Sure. However in this case you should convince the designated financial institution to send you a letter of support. In order to accomplish the first task you should present your business idea, pointing at its topicality and prospects of its application in Canada.
There is also one condition that has to be taken into consideration – groups of angel investors, as well as venture capital funds, should invest certain amount of money, while business incubators can support your business idea another way.
To fulfill the first necessary condition, you must, first of all, contact the organization from which you want to get support, since the process of submitting an idea for each investment institution is different. If the organization decides to support you, you will receive a certificate of cooperation and a Letter of Support.
At any time you have the right to use the help of professional consultants, lawyers and specialists in the field of migration issues, who will explain you all the details of the program and save your time and energy, but you can also do it without anyone’s help.
- For a venture capital fund, the required investment is estimated at $ 200,000 Canadian dollars.
- For a group of business angels, the required investment is estimated at $ 75,000 Canadian dollars.
- Concluding cooperation with a business incubator, you do not have to confirm the received investment, but you should be included in the business incubator program.
What are the main differences in obtaining support from the three types of proposed investment institutions?
If the designated organization decides to support you, it will send you a Letter of Support, as well as a certificate of cooperation, which must be included in the application. When taking a on the application submitted, the Canadian Immigration Ministry will take into account both the Letter of Support and the cooperation certificate.
This is not necessary. All you need is to get support from Canadian investors. It is this fact that makes the Start-up Visa Program unique in comparison with other business immigration programs in Canada.
After obtaining permanent residence, bankruptcy will not affect your permanent resident status in any way. This program envisages the possibility of bankruptcy and distributes the risk between the private and public sectors.
What is the reason for such a big difference in the amount of investments for a venture capital fund and a group of business angels?
Are there any requirements controlled by the Government of Canada and because of which I can lose the resident status?
No. Thanks to a unique system in which all inspections are carried out before making a decision, you can get the status of a resident without any additional conditions.