Arisnel Mesidor, M.A., RCIC
Canada has increased settlement funds for start-up visa applications
Entrepreneurs who wish to obtain permanent residency in Canada through the Start-Up Visa program will need to show they have more settlement money than last year.
The amount required for a single applicant has risen by $97, from $13,213 in 2021 to $13,310 this year as a result of the most recent hikes. Each number of family members has seen similar little increases in costs over time.
This is the case even if the family is not coming to Canada with the applicant. The money must be accessible at all times both when a candidate applies for and receives a permanent residence visa.
Under the Start-Up Visa program, applicants can apply for a work permit through their designated Canadian investor before applying for permanent residence.
In order to qualify for the Start-Up Visa program, candidates must meet the following requirements:
commitment certificate and letter of support from a designated entity
sufficient unencumbered, available and transferable settlement funds to meet settlement funding, and
proficiency in English or French at the minimum Canadian Language Benchmark level 5
Before their application for permanent residence is finalized, applicants for the Start-Up Visa can come to Canada on a work permit supported by their designated Canadian investor.