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Canadian Update - Low-Income Cut-Offs in the Start-Up Visa Program

Canada has issued an update, on Feb 19, 2019, on the IRCC website, by introducing a low-income cut-off in its Start-Up Visa Program. Presently, Individual candidates have to show having a minimum of $25,338. This limit will also increase with the inclusion of each family member in the application.

New Low Income Cut-Offs For Start-Up Visa Program

Number of Family Members

Funds Required

One

$25,338

2

$31,544

3

$38,780

4

$47,084

5

$53,402

6

$60,228

Seven or more

$67,055

In case of family members, exceeding 7, add this for each additional member

$6,827

Also, the Candidates have to provide evidence of funds along with their application. This money can be in Cash or in the form of:
  • Documents showing the property or capital payable to the applicant like the stocks, debentures, bonds, or treasury bills,
  • Furthermore, Documents guaranteeing payment of a fixed amount of money, payable to the applicant like the bank-drafts, money orders or travelers’ cheques.
The Start-Up Visa program gives permanent residence in Canada to qualified entrepreneurs.  Additionally, the program recruits innovative entrepreneurs in the country and links them with:
  • Angel investor groups,
  • Private sector businesses,
  • Venture capital funds and finally
  • Business incubators and gives all assistance to establish a start-up business in Canada.

Further information

Successful candidates will receive a letter of support from an entity designated by the government. That entity will be responsible for determining the viability of the intended business of an applicant. Additionally, it will present an approved project and the Commitment Certificate in favor of the immigration authorities. Applicants in this program have to meet these eligibility requirements: 1. Having a qualifying business 2. Obtaining the commitment from a designated entity through the Commitment Certificate and Letter of Support; 3. Availability of sufficient transferable and unencumbered settlement funds; 4. Possessing proficiency in English/French based on standard testing of CLB level 5.

Additional criteria

The commitment of the designated entity has to meet these criteria:
  • An Angel Investor Group that is designated also has to confirm investing $75,000 in the qualifying business, or two or more commitments worth $75,000 from such Angel Investor Groups; or
  • An Angel Investor Group that is designated has to confirm investing $200,000 in the qualifying business, or two or more commitments worth $200,000; or finally,
  • Also, the confirmation of the Designated Business Incubator regarding accepting the applicant in its Incubator Program.
Additionally, for qualifying, the intended business has to be incorporated and carry its business in Canada while making the commitment and:
  • The applicant has to own 10% voting rights in the corporation, and finally
  • No other entity has to hold 50% or more of the total voting rights in that corporation.
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