(You can apply for temporary visa under International Mobility Program while permanent resident application is being considered)
(Doesn’t matter if the business fails, you still have your PR)
1. Important Links
(Other articles on mass migration)
CLICK HERE, for about the process.
CLICK HERE, for minimum investment needed for start-up visa.
CLICK HERE, for after you have applied.
CLICK HERE, for temp visa under International Mobility Program.
CLICK HERE, for what is an essential person?
CLICK HERE, for WHAT IF THE BUSINESS FAILS?
2. Get Funding “Then” Come To Canada
If I understand this correctly, you secure funding either from a Venture Capitalist or an Angel, and “then” you come to Canada to build your business. Okay, this seems very counterintuitive. Don’t Angels or Venture Capitalists want to see a successful business operation prior to investing in it?
So, is this some business that someone else has been running in Canada, or are you doing it primarily via the internet and teleconferencing?
Or are you so wealthy that you can simply buy a business in Canada, have other people run it, and then just come in
3. How Much Money Needed?
4. List Of Supporting Organizations
Venture capital funds
You must get at least one of these groups to agree to invest a minimum of $200,000:
- BCF Ventures
- BDC Venture Capital
- Celtic House Venture Partners
- Extreme Venture Partners LLP
- Golden Venture Partners Fund, LP
- Impression Ventures
- Innovation Platform Capital International LP
- iNovia Capital Inc.
- Lumira Capital
- Nova Scotia Innovation Corporation (o/a Innovacorp)
- OMERS Ventures Management Inc.
- Pangaea Ventures Ltd.
- PRIVEQ Capital Funds
- Real Ventures
- Relay Ventures
- ScaleUp Venture Partners, Inc.
- Top Renergy Inc.
- Vanedge Capital Limited Partnership
- Version One Ventures
- Westcap Management Ltd.
- Yaletown Venture Partners Inc.
- York Entrepreneurship Development Institute (YEDI) VC Fund
Angel investor groups
You must get one or more investors connected to these groups to agree to invest a minimum of $75,000:
- Canadian International Angel Investors
- Ekagrata Inc.
- Golden Triangle Angel Network
- Keiretsu Forum Canada
- Oak Mason Investments Inc.
- Southeastern Ontario Angel Network
- TenX Angel Investors Inc.
- VANTEC Angel Network Inc.
- York Angel Investors Inc.
You must be accepted into one of these programs:
- Alacrity Foundation
- Alberta Agriculture and Forestry
- Agrivalue Processing Business Incubator
- Food Processing Development Centre
- Biomedical Commercialization Canada Inc. (operating as Manitoba Technology Accelerator)
- Creative Destruction Lab
- Empowered Startups Ltd.
- Extreme Innovations
- Genesis Centre
- Highline BETA Inc.
- Interactive Niagara Media Cluster o/a Innovate Niagara
- Invest Ottawa
- Knowledge Park o/a Planet Hatch
- LatAm Startups
- Launch Academy – Vancouver
- LaunchPad PEI Inc.
- Millworks Centre for Entrepreneurship
- NEXT Canada
- North Forge Technology Exchange
- Platform Calgary
- Real Investment Fund III L.P. o/a FounderFuel
- Ryerson Futures Inc.
- Spark Commercialization and Innovation Centre
- Spring Activator
- The DMZ at Ryerson University
- Toronto Business Development Centre (TBDC)
- TSRV Canada Inc. (operating as Techstars Canada)
- Waterloo Accelerator Centre
- York Entrepreneurship Development Institute
This may sound cynical, but what is to stop someone from “funnelling” money through one of these Venture Capitalists or Angels, and having them approve it, after taking a cut? There doesn’t seem to be much, if anything, in the way of screening or verification by the government.
5. After You Have Applied
That’s right. You can at often have your confirmation of permanent residence PRIOR to ever setting foot in Canada. This is basically just buying citizenship.
And if you don’t feel like waiting around to get your permanent resident status confirmed, you can always apply for an open work permit (via the International Mobility Program), and just work in Canada in the meantime.
And again, who is going to front $75,000 or $200,000 to start up a business in Canada for a “start up”, run by someone living in another country? Does this sound at all sketchy?
6. Early Entry For “Essential” People
To recap this: Venture Capitalists or Angels are supposedly giving large sums of money to people to build a business in Canada. However they are doing this for someone who doesn’t even live in Canada, and presumably whose existing business is outside Canada. They are committing this money without any guarantee the person will be let into the country even on a temporary basis. They are committing this money with no assurance that a business run in another country will be successful in Canada.
This appears to be a very strange way to run such an operation, unless there was some other agenda at hand.
7. No Matter If Business Fails
The program is designed so that the risk is shared by the public and the private sector? Does this mean that taxpayers will be subsidizing your losses or bankruptcy?
8. Is This Just A Pretext?
This article from Harvard Business Review explains in broad strokes how the business works, and how one gets funding.
While it is difficult enough for people working and residing within the host nation to get outside funding, it would be much more so for outsiders. So what then is the point of this program? Giving $75,000 to $200,000 for foreigners to start a business in Canada with no guarantee they could enter the country is absurd.
However, at least from the information readily available, there don’t seem to be any safeguards or checks and balances in place. It appears to rely on the honour system.