Stages & Fees
Payment schedules are given below in the table. Taxes are extra and will be as per the rules of Canada and founders respective countries.
Pre-Stage 1
Finalizing the Founders
Collecting the Founder's resume, Settlement fund documents and IELTS scores if valid (scores are valid for 2 years only).
STAGE 1
Submit Application for Business review
Submit online Application with details about the business/product, Founders, equity stake, growth potential in 5 years.
Time
1 week
Description
The Founders will be trained about the business / product and for the presentation in the Founder Interview in Stage 2
Cost (USD)
USD 12,000 inclusive of tax. This fee is refundable only if the Startup does not get through the Stage 2. Please ensure that you have the total amount ($35,000) to pay at the right time intervals as mentioned in this table, so that it does not stop the process for others.
Due
At the beginning of stage 1 before the submission of Application. This will ensure reservation of the available visa applicants in your name and also the Company Incorporation cost is covered with this fee. It will be on first come first serve basis.
STAGE 2
Assessment of the Application
Assessing of Application, 2. Founder's Interview
Time
1 week
Description
The incubator will go through the application and will ask to book a date for Founder's interview within a week's time. The Founder's will have to pitch their product and answer questions. The results of the interview is declared within 24 hrs of the interview. If the result is positive then Stage 3 follows.
STAGE 3
1. due diligence by the Incubator and an Industry expert.
Time
1-2 weeks
Description
Documents prepared for the PR application :IELTS scores, Settlement Funds, Incorporation papers, Resume of the Founders. Upon successful completion of Stage 3, Letter of Support is given by the Incubator from where Stage 4 begins.
Cost (USD)
Due
anytime time in 2 weeks
STAGE 4
Issue of Letter of Support & PR application filing and Work Permit
Upon successful completion of Stage 2, 1. Letter of Support is given by the Incubator. 2. Application for PR and Work Permit is submitted. Police Clearance and Medical Examination). In case of any correction to be done in the submitted application, the Incubator will notify within a week of submission and the required correction will be done. 3. Work permit is issued within 2 months of final submission of the application.
Time
2 months
Description
First application is for PR and second is Work Permit. The work permit application can be made together with the PR application if the founders so desire. Within 2 months, Work Permit is issued. PR takes about 37 months as mentioned in IRCC site but as per statistics by the Incubator the usual duration has been 18 months.
Cost (USD)
USD 9,000. This is the last payment.
Due
after work permit is issued or within 3 months from the beginning of stage 3.
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