The canada startup visa Program was created to support foreign entrepreneurs to open new innovative businesses which can produce employment opportunities for Canadians as well as be able to compete favorably internationally.
In order to apply for the federal government’s start up visa program, you have to follow a certain procedure. For this purpose, you need to prepare a business plan that will lay down how you plan to use the start up visa that the government grants you. Once you are approved, you can use this new business opportunity as a springboard to achieve even greater success.
However, you must ensure that your plan is not only feasible but also lucrative. For this, you need to conduct a comprehensive analysis of your business prospects and evaluate them against your ability to satisfy the needs of the Canadian market.
You have to provide the needed proof that you have what it takes to succeed in your chosen field. It must be borne in mind that all businesses are different. Your own business can be based on a solid idea that can bring great rewards; or else you may have an idea that is highly feasible but the execution is flawed due to poor planning.
Before you apply for the visa, you must develop your business plan thoroughly. The plan should include the anticipated start up costs, the estimated operating, marketing and advertising costs and the anticipated income for at least one year.
In addition, you have to clearly state what you will do in order to reach your goal of becoming profitable within the first twelve months of operation. When you hire the services of a professional business planning consultant, you can obtain expert advice and assistance in completing this important task. With this assistance, you will be able to present your application in the most effective manner.
After you submit your business plan, you can expect a positive response from the authorities because it has been approved by the Federal government. The visa program aims to help foreign nationals to establish viable businesses in Canada that are capable of producing high profits.
To be eligible to become associated with any of these six businesses, you have to meet the set criteria imposed by the Canadian government. For instance, it is mandatory for start up visa holders to establish a permanent residence in Canada. This must be done before the business can start generating revenue.
After you submit your application, you have to wait for approval. The processing time period depends on each type of application package you have submitted.
Once the application package is received by the Canadian immigration authorities, they will review it and check whether it matches the stated criteria. If it does, the application will then be subjected to further review and evaluation processes before the application gets approval.
There are many people who want to start up a business in Canada but do not have the required investment funds to do so. The start up visa program can assist such individuals to reach their goals by providing them with the necessary funds to start their own business.
Besides this, it allows illegal immigrants to enter the country without having to face the process of legal immigration. Hence, it proves to be an excellent option for many.