Tech Canada Startup Visa in the United Arab Emirates have captured the attention of global investors with their outstanding growth in just three years.
But, the Covid-19 pandemic slowed down the economy of the UAE by affecting the tourism and transportation sector as a solution; entrepreneurs are looking for the best immigration consultants in UAE to expand their business under the Startup Visa program.
The World Bank’s “Doing Business Project” has ranked Canada as the third most suitable place on the list to nurture your startup business.
Migrating to another country is not a piece of cake and might seem like a never-ending task.
This is where the best immigrant consultants in Dubai, UAE, play a vital role.
Benefits to Hire an Immigration consultant for Visa:
- It makes the process smoother and error-free
- Save your time and energy.
- You don’t need to research immigration rules and restrictions.
While choosing an experienced Canadian immigration consultant in UAE, here are a few points you should keep in mind:
- Always check whether your immigration consultant in Dubai has certification of ICCRC.
- Even a tiny mistake can result in the termination of your application. So it’s better to check the authenticity of immigration consultants. Ask for previous clients’ written or video testimonials.
- Reputable immigration consultants always remain active on social media accounts and connect with their clients.
- Before hiring any immigration consultancy in Dubai, check its records and reputation. Ask for their previous client’s reference to verify its legitimacy.
The Visa program helps incorporate the country’s economic goals with a faster immigration process. Starting with a short-term work permit and moving forward to permanent residence and citizenship. Immigration consultants in UAE help candidates to prove clear support from Canadian investors and are willing to invest in your business scheme.
As per the program, there are three types of private-sector investors you can approach for funding: angel investors, venture capital funds, and business incubators.
The Start-Up Visa program provides a growth opportunity to qualified budding entrepreneurs and, at the same time, gives them a chance to avail of permanent Canadian residence.
Entrepreneurs have to depend on at supported by nominated investors till the approval of their permanent residence.
Further, there are some requirements and rules that your Canadian immigration consultant in UAE will explain to you in detail, which are essential has to become eligible for the Visa program:
- Have a qualifying business (Not more than five candidates can apply as owners, candidate must hold 10% or more of voting rights attached to all outstanding shares of the corporation)
- Must get a letter of support and commitment certificate from a designated venture capitalist, startup incubator, or seed funder in Canada to showcase that your startup idea is doable.
- Be fluent in either English or French as per the Canadian benchmark level 5.
- Should have enough funds to settle in Canada (It depends on the number of members you’re planning to bring along with you)
- Clear all the necessary medical tests and security concerns.
Once a startup meets all the aforementioned conditions, acquiring a minimum investment commitment is the next step.
For a venture capital fund, the minimum investment cap is USD 200,000.
But you can resource this funding from two or more designated venture capitalists altogether $200,000.
If you seek investment from an angel investor, you must secure a minimum financial commitment requirement of USD 75,000.
Further, Candidates must apply for the Canadian business incubator membership program.
There is no compulsion for candidates to invest their own money regarding capital.
For those entrepreneurs who have acquired permanent residence under this program, even if their startup idea fails, it won’t affect their residency.
How to avail support for investors to get Canada startup Visa?
Getting a commitment for startup capital from a venture firm or seed funder in Canada under the Visa program is a long haul, especially for budding entrepreneurs.
Make a list of designated startup VCs, business incubators, and angel investors in Canada that connects with your business niche.
Approach relevant organizations and pitch your visa idea and let them take their time to study your proposal and wait for their response.
Fortunately, if your business scheme interests the investors, it’s time for an official meeting and explain your plan in detail.
Once you receive an investment commitment certificate, accede to your application for a visa.
Process of permanent residence through Visa:
The Canadian government is gearing up the Express Entry system to benefit international students. The Start-Up Visa program has opened the doors for global students. But it doesn’t guarantee to qualify for the Comprehensive Ranking System (CRS), which requires a minimum score of over 470.
Here comes the Visa program as a solution to shift from temporary to permanent residence.
With other government and state-level visa programs, it has a mandatory requirement. An entrepreneur should have previous experience of at least one year in either owning a business or being a member of top-level management.
The visa program is entirely flexible and has no requirement for past management experience.
Ensuring the support from a Canadian government-approved investor is sufficient.
The support can either be in monetary form or accepting an application as a member of a business incubator program.
The experiences of immigrants from the UAE are entirely satisfactory for the visa program.
Suppose you have a scalable startup project scheme and the best Canadian immigration consultant in UAE. In that case, it can take up to five to six months to complete the process of a letter of support or commitment certificate from a designated investor.
Further, you can look forward to applying for a permanent residence visa, and the approval can take one and a half years.
As we mentioned earlier, up to 5 applicants can apply for permanent residence under one business investment. Yet, there are certain risks involved that you must discuss in advance with your immigration consultant in Dubai. Unfortunately, if any of the essential applicants change their minds, all have to bear the loss as it may cancel all applications.