Canada Startup Visa Programme: How To Apply As Nigerian

Canada is one of the wealthiest countries in the world, with a high per capita income and a major trading market. The country is consistently regarded as one of the greatest locations in the world to live. It is well-known for having a good level of life, a clean environment, a low crime rate, and a great infrastructure.

The Canadian Startup Visa program enables overseas entrepreneurs to set up new firms in Canada and qualify for permanent residency.

Peter Obi Begs Nigerians To Bear With CBN

FG to establish Free Trade Zone in Ekiti – NEPZA boss

One advantage of applying for residency by investment in Canada is that your family is included in the application, and there are no age or net worth requirements. As a resident, you will enjoy a high level of life, as well as economical healthcare and other other advantages.

To top it all off, the startup visa allows for citizenship after three years (or 1,095 days) of physical presence out of a total of five years.

Requirements For Canada Startup Visa

To obtain permanent residence in Canada, foreign entrepreneurs must propose an innovative start-up business, approved by a designated organization.

One of the following options must be chosen:

Business incubation: No minimum investment is required
Angel investment: Raise CAD 75,000 from an angel investment group, depending on a certain stage of the business
Venture capital fund: Raise CAD 200,000 from a venture capital fund, depending on a certain stage of the business

For all three options, additional fees apply for optional consulting, government fees, business structure, document processing, and immigration filing.

Investors are also required to:

Have English or French language proficiency at the CLB/IELTS 5 level
Be in good health
Have no criminal record

What You Should Know Before Applying

To start an application, the client needs to draft and submit a business proposal for review and approval by a designated government business organization.

Thereafter, the client will receive a letter of support enabling them and their family to apply for permanent residency once they have received approval from a business incubator, an angel investment group, or a venture capital fund (depending on the investment option selected).

A physical presence will be needed for two out of every five years (or 730 days) in Canada necessary to keep permanent resident status. The procedure takes between 12 and 31 months.

How to Apply For Canada Startup Visa

To apply for the Start-up Visa Program, your business idea or venture must get the support of one or more of the designated organizations listed below:

Venture capital funds
Angel investor groups
Business incubators

These designated organizations are business groups that have been approved by the Start-up Visa Program to invest in or support potential start-ups.

These organizations decide which business proposals to review through their proposal process and evaluation criteria. You may be asked to present your business concept in person or to submit a detailed business plan, for example.

If an organization decides to review your business idea, it will evaluate its potential and whether or not it will succeed. A Letter of Support. will be sent if the organization backs your business idea.