You don't need to secure any funds prior to starting your application. However, the minimum required investment should be aligned with the business plan and continue accordingly.
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Can I start my Canada startup visa application with part of the funds?
How much funding do I need to secure before I can apply for a startup visa in Canada? I will receive an inheritance soon, but I want to get my application going with my savings.
Answers
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Proof of sufficient funds will be verified and checked by the IRCC at the time of the submission of the application. That is to say, the application must contain the complete proof of funds, and not refer to future money that may be acquired. If you require the inheritance money in order to meet the threshold of the program, you should wait until receiving it before applying.
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To be eligible for Canada's Start-up Visa Program, certain criteria must be met. Let's delve into the details: 1. Qualifying Business Idea: Initially, you must possess a viable start-up business concept. This entails that your business idea is innovative, holds the potential to generate employment opportunities for Canadians, and can compete effectively on a global level. 2. Designated Organization Support: You must present your business proposal to a recognized organization (such as a venture capital firm, angel investor consortium, or business incubator) and secure their endorsement. They will furnish you with a letter of support and a commitment certificate. 3. Language Proficiency: Meeting language proficiency standards is imperative. Typically, this involves demonstrating proficiency in English or French through standardized tests like IELTS or CELPIP, equivalent to CLB5. 4. Settlement Funds: Sufficient funds must be brought along for settling in Canada. While there's no specific net worth prerequisite, it's essential to demonstrate ample financial resources to sustain yourself and any dependents upon arrival. Notably, these funds cannot be borrowed and vary based on the number of family members, starting from $14,000 for the principal applicant and increasing by $4,000 for each additional family member. 5. Minimum Investment Requirements: Your business venture must have financial support. The minimum investment amounts are as follows: - Angel Investors: A minimum of CAD 75,000. - Venture Capital Funds: A minimum of CAD 200,000. It's crucial to note that the Canadian government doesn't offer financial assistance to new immigrants under the start-up visa program. You must rely on personal funds or external investors to fulfill these obligations. Once all prerequisites are met, you can initiate your start-up visa application and establish your business in Canada!
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The amount of money you need to show Immigration Canada (IRCC) depends on (1) the number of family members in your application and (2) whether you would require a work permit or not. If you are not asking for a WP, the amount of savings you must show is quite low. In any event, future inheritance or future money may not be considered by IRCC: you need to show sufficient funds when you apply and throughout the process.
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