Canadian Immigration News

Qualify for the Start-Up Visa: How Much Money is Needed?

1.5 minute read
"Are you interested in the Start-Up Visa? Many international entrepreneurs are attracted to the Start-Up Visa Program as it does not have a minimum investment requirement. This program was launched to encourage business immigration of eligible and experienced international entrepreneurs who want to establish their business in Canada."
Written by My Visa Source Team
Published on:  Jul 24, 2021
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Are you interested in the Start-Up Visa? Many international entrepreneurs are attracted to the Start-Up Visa Program as it does not have a minimum investment requirement. This program was launched to encourage business immigration of eligible and experienced international entrepreneurs who want to establish their business in Canada. 

Applicants must have a qualifying business and a letter of support from a designated Canadian institution like a venture capital fund, angel investor group, or business incubator. 

However, another important requirement of the Start-Up Visa Program which is often overlooked is the sufficient settlement funds requirement. You must have sufficient funds to support yourself and your family’s settlement in Canada.

What Are Settlement Funds Required by the Start-Up Visa?

Moving to a new country requires certain financial resources. You will require settlement funds to spend on home, heating and other utilities, food, clothing, health insurance and transportation. Housing and utilities alone can take up half your earnings.

A basic one-bedroom in the lower housing cost part of the country will still cost at least $350. Rent for apartments in big cities can go up to $2,500 per month. Even provincial and territorial health programs don’t cover newcomers for their first 3 months in Canada.

The cost of food will depend on the family size and their appetite and tastes. Clothing expenses take up less than 10% of the pay. It is always a good idea to budget some money for other unplanned or occasional expenses.

You can also expect some money to go towards paying income taxes, the Canada Pension Plan to the Quebec Pension Plan, employment insurance, union dues, if you are an unionized worker, and payments to a retirement or pension plan. Settlement funds will help you and your family cover the initial cost of moving to a new country and hopefully facilitating your integration into the local community.

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