Canada Immigration, Residency by Investment, UAE Investors
In just three years, the Canada Start-up Visa in the United Arab Emirates has attracted the attention of global investors.
Although the Covid-19 pandemic has slowed the UAE’s economy by impacting the tourism and transportation sector, entrepreneurs are searching for the best immigration consultants in UAE to expand their business via the Start-up Visa program.
Canada ranked third in the World Bank’s “Doing Business Project” for nurturing start-up businesses.
There is no doubt that moving to another country is not an easy thing, and it can seem like a never-ending process.
It is here that the best immigration consultants in Dubai, UAE, come into play.
Benefits of hiring an immigration consultant for a Visa:
• Error-free and smoother process
• You don’t need to research immigration rules and restrictions.
• Save your time and energy.
Here are some things you should consider when choosing a Canadian immigration consultant in UAE:
- Make sure to check the company’s records and reputation before hiring an immigration consultancy in Dubai. Verify their legitimacy by asking for references from previous clients.
- It is always imperative to verify whether your immigration consultant in Dubai is certified by the ICCRC.
- It is imperative that reputable immigration consultants are active on their social media accounts and stay connected with their clients.
- A tiny mistake can lead to your application being terminated. Therefore, it’s better to verify the authenticity of immigration consultants. Look for testimonials written or videotaped by previous clients.
In addition to expediting immigration, the Visa program helps the country reach its economic goals. From a short-term work permit to permanent residence and citizenship. Canadian immigration consultants in UAE assist candidates in proving that Canadian investors are willing to invest in your business plan.
There are three types of private-sector investors you can approach for funding: angel investors, venture capital funds, and business incubators.
In addition to providing growth opportunities for budding entrepreneurs, the Start-Up Visa program allows them to pursue permanent residence in Canada.
Until the approval of their permanent residency, entrepreneurs must rely on their nominated investors for support.
To qualify for the Visa program, your Canadian immigration consultant in UAE will explain to you in detail the following requirements and rules:
- Applicants must have a qualifying business (not more than five candidates can apply for ownership, and they must hold 10% or more of the voting rights attached to all outstanding shares).
- In order to demonstrate that your start-up idea is feasible, you will need a letter of support and commitment from a designated venture capitalist, incubator, or seed funder in Canada.
- Should have enough funds to settle in Canada (It depends on the number of members you plan to bring)
- Level 5 proficiency in English or French, as defined by the Canadian benchmark.
- Ensure that all medical tests and security concerns have been addressed.
The next step for a start-up after meeting all of the aforementioned conditions is to securing a minimum investment commitment.
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 start-up idea fails, it won’t affect their residency.
How to avail support for investors to get Canada start-up Visa?
Getting a commitment for start-up 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 start-up 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 start-up 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.
