All You Need to Know About Canada’s Startup Visa Program

May 12, 2021 | Written by: Sohail Afzal

all-you-need-to-know-about-canadas-startup-visa-program

Do you have an innovative business idea? Do you have the ability to create jobs for other people? Do you make a good living out of your current business? If your answer is Yes in all the cases, hop into the following details where you can find all about Canada’s Startup Visa Program.

Suppose you are planning to immigrate to Canada with your business. In that case, you may also need an accounting firm that deals with startup accounting. Because with an idea worth moving to another country, you should only focus on what is essential to run the business. Simultaneously, the outsourced accounting firm will deal with all the complicated tax issues for you.

So, here we are:

What’s The Program All About?

Canada’s startup visa program encourages all the entrepreneurs worldwide to come in and create more jobs for Canadians. Through this program, you can achieve the goals of your business while also settling in Canada. To make sure you qualify for the program, your business idea should

  • Exhibit an innovative approach
  • Have the ability to sustain itself while creating jobs for Canadians
  • Be scalable to compete on a global level

Are You Eligible For The Program?

There are certain conditions that you need to meet to be eligible for the program. Those conditions are:

  • You should have a sustainable business
  • You should have a letter of support from the designated organizations
  • You should meet the language requirements
  • You should bring enough money to settle in Canada

In this regard, you will not be able to have any financial support from Canada’s government. The Canadian government does not support a startup business for the apparent reason of overcrowding.

Fill The Application Form

Once you figure out that you meet all the requirements mentioned above, there is no point in waiting anymore. At this stage, you need to access the online application form for the program and get everything lined up. This is an online application form that you can easily fill out on your computer (not on your phone). Once you are there, you can get to know about the application fees, application package, and the final steps for applying.

Optional Temporary Work Permit

Sometimes the whole process can take longer than you anticipated. In this scenario, you can also signup for a temporary work permit. All the information about this temporary permit is also available under the Start-up Visa Program. This program enables you to generate the funds for your primary business idea for which you are moving to Canada in the first place.

Hire An Accounting Firm

The first thing you need to do after settling in Canada with your new business is to hire a professional accounting firm. Accounting firms help with your taxes and guide you through the complex initial processes of your business. They can also help you incorporate your business, which is an essential step in setting up your company in Canada.

Conclusion

You will need a sound business idea that is self-sustainable to apply for Canadian Start-up Visa Program. The government of Canada is all for your idea. Still, they also need to ensure that your startup can create jobs for Canadians. So, it should be a win-win for both parties.

Sohail Afzal CPA Toronto

Sohail Afzal, CPA, CMA, MBA

Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.

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