Business Class

A start-up business must be a new business intended for operation in Canada. The criteria for a qualifying business means that the new start-up business has received a commitment from:

• a designated angel investor confirming that they are investing at least $75,000 in a qualifying business (or two or more designated angel investor groups confirming this together);
• a designated venture capital fund confirming that they are investing at least $2,000,000 in a qualifying business (or two or more designated venture capital funds confirming this together);
• or a designated business incubator confirming that it is accepting the applicant into its business incubator program.

Individuals who intend to reside in Quebec are not eligible to apply under the Start-up Business Class.

A corporation that is incorporated in and carrying on business in Canada is a qualifying business if, at the time, the commitment is made, the following are true:

• Each applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time
• Applicants and the designated entity jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time

Consideration will be made for a qualifying business whose incorporation is conditional upon the attainment of permanent residence by the applicant(s).

An angel investor group, venture capital fund or business incubator designated by the Minister and eligible to issue commitments under the Start-up Business program.

A commitment is an agreement between the applicant and the designated entity to establish and incorporate a qualifying business in Canada. The designated entity must be one which appears in the list of designated private sector businesses. Proof and details of this agreement will be submitted in the form of a term sheet/client agreement along with the Commitment Certificate for the purposes of processing.

The commitment certificate is to be sent electronically to IRCC from the designated angel investor group, venture capital fund or business incubator along with the term sheet/client agreement.

A qualified participant is a person who has been issued a permanent residence document based on their application as a member of the Start-up Business class or a designated angel investor group or designated venture capital fund.

An essential person is a person who is considered to be essential to the business. This person has been identified as essential by the designated angel investor group, venture capital fund or business incubator on the commitment certificate and Letter of Support. If the application for an essential person is refused for any reason, all other applications related to that commitment will also be refused.

A letter given to the applicant by the designated angel investor group, venture capital fund or business incubator which the applicant must include with their application.