For entrepreneurs from all parts of the world, the aspiration of starting a revolutionary project and acquiring a future in Canada is alluring. For many in India, the Canada Start Up Visa Program is a golden opportunity: a straightforward pathway to PR for Start-Ups who have an innovative venture. That said, one of the most immediate and important questions for potential applicants is, “How much will the Start-up Visa Canada cost?”
It is crucial to know what it truly costs. The expenses are multi-dimensional, going beyond simple processing fees paid to the Canadian government. These expenses include investment obligations, evidence of settlement funds, and fees associated with multiple third-party expenses. This blog post provides a holistic view of all the financial aspects, outlining the true expense of Applying for a Canada’s Start-Up Visa.
The Core Financial Pillars of the Canada Start Up Visa Program
The total financial commitment for the Canada Start Up Visa Program is divided into three parts: Government Fees, Investment/Funding Requirements and Proof of Settlement Funds.
1. Government Application and Processing Fees
Government Fees are the required fees made payable directly to Immigration, Refugees and Citizenship Canada (IRCC) for the processing of your application for permanent residency. The amounts shown below are subject to change and determined by the Canadian government.
The Right of Permanent Residence Fee (RPRF) is generally paid after the applicant has received Permanent Resident status, however there are other smaller government fees:
Biometrics Fee: CAD $85 for an individual or a maximum of CAD $170 for a family of two or more.
Work Permit Fees: If you choose to apply for a temporary Work Permit while your application for PR is being processed (a common step to allow for relocation faster), there will be other associated fees (currently CAD $155 for the Work Permit and CAD $230 for the Employer Compliance Fee).
2. Investment and Funding Obligations
The nature of the Canada Start Up Visa Program requires that your business idea receives the support of a designated Canadian organization—a venture capital fund, an angel investor group, or a business incubator. The required financial commitment hinges entirely on the type of organization that supports your venture:
Venture Capital Fund: Your start-up must secure a minimum investment of CAD $200,000.
Angel Investor Group: Your start-up must secure a minimum investment of CAD $75,000.
Business Incubator: No minimum financial investment is required from the incubator. You must simply be accepted into their program.
It is important to understand that this is the minimum amount required to satisfy the requirements for the Start-up Visa Program. The actual investment or program fee charged by the designated organization, especially a business incubator, may be higher than these minimums or, in the case of incubators, be a substantial program fee instead of an investment. For entrepreneurs from India, it is essential to fully budget for this initial capital requirement, as it forms the basis of your Letter of Support—a crucial document to Apply for Canada’s Start-Up Visa.
3. Proof of Settlement Funds (LICO)
A key factor in the Start-up Visa Canada cost is demonstrating that you have enough non-borrowed, available funds to support yourself and your family upon arrival in Canada. This is known as the Proof of Funds requirement, and it is a non-negotiable part of the requirements for the Start-up Visa Program.
The amount required is based on the Low Income Cut-Off (LICO) for a family of your size and is updated annually by IRCC. As an example, the required funds for various family sizes (as of the most recent IRCC update at the time of writing) are:
These funds must be readily accessible and cannot be part of the money secured for your start-up investment. This is a separate, dedicated amount for your family’s initial settlement.
Special Considerations for the Canada Start-Up Visa Program for Indians
For Indian entrepreneurs, financial planning involves some currency conversion (INR to CAD) as well as arranging the funds needed for the Canada Start-Up Visa program for Indians.
Currency Conversion: All funds must be shown in Canadian Dollars, hence currency conversion fluctuations will impact the actual cost in INR. Planning for a buffer is wise.
Source of Funds: Indian applicants must provide clear documentation showing that the Proof of Funds is derived from legal sources and is genuinely available. This documentation is scrutinized during the process to ensure compliance.
Language Testing: A mandatory step in the requirements for the Start-up Visa Program is proving language proficiency in English or French (minimum CLB 5). Costs associated with the IELTS or CELPIP tests must also be factored in (typically around CAD $300 per person).
The overall cost to get PR for Start-Ups through this pathway can range significantly, depending on whether you are simply paying a business incubator’s program fees (the lowest entry point for the investment component) or securing an investment from a venture capital fund (the highest).
