❓FAQ

Does it imply that, within the 2 years before PR is done, the founder will be working for the Startup? Would the visa condition allow the founder to work elsewhere also to increase his/her income?

Being a Founder you will be recognized as an employee of the Startup. However, there will be no income that the founder can earn from the company. The founder can always work elsewhere for an earning. The founder's spouse and children above 18 can also apply for open work permit in Canada.

During the processing of the founder's PR, is it mandatory for them to relocate to Canada? Can the founder opt to visit Canada but continue to reside in their home country?

Although, it is not a requirement for the founder to relocate to Canada during the PR processing period, they should choose to travel to Canada intermittently. Moreover, it's worth noting that the processing time for PR applications is generally expedited for those physically present in Canada. The Incubator reports that many individuals experienced a six-month processing time for their PR applications when residing in Canada after submission of the PR application.

Is any part of the cost USD35,000 refundable at the end of the 2 years?

No, the cost is not considered an investment, and the entire $35,000 is solely toward fee payments with no refundable component.

Which province are you considering ?

The Company will be registered in Toronto as required by the Incubator program. Each of the founders can however choose their own province in Canada to stay and work.

Will it invalidate the PR process if a Founder is found doing some other job?

No, engaging in other jobs won't invalidate the PR process for the founder. The startup can provide a "no objection" letter, allowing the founder to take on additional jobs (2-3) while being employed with the Startup.

Since there will be no income earned by the Founder from the Company, won't that pose a problem when preparing documentation for PR?

PR is based upon the company remaining active for 2 years and with the Founder maintaining a 10% equity stake throughout this period.. This is the sole requirement for PR, as indicated in the provided link here. We will be wrong in assuming and put ourselves at a disadvantage if we assume additional conditions. Also, Founders typically do not receive a salary until the company becomes profitable. The identification of Founders is based on the equity they hold, rather than any other income derived from the company.

If, within the first two years of the company's operation in Canada whilst the processing of the PR application of the founder, there is no financial transaction or returns to the founder apart from the documented 10% equity, could the lack of financial activity pose an issue to the PR processing?

Please review link 1 and link 2 for additional information. To elaborate, the 10% equity serves as a mandatory requirement to establish your role as a founder within the company. Any additional financial transactions beyond this equity holding are not essential for PR processing. Not every startup may experience immediate success or profitability within the initial two years, and the possibility of failure is acknowledged (see link 2). As long as you maintain the required 10% equity throughout the PR process and the business is operational, the absence of financial activity beyond this equity should not impact your standing as a founder.

This is the advantage of this Startup Visa for the new founders, that it holds the least of obligations and requirements for their PRs. Once the Company is approved by the designated business incubator, the rest is straight forward process involving fees, language tests, and demonstrating settlement funds in your account.

How does the allocation of 10% equity to each Founder work, and does the Founder retain ownership of this equity after the two-year PR process?

The 10% equity granted by the Startup to each Founder is specifically for meeting immigration and PR requirements. However, once the PR process concludes in two years, the equity must be returned to the Startup. It's important to note that Founders cannot sell or transfer this equity to third parties. Additionally, fees paid for immigration costs are not considered investments in the Startup; they are directed to the Incubator and cover attorney fees for the processing of the Founders' immigration applications.

An idea of Cost of Living Estimate per month

• Rent : cad $1300 - $2500 with utilities

• Food : cad $2000 for 4

• Miscellaneous : cad $150 / person

Information about earnings

As per our research with personal network in Canada, there is a high labor scarcity and jobs are readily available. So its not hard for someone to earn around cad 4000 / mth. People have reported settling down in Canada within 15 days of landing. You can use this link to find jobs and get an idea about the salary as per different cities/provinces.

If I immigrate through the Start-up Visa Program, what happens if my business fails?

You may be concerned about the business doing well, generating revenue or being profitable, as being a requirement for your PR . Please note, that your PR resident status is not dependent on the success of the business. At the time you receive your permanent residence:

• you provide active and ongoing management of this business from within Canada

• an essential part of the operations of the business happens in Canada

• this business is incorporated in Canada.

If your business fails, it doesn’t affect your permanent resident status. We recognize that not every business will succeed and this program is designed so that the risk is shared between the public and private sector. Here is the IRCC link which says the same.