Canada Business Visa: Types, Eligibility, Documents, & PR Details 

Canada is an excellent country for business due to its low business tax rate, strong economy, and skilled workforce. Foreigners who want to engage in business activities will have to apply for a Canadian business visa. The Canadian business visa is a Start-Up visa. This visa is useful to launch your start-up in the country. On the other hand, the government offers a visitor visa which is also given for business visit purposes. If you are a business visitor attending events, meetings, or conferences you can apply for the business visitor visa. The Canadian business visas facilitate trade in the country and also help out entrepreneurs, and professionals. In this blog, we have covered everything you need to know about a Canada Business Visa.

Types of Canada Business Visas 

There are different types of Canada business visas. The visa you should apply for depends on the purpose of your visit. 

• A Start-Up Visa:  This is the visa that you must apply for if you can create jobs for Canadians, and can compete on a global scale. You must also be innovative with your business idea. You can apply for a start-up visa either as a part of a group (of 5 members) or as an individual. You need to have a qualifying business to apply for this visa type. You can immigrate with the help of start-up visas.
• Business Visit Visa:  A business visit visa on the other hand is given to those who want to visit Canada to attend events, conferences, or business meetings. The visa is given for just 6 months for those who meet the basic requirements. A visit visa can also be given for other purposes other than business, for example, travel, or to meet family members and friends in Canada.  The fee for a Canada business visit visa is CAN $100.

Note: Since Canada’s start-up visa is the main type of business visa. We will be discussing that in detail in this blog.

Canada Business Visa Eligibility 

The Canada business visa/Start-Up visa is the visa you need to apply for to start a business in the country. The eligibility requirements for this visa type are as follows:

• You must have a qualifying business. That is, you must hold 10% or more of the voting power in the company, the applicants and the designated organisations must hold more than 50% of the voting power.
• In case your application is successful, you must be willing to incorporate your business in Canada, provide active and ongoing management of business (within Canada), and ensure that the essential business activities happen in Canada 
• Next, you must obtain a letter of support from a designated organization. A designated organisation would refer to any approved business group that can invest in or support your business start-up
• Other than this, you must meet the language requirements. That is, meet the Canadian language Benchmark 5. 
• Must have sufficient funds to settle in the country 

Learn all about Canada work permit 

Canada Business Visa Documentation Requirements

The following are the Canada business visa documentation requirements

• Fill out the necessary documentation. The forms that you need to fill out are the Generic Application Form for Canada (IMM 0008), Additional Family Information (IMM 5406), Schedule A – Background/Declaration (IMM 5669), Supplementary Information – Your Travels (IMM 5562)
• Other than these forms you need to submit the Statutory Declaration of Common-law Union [IMM 5409]. 
• You also need to fill out the Separation Declaration for Minors Travelling to Canada [IMM 5604] (if applicable)
• If you are seeking the assistance of an immigration representative then you need to fill out the Use of a Representative [IMM 5476] form.
• Moreover, you need to submit 1 photo for every applicant 
• You must also pay the visa application fee. The fees most likely would include the fees for the Right of Permanent Residence Fee, processing fee, and any 3rd party fee. A third-party fee would refer to the medical exams, language testing, and police certificate fee.

How Much Money is Needed for a Business Visa in Canada?

As a start-up visa immigrant, you cannot expect support from the government of Canada. Therefore, when you apply you need to provide sufficient evidence that you can financially support yourself and your dependents.  You are also not allowed to borrow money from others. The amount of money you need depends on your family size. The minimum amount of money you need for a Canada business visa is as follows:

Number of Family Members	Funds you need
7	CAD 38,875
6	CAD 34,917
5	CAD 30,690
4	CAD 27,297
3	CAD 22,483
2	CAD 18,288
1	CAD 14,690
More than 7 members (then for each member add the following amount)	CAD 3,958

Click here to learn about the cost of living in Canada 

Application Process for a Canadian Business Visa 

The application process for a Canadian business visa is as follows. As of 14th October 2022, it has become compulsory for you to apply online. 

• First, create or sign in to a  Permanent Residence online application portal account. You can visit the official website of the government of Canada to start the application process.
• Ensure that when multiple people are applying the application for the same has been submitted. Otherwise, the application process will not be started
• Every business partner will have to submit a separate application. In case, a team member is no longer applying, the same has to be conveyed.
• Gather the required documents and electronically sign the documents wherever applicable
• Pay the processing fee, and include the processing fee receipt in the application,
• Lastly, upload all the documents and submit the application form 
• After your application has been processed, the decision regarding the same will be conveyed.

Watch this video to learn more about Canada business visa

Canada Business Visa Processing Time 

The Canada business visa processing times are as follows: 

Visa Name	Processing Time
Canada Business Visa/ Start-Up Visa	36 months

Canada Business Visa Fees 

The Canada business visa/start-up visa fees include the visa processing fee, fee for biometrics, and fee for third parties (medical test, language requirement, and police clearance). The starting fee amount is provided below:

Visa Name	Fees
Canada Business Visa/ Start-Up Visa	From $2,385

Canada Business Visa Validity 

A Canada business visa or start-up visa allows you to immigrate to the country. If your application is successful you can get the visa and obtain a permanent residence within 2.5 -3 years.

Steps to Take After Submission of a Canada Business Visa. Application 

You must take the following steps after obtaining a Canada business visa. 

• If you are in Canada then you need to clear a short interview with an immigration officer. For this, you can make an appointment with one of the offices in Canada 
• If you are outside Canada, at the border you will be greeted by an officer from the Border Services Agency (CBSA). Therefore, you must ensure that you have the necessary documents. For example, a valid permanent resident visa and your Confirmation of Permanent Residence (COPR), a valid passport, proof of sufficient funds, etc.
• Other than this, you must disclose your funds to the CBSA officer, For this, you need to ensure that you have more than  CAD 10,000. The funds can be in the form of cheques, cash, money orders, etc.
• You must also visit the CBSA website beforehand, to check what you can bring to Canada. Ensure that you are not bringing any prohibited items to Canada.

Can I get PR in Canada if I start a business?

Definitely! You can get a PR in Canada if you start a business in the country. This is possible if you apply for a Canadian start-up visa or a business visa. The visa allows you to immigrate to the country.To obtain a start-up visa you must meet the eligibility criteria, submit the relevant documents, and clear the interview or assessment form an officer from the Border Services Agency (CBSA). You must receive the support of a designated organisation to obtain a business visa. If you meet all the requirements you are allowed to get a PR in Canada.

Know The Details About Permanent Resident Visa Canada 2024

What to Do to Support a Business in Canada?

If you aim to support a business rather than start a business. Then you have the following options:

• You can apply to become a designated business organisation. To become one, you must receive a recommendation from a National Angel Capital Organization or a Canadian Venture Capital and Private Equity Association.
• Choose to help an entrepreneur with a start-up: In this case, you can create your process for obtaining business proposals from immigrant entrepreneurs.  You can also develop criteria to assess such applications. However, you need to be a designated organisation to help an entrepreneur 

 FAQs

We hope you now understand what is a canada business visa. Want to apply for a Visa for your study abroad journey? Drop us a comment in the section below, or you can connect with a visa expert at Leverage Edu, and we will guide you on your dream journey!

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