The Ontario Startup Ecosystem. Start a business in a comfortable environment!
Canada is one of the most effective countries in the world in attracting startups. Ontario is Canada’s most progressive and richest province. The conclusion is obvious: the Ontario startup ecosystem is one of the best in the world. What facts are behind such a loud statement?
In this article, we will talk about how to properly launch your own startup in Ontario. Pay special attention to the Canada Startup Visa program, which does not require your own investment in the purchase or development of a business in Canada.
So, the Canadian economy is confidently among the top ten leading economies in the world.
At the same time, Canada is the fourth in the global ranking of countries with the best ecosystem for successful startups.
Three Canadian cities — Toronto (Ontario), Montreal (Quebec), and Vancouver (British Columbia) — are regular guests of the top ten in the Country RepTrak ranking of the most reputable cities in the world from the Reputation Institute. At the same time, Toronto turns out to be the leader among the cities in the country.
What processes are happening in the field of startup immigration in Ontario?
Ontario uses its economic potential at full capacity. Toronto, the provincial capital, has long become a colossal innovative hub. Here, such areas as receive comprehensive support:
- education system
- artificial Intelligence
- blockchain technology
- medical technology
- wireless technology
- IT Products
- nuclear, solar, hydrogen energy
- waste recycling
With the Ontario Business Immigration Program, you can turn your own innovative business or idea into a startup. Or you can invest in existing startups. It all depends on the degree of your willingness to risk your own funds. It is well known that Canadian law is so stable as to guarantee the absence of unexpected shakeouts in business.
The state runs well-known immigration programs in Canada. Namely, the federal Startup Visa program along with the Provincial Nominee Programs (provincial business immigration programs). Both types of programs allow you and all your immediate family members to obtain permanent residence in Canada.
Startup Visa Program
The program allows you to immigrate if you open your own business and create jobs for Canadians. It is also available if you, as an investor, are going to support innovative startups of other entrepreneurs and buy a business in Canada.
An applicant applying for a visa must own the entire enterprise or its part, but not less than 10%. The number of co-owners should not exceed 5 people.
The Startup Visa program has been ongoing since 2018. The admission quota for the country is 2700 people per year.
Startup Visa provides the opportunity to obtain permanent residence in Canada. You have to perform two necessary steps:
- Receive a Letter of Support from a local authorized organization which guarantees its support
- Submission of a package of documents for obtaining a residence permit. Our company’s immigration lawyers will help you go through this step with ease, carefully following all regulatory procedures.
You can apply for the Startup Visa business immigration program if your business is supported by organizations authorized to invest in startups. These organizations include:
- venture capital funds
- business angels
- business incubators
Venture funds and business angel funds analyze projects at the stage of commercial implementation. In order to enlist their support, you will need a whole arsenal of business skills, confident vision, and passion for your business.
Accelerators and incubators do not have to invest in companies. They conduct peer reviews of companies and select some of them. Authors of selected projects can be invited to undergo paid training. The duration of such training can last from 2 weeks to 6 months. Yes, this method of immigration is usually longer. But you will immediately plunge into the language environment, feel the local realities, chat live with people. You will understand the rules of the game by which business processes are regulated. Also, you can feel the daily reality of Canada and set up certain everyday processes.
Ontario Entities Entitled to Invest in Startups
Venture capital funds. Risky investment funds. The investment amount is a minimum of $200,000 to enter Canada. Authorized venture capital funds located in Ontario:
- ScaleUp Venture Partners, Inc.
- PRIVEQ Capital Funds
- Golden Venture Partners Fund, LP
- Innovation Platform Capital International LP
- Yaletown Venture Partners Inc.
- Extreme Venture Partners LLP
- Celtic House Venture Partners
- York Entrepreneurship Development Institute (YEDI) VC Fund
- Impression Ventures
Business angels. Specialization is innovative startups. The investment amount is a minimum of $75,000 to enter Canada. Authorized business angels located in Ontario:
- Keiretsu Forum Canada
- Golden Triangle Angel Network
- Southeastern Ontario Angel Network
- York Angel Investors Inc.
Business incubators. They provide support at all stages of development. The amount of investment is not fixed. The following authorized business incubators operate In Ontario:
- Highline BETA Inc.
- Creative Destruction Lab
- Millworks Centre for Entrepreneurship
- Spark Commercialization and Innovation Centre
- York Entrepreneurship Development Institute
- TSRV Canada Inc. (operating as Techstars Canada)
- Extreme Innovations
- Waterloo Accelerator Centre
- LatAm Startups
- The DMZ at Ryerson University
- Invest Ottawa
- NEXT Canada
- Toronto Business Development Centre (TBDC)
In order to go through the program, you need to meet some requirements. Namely, you must provide:
- An official letter (Letter of Support). It is issued by the organization that selected your innovative startup for cooperation.
- Confirmation of the availability of funds sufficient for accommodation. The amount is calculated based on the number of people going through the program. For example, at the moment, the amount per person is at least $12,960, for two it’s at least $16,135, for three people it’s $ 19,836 Canadian dollars. Naturally, the more money you bring with you to Canada, the better your chances of a quick search for good housing
- Providing health and criminal records
- Passing the test of knowledge of English or French:
The required minimum is 5 points in the Canadian Language Benchmark (CLB) program.
There are many players in the Canadian startup sphere, and they all have diverse interests. Each investor has his own strategy for finding attractive projects.
How to get a support letter from an authorized organization
The search for investors for a startup in Canada is an industry. The startup process involves the collaboration of many links.
We help convince incubators, accelerators, and investors that your project is worthy of support. The process happens differently for each organization. After all, each of them has its own requirements. Our team helps to choose the best cooperation from the start. After all, you are interested to open a business in Canada and being confident in the future for many years. We will help to achieve this.
We hold initial presentations of the project, submit all the data in the required form, and timely contact representatives of authorized organizations. Those businessmen who seek to open a company in Canada, feeling the spirit of the time, receive investment successfully. Innovative business is always a priority.
Our experienced specialists help with massive industrial reports and forecasts. Our team helps to analyze in detail the work of the world’s best consulting agencies and from the start to lay the economic foundation of the project.
It is unlikely that the fact that IT startups receive close attention will come as a surprise to you. In the last decade, the high-tech industry has been emigrating steadily to Canada, especially from the United States. Such interest is followed by both large budgets and state funds.
As part of Startup Visa Canada, provide a detailed business plan to receive startup investments. Tell about the essence of the project, its purpose, competitive niche. Tell why people need the project and how it will help improve their lives. Show how the company will contribute to Canada’s economy. Let your business plan be as close as possible to reality. Give more numbers, statistics, do not forget about infographics. Use only current data.
The advantage is given to projects that already have customers and are ready to provide their feedback. It is especially good if you intend to export to Canada a business that has already proven itself in other countries.
Our experts will help you know exactly how events in a particular business environment are developing in Canada. Often this requires communication with real representatives of business in Canada. We help establish such networking. Our customers can learn firsthand about how to avoid local risks.
We will help you answer the most important questions:
– What new will your project bring to the world?
– How to prove that the project can be effectively implemented?
– Is it possible to scale your project?
– How will the process of your move to Canada go?
– How and how quickly will you successfully promote your startup?
Be careful! After going through the program, you must actively support a project at each stage of startup development.
Canada’s start-up visa is a dream for many businessmen in the world. We will help you get a business visa, taking pleasure in clear procedures, and transparent interaction with the state.