If you are a Brazilian or an investor within the tech space and looking to expand into the booming Canadian IT sector, this article is for you! This article will provide you with details on how the start-up program works, why the Canadian government implemented the program and why Canada is the best hub for Brazilian start-ups.
INCEPTION OF START-UP PROGRAM AND HOW IT WORKS
In April 2013, Immigration, Refugees, and Citizenship Canada (IRCC) introduced the Start-Up Visa Program which focuses on entrepreneurs who are launching their companies in Canada and bringing their innovative business ideas into the Canadian market. This program allows foreign entrepreneurs to apply for permanent residency if they are able to secure a significant investment commitment from a designated Canadian angel investor group, venture capital fund or business incubator. Once the applicants receive approval or a “Certificate of Acceptance” from any of these private investment entities, they are able to
file a PR application. Other eligibility requirements for the Start-up Visa Program include having a qualifying business, meeting the language requirements (CLB level 5) and having sufficient funds to settle. The processing time for permanent residence applications under this program is typically between 12 to 16 months. The bonus is that Canada facilitates the entry of foreign entrepreneurs early in the process by issuing a work permit to allow them to start their business venture while their permanent residence application is ongoing. The work permit is LMIA-exempt and will be granted to the qualified applicants in a very short period of time.
WHY CANADA IS THE BEST HUB FOR BRAZILIAN START-UPS
Canada was recently recognized by the U.S. News and World Report 2020 survey as the number one country in the world in terms of quality of life. Canada not only has a stable political system, a secure banking system, a clean environment, good public health care and a good public education system but it is also very multicultural and welcoming towards foreign nationals.
What’s more, seven of the planet’s ten biggest tech companies conduct research and development in Ontario. The Kitchener-Waterloo region of Ontario prides itself on being the world’s second area with the highest number of startups per capita and
Toronto, Canada’s largest city, has established itself as one of the top-five tech talent markets in North America.
CONCLUSION
The start-up program is attractive because it does not entail a minimum investment, there is no net worth requirement, the applicant can choose to live anywhere in Canada and only needs to score a fairly easy five or higher on the English language IELTS test, or speak French. What’s more, after three years as a permanent resident, the individual can become eligible to apply for Canadian citizenship and earn a Canadian passport! In essence, Canada is a thriving country and continues to look to countries such as Brazil for dynamic global tech talent to meet its immigration goals.
Article original written by Sonia Mirbaha – Principal Partner at SMB Business Immigration