How FRR Immigration Helps with the Start-up Visa Canada Cost and Process
Understanding the financial aspects of the Canada Start-Up Visa Program can be complicated, and the fees, funding, and documentation could be confusing. FRR Immigration cares for this process, specifically pertaining to the Canada Start-Up Visa program for Indians.
By working closely with you, FRR Immigration provides the specialized guidance to assess and manage your funding and application costs. We help transition your innovative idea into a PR application for Start-Ups.
Read more: Benefits of Residence by Investment in Canada
Here is how FRR Immigration can help:
Designated Organization Matchmaking: We assess your innovative business idea or concept, then provide strategic hosting with a relevant designated organization – this can include a venture capital firm, angel investor group, or business incubator. By doing a match we are working to align your start-ups funding needs with the right partner to assist in obtaining the Letter of Support with one of the designated organizations, all of which is a main requirement for the Start-up Visa Program.
Business Plan Writing: We collaborate with you to write a persuasive and compelling business plan that fulfills the requirements of the designated organization as well as the IRCC. A sound business plan improves your chances of receiving the necessary support, which is the cheaper option compared to the alternative financial investment, making the overall cost of your Start-up Visa Canada more affordable than if you secured funding.
All-Inclusive Financial Breakdown: We will provide a comprehensive and itemized breakdown of all government and third-party fees, ensuring you are aware of the total financial commitment. More importantly, we will guide you through the documentation needed for your Proof of Settled funds to meet IRCC’s strict requirements.
Application Accuracy: Our legal team and technical writing staff will thoroughly draft and review all your supplemental materials, including all permanent residency forms and any financial documentation, for submission as part of your application to the IRCC, ensuring your application represents a full and accurate application to minimize the chances of delay or refusal, which will save you money, and time, if a re-application is required.
Work Permit Facilitation: We can help you to apply for a temporary Work Permit while your PR application is in process so you and your family can move to Canada sooner and start your business opportunity.
We believe a great business idea deserves an easy pathway to success in Canada. Let FRR Immigration help you move your entrepreneurial mind-set into Canadian permanent residency.
Ready to Apply for Canada’s Start-Up Visa?
The Canada Start Up Visa Program presents a special opportunity for entrepreneurs from India to launch a new and innovative business and create a place for themselves in Canada. The Start-up Visa Canada cost involves a number of components, such as government fees, the required investment/program fees, and settlement funds. A solid plan of action is vital.
Let the complexity of the process of financial planning dissuade you from pursuing your entrepreneurial goal. Reach out to FRR Immigration for a consultation which is specifically built around your business idea and family scenario, today. Let us help you calculate the precise Start-up Visa Canada cost and start the process to secure your PR for Start-Ups in one of the world’s most stable and welcoming economies.
Contact FRR Immigration to begin your journey to Permanent Residency through the Canada Start-Up Visa Program.
Frequently Asked Questions (FAQ)
Q: Is the investment amount part of the overall application fee?
A: No. The investment (CAD $75,000 or CAD $200,000) or incubator program fees are separate from the government processing and Right of Permanent Residence Fees.
Q: Do I need to invest my own money into the start-up?
A: You must secure the investment from a designated organization (Venture Capital or Angel Investor), but the funds required for the business (the CAD $75,000 or $200,000) do not need to come from your personal funds.
Q: Can I borrow the settlement funds?
A: No, the Proof of Settlement Funds must be your own available, non-borrowed funds, and you must be able to prove the legal source of these funds.
Q: What is the CLB 5 requirement?
A: CLB 5 (Canadian Language Benchmark Level 5) is the minimum language proficiency score required in English or French in all four abilities (reading, writing, listening, and speaking) for the Canada Start Up Visa Program.
Q: If the start-up fails, do I lose my Permanent Residence status?
A: Once you are granted Permanent Residence through the Canada Start Up Visa Program, your PR status is generally not dependent on the subsequent success or failure of your start-up business. You must meet the residency obligations for PR renewal.
Q: Can my family accompany me to Canada?
A: Yes, your spouse or common-law partner and dependent children can be included in your application for PR for Start-Ups.
