Q1- How can I get support from a designated organization?
Ans- Firstly, you need to contact some of the designated organizations. You need to convince them that your business idea is worth investing / supporting. Some of them may ask you to submit a detailed Business model or present it in person. If they grant you the ‘Letter Of Support’ & ‘Commitment Certificate’, you need to submit these documents along with your application.
Q2- What is the difference between venture capital funds, angel investor groups, or business incubators?
Ans- Both the Venture Capital funds and Angle Investor Groups provides you the support in term of investment. If the support comes from the Venture capital funds, you need assure the minimum investment of CAD 2, 00,000 and if the investment is made by Angle investor group, you have to get a minimum investment of CAD 75,000.
But to acquire the support from the Business Incubators, you don’t need to secure a financial commitment. You just need to get acceptance from any Canadian Business Incubator Program.
Q3- What if my business fails after I immigrate to Canada with a Start-up Visa?
Ans- You need not worry if your business fails to success. Canadian authorities realize that there is always a risk and that there is no guarantee that every business will be successful.Although your status of permanent residency is not affected.
Q4- Do I need any capital investment if I apply through Start-Up Visa program ?
Ans – No, you’re not obliged to invest from your own funds. The minimum amount of investment that you need to secure will be the investment that comes from a designated Canadian Venture capital funds or Angle investor groups .
In case of support from Business incubators, there is no requirement of investment.
Q5 – Who will review my SUV application?
Ans– The first authority to review your application is the one from whom you seek your support i.e. from any one of the Designated Organizations. After that your application is evaluated by the IRCC (Immigration, Refugees and Citizenship Canada). In some cases your application may be based on Peer review process. This is done to avoid the fraudulent activities to ensure that your business is legal and the designated company’s standards are in accordance with other standards in the industry for this kind of support.
Q6 – Who is the essential person under Start-Up Visa program ?
Ans- An essential person is the one who is critical to the company meaning he will be key to success. A person will be identified as essential by the designated organizations on letter of support or on the commitment certificate.
Q7 – What happens if I receive investment support from more than one designated organization?
Ans- Receiving a support from more than one organization is termed as ‘syndication’. In such case your syndicated supports need to get identified and you will receive only one letter of support and commitment Certificate.
Q8 – What is the living expense in Canada ?
Ans- Your living cost will completely depend on how many dependents will be travelling with you . At times, the designated organizations may sanction you with additional money to support your living expenses. NOTE : you cannot use your investment money for your living expenses.
Q9 – Is there any application form to be filled to get support from a designated organizations?
Ans- No, there is any no form you need to fill to get support from the designated organizations. All you need to make sure is your business idea is worth convincing to obtain support from the investors.
Q10 – Can I immigrate to Canada together with the team of entrepreneurs?
Ans– Yes. Up to 5 people are able to apply for the Start-up Visa Program as owners of a single enterprise.
After reviewing your proposal, the designated organization will determine the person who is crucial or not to the company. Essential people are crucial to the start-up you are planning to launch. In the absence of this particular person, the company would not be able to invest in or approve the plan.
If the authority deny the application of a person who is essential, all applicants related to him are also rejected.