Canada Startup Visa 2024: Complete Guide for Entrepreneurs
Canada's Startup Visa program is one of the world's best entrepreneur immigration pathways, offering permanent residence from day one. Here's everything you need to know about qualifying, getting support, and relocating to Canada.
Permanent Residence from Day One
Unlike most countries, Canada's Startup Visa grants you permanent residence immediately—not a temporary work visa. You and your family get PR status while building your startup.
Explore Our Concierge SupportWhat is the Canada Startup Visa?
The Startup Visa program connects innovative entrepreneurs with Canadian private sector organizations (venture capital, angel investors, or business incubators) to build their startups in Canada.
Permanent Residence
PR from day one
Family Included
Spouse & children get PR too
Citizenship Path
After 3 years
Eligibility Requirements
1. Letter of Support from Designated Organization
You must secure support from one of Canada's designated organizations:
💰 Venture Capital
Minimum investment: CAD $200,000
Examples: OMERS Ventures, BDC Capital
👼 Angel Investors
Minimum investment: CAD $75,000
Must be from designated angel group
🏢 Business Incubators
No minimum investment
Must be accepted into program
Designated Organizations (Examples):
Venture Capital:
- • OMERS Ventures
- • BDC Capital
- • iNovia Capital
Incubators:
- • MaRS Discovery District
- • Communitech
- • DMZ Ryerson
Full list: canada.ca
2. Language Proficiency
You must prove English or French proficiency at CLB 5 (Canadian Language Benchmark) through:
- IELTS: Minimum 5.0 in each component
- CELPIP: Minimum 5 in each component
- TEF Canada: For French speakers
3. Proof of Funds
You must show you have enough money to support yourself and your family in Canada:
| Family Size | Required Funds (CAD) |
|---|---|
| 1 person | $13,757 |
| 2 people | $17,127 |
| 3 people | $21,055 |
| 4 people | $25,564 |
| 5 people | $28,994 |
*2024 rates. Updated annually.
4. Qualifying Business
Your business must:
- Be incorporated in Canada
- Carry out significant business operations in Canada
- Each applicant must hold at least 10% voting rights
- Designated organization + applicants must hold more than 50% voting rights combined
Application Process
Develop Your Business Idea
Create a compelling pitch deck and business plan. Focus on:
- • Innovation and market opportunity
- • Scalability potential
- • Team expertise
- • Financial projections
- • Why Canada?
Secure Letter of Support
Apply to designated organizations. This is the hardest part:
- • Research which organizations fit your industry
- • Submit applications (often competitive)
- • Pitch your business (interviews/presentations)
- • Negotiate terms if accepted
- • Receive Letter of Support
Timeline: 3-12 months (varies widely)
Submit PR Application
Apply for permanent residence through IRCC. Submit:
- • Letter of Support from designated organization
- • Language test results (IELTS/CELPIP)
- • Proof of funds
- • Police certificates
- • Medical exam results
- • Educational credentials assessment (ECA)
Application fee: CAD $2,140 (principal applicant) + $1,365 (spouse) + $230 (per child)
Processing & Decision
IRCC processes your application. Timeline:
- • 12-16 months average processing time
- • May request additional documents
- • Background checks and verification
Permanent Residence Granted!
Once approved, you and your family receive:
- • Permanent Resident status
- • PR cards (valid 5 years)
- • Access to healthcare and education
- • Path to citizenship after 3 years
Costs Breakdown
| Item | Cost (CAD) |
|---|---|
| PR application fee (principal) | $1,365 |
| Right of PR fee (principal) | $515 |
| Spouse/partner fees | $1,365 + $515 |
| Per child | $230 |
| Language test (IELTS) | $300-400 |
| Educational credential assessment | $200-300 |
| Medical exam (per person) | $200-400 |
| Police certificates | $50-200 |
| Business consultant (optional) | $2,000-5,000 |
| Immigration lawyer (optional) | $5,000-15,000 |
| Total (family of 3, DIY) | $5,000-7,000 |
| Total (with support) | $12,000-27,000 |
*Plus proof of funds (CAD $13,757-28,994 depending on family size)
Key Advantages
Common Challenges
Getting Letter of Support
Highly competitive. Designated organizations receive hundreds of applications. Strong pitch and traction help.
Long Processing Times
12-16 months average. Plan accordingly for relocation timeline.
Proof of Funds
Must show CAD $13,757+ in liquid assets (not tied up in business).
Language Requirements
CLB 5 is mandatory. Non-native English speakers may need preparation.
How TravelReady Helps
Application Checklist
Track all requirements
Document Validator
Institutional Expert System checks for completeness
Pitch Deck Review
Feedback for designated orgs
FAQ
What if my business fails after getting PR?
Your PR status is not affected. You can work for other companies or start a new business.
Can I apply with co-founders?
Yes! Up to 5 co-founders can apply together with one Letter of Support.
Do I need to live in a specific province?
No. You can live anywhere in Canada (except Quebec, which has separate programs).
How long does it take to get citizenship?
You can apply after 3 years as a PR (1,095 days of physical presence in Canada).
Conclusion
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Canada's Startup Visa is one of the most generous entrepreneur immigration programs globally. With permanent residence from day one and no requirement for business success, it's ideal for ambitious founders looking for stability and opportunity.
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