If you are an international graduate and you’re about to start a business, then we have good news: It may be your ticket to gain Permanent Residency in Canada! The Alberta Foreign Graduate Start-Up Visa Stream (FGSVS) is a new permanent residency program designed for international graduates who have what it takes to start a business in Alberta.
If you have a business plan in any of these sectors:
- Financial services
- Life sciences
… then you can apply for FGSVS.
Getting to Know the FGSVS
FGSVS is an economic immigration program that is designed for international graduates who want to gain a permanent residency in Canada. It’s a collaboration between the Alberta Immigrant Nominee Program (AINP) and designated and approved agencies that support international graduates with their business ventures.
How to Apply for FGSVS
Like all immigration applications, expect the process for the FGSVS to be long and complex. There are a lot of things involved here, but the first step is to get approval for your business plan from an agency first. Only two agencies are approved as part of this program: Empowered Startups and Platform Calgary.
After your business plan has been approved by one of these agencies, you need to submit an Expression of Interest (EOI) through the Alberta Immigration Portal (AIP).
If you are chosen, you will receive a Business Performance Agreement (BOA) and a Canadian work permit to start your business in the country. Now, if your business is successful in Alberta for a year, you can apply for a nomination that will lead you to permanent residency. Here are some other things you need to do:
Meet the Requirements of FGSVS
You need to have a minimum of six months of full-time work experience and completion of a degree within the last two years. You need to have an ECA as well. Another requirement is that your business plan must include all projected financials and you need to create a ten-minute presentation for investors that outlines your proposed business.
Your business establishment should also have a minimum of 34% ownership if it’s situated in an urban center. On the other hand, if it’s located in a regional area outside Calgary and Edmonton Census Metropolitan Areas (CMAs), the minimum ownership is at 51%.
There is also a mandatory minimum investment for an urban center, which is $100,000 and $50,000 for regional areas.
You also need to acquire a letter of recommendation from one of two designated agencies. Finally, you need to have enough settlement funds to support yourself while you establish your business in Alberta.
Submit Your Application & Sign a Business Performance Agreement (BPA)
A request will be sent to your email to submit a BPA through the EOI, which should be submitted within 90 days of receiving the email. You will need to pay $3500 to submit and include supporting documents:
- Valid passport
- Work permit (if applicable)
- Language assessment copy
- ECA copy
- Any licenses, registration, and certification documents necessary to work in your job in Alberta
- Reference letter for your Business Ownership, Management, Business Incubator or Business Accelerator experience.
Your application and the documents will be assessed and if you meet all the requirements, you will need to sign the BPA, which will be sent to your email. The BPA is the legal agreement between you and the province of Alberta.
Thrive in Alberta
You can set up a business in Canada and thrive as a permanent resident. All you need to do, if you’re willing, is to apply for the FGSVS program in Alberta. While the process can be lengthy and you will have to meet quite a long list of requirements, it is one of the best ways to gain permanent residency while launching a successful career.
Gaining permanent residency is often quite difficult, and failing to apply for the right programs can be your downfall. If you’re looking to get Canadian citizenship, work with the experts. If you’re looking for professional help from a trusted firm, please contact us at email@example.com or call 1-888-404-8472.