Understanding the Costs Involved in the Startup Visa Program
Investing in the Startup Visa program and launching your Minimum Viable Product (MVP) can be an exciting journey toward establishing your business in Canada.
However, knowing the various costs associated with these endeavours is essential.
This blog post explores the essential expenses you should consider for this path.
1. Investment for Incubation Program
A minimum investment is required per company to participate in the Startup Visa program, typically starting at CAD 45,000.
This investment covers several aspects, including the consultancy services provided by Innova in Canada, the Incubation/Acceleration program at the designated institution, and the all-important Letter of Support.
Splitting this investment among cofounders can be a viable option to share the costs. Each company can have up to 5 cofounders.
2. Costs Related to the Company:
Building your company's presence comes with certain expenses. Here are a few areas to consider:
Website Development and Visual Identity
Company Incorporation
Business Plan and Pitch Deck
3. Immigration Fees:
When pursuing the Startup Visa program, it's essential to consider the various immigration-related expenses. These can include:
Biometrics: Plan for the cost associated with biometric identification, a mandatory requirement during the application process.
Permanent Residency and Work Permit Fees: Depending on your specific immigration needs, fees may be associated with obtaining Permanent Residency or Work Permits. Always refer to the official government website for the most accurate and up-to-date information on these fees.
Medical Examinations: As part of the immigration process, medical examinations may be required for you and your family. Visit the designated government website to find authorized doctors to perform these examinations.
4. Immigration Consultant:
It is advisable to engage the services of an experienced immigration consultant to navigate the complex immigration procedures effectively. The fees for these services can vary. Hiring the same consultant for all partners and families can provide collective benefits and offer negotiation advantages.
5. English Proficiency Test:
As proficiency in English is an essential requirement for the Startup Visa program, you may need to take language proficiency tests such as IELTS or CELPIP.
The costs associated with these tests can be found on the respective test provider's websites.
Remember, you have to achieve at least CLB 5.
If you want to study English online in a Canadian School, please take the test at this link. You can start from anywhere in the world.
6. Cash Flow:
While it is stated that additional investment in the company is not required, some incubators may request proof of cash flow. It's important to anticipate this and plan for at least a monthly cash flow of approximately CAD 1,200 during the first year.
7. Proof of Funds:
You must show that you have enough money to support yourself and your family after you get to Canada.
You must prove to the Canadian visa office in your home country that you have enough money when applying to immigrate.
The amount of money you need to support your family is set by the size of your family. The government updates these amounts every year.
There are two tables:
1 - If you are applying only for Permanent Residency
2 - If you request a Work Permit to work for your company and come to Canada before the Permanent Residency is issued.
Navigating the financial aspects of the Startup Visa program and running your MVP may seem daunting at first.
However, with careful planning, proper budgeting, and a clear understanding of the costs, you can make informed decisions to support your entrepreneurial journey in Canada.
By being aware of these costs and preparing accordingly, you can confidently embark on your entrepreneurial venture, knowing that you have considered the necessary investments to bring your business to Canada.
Ready to explore if your business idea aligns with the Startup Visa program?
Book an eligibility session with us today, and let us guide you through the process.
We'll assess your business concept, discuss the investment requirements, and provide personalized advice to set you on the path to success. Don't worry; we know the steps you have to take.
Take advantage of this opportunity to bring your entrepreneurial dreams to Canada.