Here are some questions that I recently received from someone about Startup Visa Canada.
How many people with 10% or more equity in the business can apply for Canada Startup Visa?
A maximum of 5 Founders are allowed to apply for PR under the Startup Visa Program. Most incubators will not take solo Founders, So I would recommend applying with at least 2 Founders.
During the PR processing period, if we apply for work visa, can we take our family along? Can the family work in Canada before getting the PR?
Yes, you can and should take your family along. Depending on where you are coming from, you will need to apply for visas for your family, and you can also apply for an Open work permit for your spouse.
How long does it actually take before we get our PR from the date of application?
Current processing time for Startup Visa PR application is 37 months from Date of application. Click here to check processing times.
How do we decide between approaching an Angel investor or a venture capitalist or an incubator?
My advice is going only for the incubators. No Angel investor or venture capital fund will take a bet in you coming from another country. Unless you can prove that your idea is not only amazing but already has very good traction. For early stage Startups, apply to an incubator and if they like your idea and team you should be able to get in.
If the Startup is actually in need of funds, does the incubator help in raising funds in Canada itself?
Incubator can only introduce you to people. Raising funds depends on a lot of other factors which the incubator has no control over. So at most, expect them to make a few connections and that is it. Rest is up to you.
If you have questions, please don’t hesitate to send them to me and I will try to answer them to the best of my ability.