To be eligible for the Start-Up VISA program, entrepreneurs must be accepted into an incubator program offered by a designated Canadian business incubator or accelerator.
The application process has two phases:
- Applicant(s) apply to a designated incubator to obtain a letter of support. The incubator evaluates the application and the business to determine if it meets the eligibility criteria and is applicable for support.
- Once a leter of support is issued by the incubator, the applicant(s) apply to Immigration, Refugees and Citizenship Canada (IRCC) under the Startup Business stream for issuance of their Permanent Residency.
- LaunchPad PEI CriteriaOperating a business in one of our target industries; IT, Fintech, Video Game Development, Biotechnology, Aerospace, Renewable Energy and Advanced Manufacturing
Have completed development of a product or service geared toward International markets
Business should be generating revenue or have developed significant opportunities with future revenue potential
Have developed a business model appropriate for this jurisdiction that will not negatively impact businesses in the local marketplace.
The business is financially self-sustaining or open to Venture Capital investment.
Applicant(s) must be willing to relocate to Prince Edward Island and work in designated facilities managed by LaunchPad PEI.
Applicant(s) will allow LaunchPad PEI to conduct a due diligence process on your background, education and financial capabilities.
- Immigration Canada Criteria
Each applicant must hold at least 10 percent of the voting rights in the business and all applicant(s) must jointly hold more than 50 percent of the voting rights
Applicant(s) must be able to fund family obligations for a one year period of living in Canada (settlement funds). This amount will vary based on the number of dependents in each family unit. A full breakdown can be found through the following link: SUV Settlement Funds
Applicant(s) must be able to meet or exceed minimum language requirements, in either English or French. The Startup VISA program requires a CLB score of 5 in each of four areas; listening, speaking, reading and writing.
Applicant(s) are asked to obtain a police certificate and a medical exam may be required.
If you are an entrepreneur and are interested in joining LaunchPad PEI through the SUV program, please fill out the application below:APPLY HERE