Canada immigration news: Canada has announced an increase in the 2022 settlement funds required to gain permanent residency through the Start-Up Visa program.
“The Government of Canada does not give financial support to new Start-Up Visa immigrants,” notes 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.”
Read More Canada Immigration News
Canada’s Start-Up Visa: How To Avoid Processing Delays
How Start-Up Visa Candidates Can Avoid Processing Delays With Temporary Work Permits
Start-Up Visa: How Immigrant-Founded Businesses Are More Likely To Expand And Create More Jobs
With the latest round of increases, the funds required for a single applicant have increased by $97, from $13,213 in 2021 to $13,310 this year.
Similar small increases have been applied for each number of family members. The new requirements are outlined below:
Number of Family Members | 2020 Funds Required | 2021 Funds Required | 2022 Funds Required |
1 | $12,960 | $13,213 | $13,310 |
2 | $16,135 | $16,449 | $16,570 |
3 | $19,836 | $20,222 | $20,371 |
4 | $24,083 | $24,553 | $24,733 |
5 | $27,315 | $27,847 | $28,052 |
6 | $30,806 | $31,407 | $31,638 |
7 | $34,299 | $34,967 | $35,224 |
Each additional family member | $3,492 | $3,560 | $3,586 |
Settlement funds are required by applicants under the Start-Up Visa program to cover the cost of living for their families. This applies even if the family is not accompanying the applicant to Canada.
The funds must be readily available both when a candidate applies and when a permanent residence visa is issued.
Official letters from banks or other financial institutions act as proof of funds.
According to Immigration, Refugees and Citizenship Canada, the letter must:
Watch Video
Start-Up Visa Allows Immigrant Entrepreneurs To Gain Permanent Residency
Under the Start-Up Visa program, immigrants can get Canadian permanent residence if they qualify as immigrant entrepreneurs.
Three types of private-sector investors are considered: angel investors, venture capital funds, and business incubators.
That investing and the development of the business is usually done with the help of business consultants in Canada’s start-up ecosystem with oversight from experienced corporate business immigration lawyers who can ensure a start-up’s business concept meets all industry-required terms and conditions.
Watch Video
Candidates applying under the Start-Up Visa program can initially come to Canada on a work permit supported by their designated Canadian investor before their application for permanent residence is finalized.
The basic government-imposed candidate eligibility requirements for the Start-Up Visa program are:
Unlike almost every other federal and provincial-level entrepreneur program which requires a minimum of one or two years of previous experience either owning a business or in top-level management, the Start-Up Visa program does not require previous management experience.
The support of a government-designated entity is enough. That support can be either financial or in the form of accepting the candidate into a business incubator program.
Immigrants who avail themselves of the Start-Up Visa program consistently report that it is quick, both for the initial work permit and permit residence application.
For the candidate to qualify for permanent residence:
As many as five candidates can have their permanent residence application supported by the same business investment. But that can come with a risk. Certain candidates may be designated as essential to the business. If any of the essential candidates withdraw their applications or are refused, all other candidates under the same business investment will see their applications terminated.
Surveys suggest Start-Up Visa candidates usually go on to succeed in Canada, in terms of growing their business, attracting further investment, networking or selling their business for a profit.
Discover the latest trends in Canadian immigration with a notable decline in permanent residency applications.…
Learn about the Parti Québécois' call to halt temporary immigration in Quebec, its impact on…
In a recent panel discussion at the Canada Strong and Free Network conference in Ottawa,…
Discover Saskatchewan's enhanced Immigration Services Act, bolstering protection for foreign workers, combating fraud, and facilitating…
Discover how newcomers to Canada can access a wide range of benefits and tax credits…
Discover how immigrant children in Canada outshine their counterparts, excelling in education and earning higher…
This website uses cookies.