Starting at the beginning of November, York Angel Investors Inc. looks forward to accepting applications for the Start Up Visa program.
Our process will include an online application, submission of all Due Diligence documents, and then those candidates meeting the thresholds will be invited to present to the YAI SUV Review Committee. The Committee will meet on an ad hoc basis, when we have 2 or 3 viable candidates. The meetings will be held in Markham.
In the meantime please review the details of the program requirements, to ensure you have all necessary elements.
The Start-up Visa Program
In order to participate in the program, prospective entrepreneurs must be able to secure a specific funding commitment from a designated Angel group, CVCA member or be recommended by a designated incubator or accelerator. Therefore, this program is driven by the endorsement of the designated entities and is not intended as a general application for prospective immigrants. The program focusses on high quality applications and not the quantity of applicants. Prospective applicants must be ready to provide detailed information regarding their entrepreneurial background and venture including: business plans, financial documents, incorporation documents, references, and any other relevant information the designated entity may require to issue a Commitment Certificate and accompanying Letter of Support.
Before applying to the program, potential applicants must have secured an investment commitment of $75,000 or more from a designated angel investor group, $200,000 from a CVCA member or the support of an incubator or accelerator.
Applicants may apply as either a single entrepreneur or as an entrepreneurial team of up to five members. Each applicant must be an active member of the venture team with at least 10% of the voting rights to qualify. The combination of the applicant and the designated investor/supporter must also hold at least 50% of the voting rights in the proposed venture to qualify.
Successful applicant companies will typically meet the following criteria:
- The company has been established and incorporated and/or is planning to incorporate in Canada
- The company has demonstrated pre-existing financial resources as well as traction for their product/service
- The company is looking for follow-on funding to continue development or accelerate the growth of their venture
- The company is engaged in a high growth industry or has a reasonable potential for exponential growth
- The company has a well-developed market, financial and company growth strategy
- The company has a defined competitive advantage that is sustainable in its industry
- The company would benefit strategically from relocation to Canada
In order for applicants to move forward with the Start-up Visa program, the applicant must prepare the following documents.
- Formal Business Plan
- Financial Plan – minimum 3 year projected revenue, expenses and cash flow
- Communications Plan
- Corporate Documents
- Shareholders Agreement
- Due diligence Report covering if applicable:
- Customers and Suppliers
- Material contracts
- Intellectual Property
- Corporate Financing
- Employees and Benefit Plans
- Management Team