Business International business

Overview of Canada's Startup Visa program and a guide for Entrepreneurs in India

Aditya Shrivastava
Aditya Shrivastava
22.11.23
3 minute read

Canada has emerged as a global hotspot for innovation and entrepreneurship, offering a welcoming environment and a supportive ecosystem for startups. Recognizing the potential of Indian entrepreneurs, the Canadian government has established the Start-Up Visa Program, designed to attract talented individuals with innovative business ideas to contribute to Canada's economic growth.

Table of contents

Eligibility Criteria for Indian Entrepreneurs

To be eligible for the Canada Start-Up Visa Program, Indian entrepreneurs must meet the following criteria:

  • Have a Qualifying Business: The business must be innovative, scalable, and have the potential to create jobs in Canada.
  • Secure a Letter of Support: Obtain a commitment certificate or letter of support from a designated organization, such as a venture capital fund, angel investor group, or business incubator.
  • Demonstrate Language Proficiency: Possess at least a Canadian Language Benchmark (CLB) 5 in English or French.
  • Meet Settlement Fund Requirements: Maintain sufficient settlement funds to support themselves and their families upon arrival in Canada.

Benefits of Canada Startup Visa for Indian Entrepreneurs

The Canada Start-Up Visa Program offers numerous benefits to Indian entrepreneurs, including:

  • Path to Permanent Residency: Upon successfully meeting the program's requirements, entrepreneurs can obtain permanent residency for themselves and their families.
  • Access to Funding and Support: Gain access to a network of investors, mentors, and advisors to support their business growth.
  • Global Market Opportunities: Leverage Canada's strategic location and trade agreements to expand their business reach internationally.
  • Quality of Life: Enjoy Canada's high standard of living, diverse multicultural society, and world-class education and healthcare systems.

Application Process for Canada Startup Visa for Indian Entrepreneurs

The application process for the Canada Start-Up Visa Program involves several steps:

  • Develop a Compelling Business Plan: Create a comprehensive business plan that outlines the startup's concept, market potential, financial projections, and team expertise.
  • Identify and Connect with Designated Organizations: Research and establish connections with designated organizations that align with your business sector and can provide the necessary support.
  • Secure Letters of Support: Obtain commitment certificates or letters of support from designated organizations that are impressed with your business potential.
  • Prepare and Submit Application: Submit a detailed application package, including business documents, financial records, language test results, and settlement fund documentation.
  • Attend Interview (if required): Participate in an interview with immigration officials to assess your business acumen and suitability for the program.
  • Receive Visa Approval: Upon successful assessment, receive a visa to travel to Canada and establish your startup.

Official Resources for Indian Entrepreneurs

To get started, here are the official resources that are available to assist Indian entrepreneurs in navigating the Canada Start-Up Visa Program:

The Canada Start-Up Visa Program presents an exceptional opportunity for Indian entrepreneurs to launch and grow their innovative businesses in Canada's thriving tech ecosystem. By leveraging Canada's supportive environment, access to funding, and global market reach, Indian entrepreneurs can achieve their entrepreneurial aspirations while contributing to Canada's economic success.

Banking in Canada

One of the first things you'll need to take care of when you arrive in Canada is starting an account - not just for your startup, but also for personal day-to-day need. Our guide to bank accounts in Canada goes over how you can open one and what you need to know before you do.

Canadian banks offer a variety of account types to suit different needs, and many of them offer specialized programs for newcomers with waived fees and incentives.

A convenient alternative to traditional banking, we invite you to check out Wise and start your Canadian journey with an account that is as global as you are.

Meet Wise: International Account for Global Entrepreneurs

Wise is a global technology company, building the best way to move and manage the world’s money.

Wise was founded on the principle that people deserve transparency, fairness and better value when it comes to their money. We're working hard to bring a fairer choice to people across the world, and to raise awareness about the hidden charges in the finance industry.

Wise Account for Canada Residents

Wise offers a flexible multi-currency account that is ideal for new immigrant to Canada with roots abroad. With currency conversion always at the fair mid-market rate, this is an account that lets to spend just like a local when you travel abroad with a linked debit card — and works seamless in India as well.

Wise Account

Get Started with Wise 🚀

Wise Business for Startups in Canada

The Wise Business Account enables you to send and receive money around the world at low fees and with mid-market exchange rates. This means that you can avoid hidden fees and exchange rate markups charged by banks and other traditional money transfer providers. And to make getting payments even easier, Wise Business offers account details in multiple currencies. So clients can deposit payments in currency that is easiest for them, rather than making transfers to an overseas account.

Wise Business Account for Canada

Our online process lets you open and verify your Canada business account from anywhere. With our customer support available in English and our commitment to providing a seamless digital experience, Wise offers an ideal alternative to traditional banks for your Canadian business.

Wise for Businesses in India

If you're an India-based business or freelancer, you can open a Wise Business from India as well. Wise Business offers Indian business with local account details in 8 foreign currencies, including Canadian Dollars. This convenience enables your customers abroad can pay you with a local transfer in those currencies.

Wise Business Account for India

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Cover photo by Jason Goodman on Unsplash.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location