are four requirements for eligibility to apply for a start-up visa.
- Meet the language requirements
- Canadian Language Benchmark (CLB) 5 in English or French (both is better)
- Meet the business ownership requirements
- At least 10% of the voting shares
- Have sufficient, provable settlement funds
- $12,000 to approx $33,000 depending on the number of dependants
- Show that the business plan or business idea is supported by
- a designated venture capital firm (VC), angel investor group (Angel) or business incubator
The last one is the most difficult to accomplish. You have to prove that you have obtained support from one of the designated organizations by producing a “Letter of Support” from one of them, stating that they are prepared to invest a minimum amount in the business venture or that a designated business incubator is prepared to accept the proposed business into a incubator program.
- Venture capital firm – at least $200,000
- Angel investor group – at least $75,000
This can be a huge problem because venture capital firms (VCs) and angel investor groups (Angels) only invest in about 1% of the businesses that are presented to them. The potential immigrant must have a very solid business idea that has been thoroughly researched and it must be in an industry (probably technology or bio-technology) in which the VC or Angel is interested. The immigrant must be an expert in the technology and must present a solid business plan. Most VCs and Angels want to see at least a working version and possibly customer interest in the product. The business incubators have limited space and resources and will only accept businesses that meet their own specific criteria.
We can certainly assist by writing the business plan; however, the idea should have already been accepted in principle by the organization that is considering providing a Letter of Support.
Building real business plans for real businesses.