Ottawa Increased Settlement funds for Start-Up Visa Applications

Author: Admin | | Categories: Entrepreneur

Start-Up Visa Program

Immigrant entrepreneurs desiring to obtain permanent residency in Canada through the Start-Up Visa program will need to show they have more settlement money than necessary last year. The amount required for a single applicant has risen by $97, from $13,213 in 2021 to $13,310 this year as a result of the most recent hikes. 

Each number of family members has seen similar little increases in costs over time. This is the case even if the family is not coming to Canada with the applicant. The money must be accessible at all times both when a candidate applies for and receives a permanent residence visa.

“The Canadian Government does not give financial support to new Start-Up Visa immigrants,” mentions Immigration, Refugees and Citizenship Canada (IRCC) on its website. “When you apply, you’ll need to give proof that you have the money to support yourself and your dependents after you arrive in Canada. You can’t borrow this money from another person.”

Settlement Funds Required For the Start-Up Visa Program

The new requirements are outlined below:

Number of Family Members                                   2022 Funds Required

1                                                                               $13,310

2                                                                               $16,570

3                                                                               $20,371

4                                                                               $24,733

5                                                                               $28,052

6                                                                               $31,638

7                                                                               $35,224

Each Additional Family Member                             $3,586

The basic government-imposed candidate eligibility requirements for the Start-Up Visa program are:

  • A commitment certificate and letter of support from a designated entity;
  • A qualifying business;
  • Sufficient unencumbered, available, and transferable settlement funds to meet settlement funding, and;
  • Proficiency in English or French at the minimum Canadian Language Benchmark level 5. However, it frequently occurs that higher levels of English are needed to meet due diligence requirements imposed by designated entities.

Do Start-Up Visas Allow Immigrant Entrepreneurs to Gain Permanent Residency?

Yes, Immigrants can get Canadian permanent residence if they qualify as immigrant entrepreneurs under the Start-Up Visa program.

There are three types of private-sector investors are considered: 

  1. Angel investors
  2. Venture capital funds and
  3. Business incubators.

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