Some programs are centered on a particular industry, while others are centered on a certain area. Additionally, some programs will accept businesses that are nothing more than a business concept, but others would require a thriving company. As a result, each program has its own set of admission requirements. You should submit an application to one or more incubators that appear to be a good fit for your company.
Last updated on November 2nd, 2021
Canada Startup Visa Incubators: All You Need To Know
Foreign citizens who are accepted into Canada’s Startup Visa program are granted permanent residency. This is a fantastic immigration opportunity if you wish to start a new business and contribute to Canada’s economy.
A business incubator is an excellent place to begin your application for a Canada Startup Visa. In this article, we’ll go through the details you need to know about Canada Startup Visa incubators.
Startup Visa Incubator in Canada
A business incubator is a non-profit organization that aims to accelerate the growth of startups and early-stage firms. They typically provide essential services such as office space, mentoring, management training, and even startup investment opportunities.
If an incubator approves your Canada startup visa proposal, it means they believe in your business concept and want to help you get it off the ground quickly.
Incubator’s Role in the Application Process
One of the key concerns of the Canadian government for Startup Visa applicants is whether or not your firm will be profitable in the future. If you’re accepted into a Canadian incubator program, you’ll be demonstrating that a credible organization believes in your idea.
The difference between receiving assistance from a business incubator, an angel investor organization, or venture capital funds is that the former does not require a financial investment. A minimum investment of Can$200,000 is required from a venture capital fund; a minimum investment of Can$75,0000 is required from an angel investor. When applying for a Canada Startup Visa through an incubator, however, there is no financial commitment required. The only criteria are to get accepted into their accelerated program.
You can’t just go into an incubator and submit a proposal. First, you must select an incubator that has received government approval in Canada. There are now 30 “designated” incubators that accept Startup Visa Canada applicants. Note that to be recognized, a business incubator requires to have been approved by the National Angel Capital Organization (NACO).
Application for a Startup Visa Via Business Incubator
If you want to start your immigration journey with this process, here is the application process to apply for Canada Startup Visa through an incubator.
1. Decide which incubator is right for you.
2. Obtain acceptance
Getting acceptance into a business incubator program means that you’ll be granted a Canadian Startup visa soon. At this stage, the government (and your legal representative) will begin processing the required documents. The average wait time is between 12 and 16 months.
3. Moving to Canada
If you’re already in Canada, schedule a brief interview with an immigration officer to go through your paperwork, confirm your residence, and make sure you’re meeting all of the requirements. You would go through a similar procedure with a Canada Border Services Agency (CBSA) officer if you arrive in Canada after being accepted.
You may also be eligible for a temporary work permit, which permits you to continue working while your application is reviewed. However, keep in mind that if you want to immigrate to Quebec, you must apply through the Quebec Immigrant Entrepreneur Program.
There you have it. Have you ever thought of moving to Canada and start a business there? If you have any questions, please join our forum and share your concerns. Before leaving, have a look at our Frequently Asked Questions on Canada Startup Visa article.
If you’re looking for any other country to start your business, check out our Startup Visa Countries guide.