Your business must:

Be innovative, with the potential to compete globally and create jobs in Canada.

Be incorporated in Canada (or planned to be incorporated upon approval).

Have each applicant owning at least 10% of the voting rights in the company.

Ensure that the applicants and the designated organization together hold more than 50% of the voting rights.

Note: Up to five individuals can apply as co-founders under the same business venture, but if an essential team member withdraws or is refused, all related applications may be terminated.

You must secure a Letter of Support from one of the following types of designated organizations approved by IRCC:

Venture Capital Funds: Must commit to investing at least CAD $200,000.

Angel Investor Groups: Must commit to investing at least CAD $75,000.

Business Incubators: Must accept the applicant into their program (no minimum investment required).

The designated organization will also provide a Commitment Certificate directly to IRCC to verify their support. A list of designated organizations is available on the Government of Canada website.

Applicants must demonstrate a minimum Canadian Language Benchmark (CLB) Level 5 in English or French in all four abilities: speaking, reading, listening, and writing. You must submit results from an approved language test (e.g., IELTS, CELPIP for English; TEF for French) taken within the last two years.

You must prove you have enough money to support yourself and your dependents after arriving in Canada. These funds cannot be borrowed and must cover living expenses based on family size. The minimum amounts for 2025 are approximately:

Number of Family Members

Required Funds (CAD)

1. $13,757

2. $17,127

3. $21,055

4. $25,564

5. $28,994

Additional funds are required for larger families. Check the IRCC website for the latest amounts.