Indians are increasingly interested in Canada’s start-up visa program, which aims to entice immigrant entrepreneurs seeking a path to permanent residence. The program is in keeping with the Canadian government’s goal of attracting globally competitive start-ups. The initiative, which began as a three-year pilot, became permanent in 2018 and is now gaining traction in post-pandemic circumstances.
Successful applicants can move to Canada with their families and pursue citizenship; there are no minimum degree or net worth requirements, and Indian entrepreneurs can invest in Canadian start-ups to qualify for the program. “Canada is welcoming overseas entrepreneurs who want to develop enterprises that will boost the Canadian economy while also providing jobs for Canadians. “The start-up visa program is great for Indian entrepreneurs who already have an organization that is ready to invest,” says Esha Chopra, head of strategy and marketing at the Toronto Business Development Centre.
To be qualified for the start-up visa, candidates must have already established a firm and obtained commitment from a designated Canadian business investment organization or incubator that has been approved by Immigration, Refugees, and Citizenship Canada (IRCC). These organizations select which business proposals to analyze, and each has its unique proposal intake procedure and evaluation criteria. When the start-up visa applicant’s idea is approved, the organization issues a letter of support to the potential immigrant, allowing them to continue with the procedure.
The Toronto Business Development Centre (TBDC) is one of Canada’s start-up incubators, and the Canadian government has given it designated organization status. As a recognized organization, TBDC offers a six-month program to assist international start-ups, many of which are from India, in establishing and growing their businesses in Canada by connecting them with mentors, investors, and coworking spaces. The start-up program has encouraged companies from a variety of industries, including aerospace, fintech, cleantech, edTech, and mobility, to come to Canada and build a presence in the North American market.
“Recently, we’ve seen start-ups with solutions in remote working tools, business resilience services, and healthTech, among other sectors, that have enormous promise in markets that are limping back to normalcy following the pandemic,” Chopra says. “As an authorized start-up visa organization, TBDC assists overseas entrepreneurs and business owners in identifying the best prospects by offering access to the Canadian market and assisting them in becoming accepted and eligible for the program,” says Chopra. ing a letter of recommendation from a designated organization is the first stage in the process of becoming accepted and qualifying for the start-up visa program for entrepreneurs wanting to relocate to Canada.
Unlike practically every other federal and provincial entrepreneur scheme for intending immigrants to Canada, the start-up program does not need a minimum of one or two years of experience running a business. As a result, Indians can move to the United States more quickly under the scheme. “With a solid start-up business proposal, an immigrant entrepreneur can expect to receive a commitment certificate or letter of support from a designated body in four to six weeks. The application for a work permit and permanent residency can be submitted once that letter of support is obtained, according to Chopra.
She goes on to say that Indian enterprises that opt to set up shop in Toronto enjoy access to a skilled and diversified workforce. “Global venture capital and angel investors pay close attention to Toronto’s start-up ecosystem.