Incubators asking for large amount of money to get letter of support.

[Adonmartial]

My incubator asked for just under 10k to be accepted into the program and it covers 1year office space and also some of the courses that the incubator offers and some other perks. This was disclosed to me early and I will pay the full amount to the incubator when I get my permanent residence.

I suggest asking them if they need payment now regardless of the outcome with the IRCC or after you get your PR. I would send them any payment before you get the PR you have a high risk of not getting your money back since usually, those payments are nonrefundable.

hi
can you share with me the details of your incubators please ? you can send through private email adonmartial@aol.com thanks

 

[MMM1]

Hi,
I wonder to know if obtaining “Letter of Support” from an incubator will guarantee your PR if you meet medical check, wealth requirements, FBI check & English ?
Thank you

 

[k.h.p.]

It will not guarantee. It may help.

 

[MMM1]

It will not guarantee. It may help.

Thank you.
Then, how likely is it to get PR?
Is there anyone who has got PR thru startup?

 

[k.h.p.]

No one can tell you likelihood chances without being a visa officer.

Your chances are somewhere between 0% and 100%.

 

[broko85]

Hi there,could you please share your incubator’s details . You could send in a private message even if you prefer.

Thanks

hi can you also share with private message as well? Thanks

 

[Annabelle@Gav]

Hello , No one sell the visa. if they are asking money exactly in regard with letter of support issuance, there would be a high chance of refusal as it may go under a peer review and as far as I know, IRCC has prohibited all business incubator to ask money for the letter.

However , they may told you that you have to participate into an incubator program which costs you $20k . this is adifferent story .

Hi, I'm also considering it, what do they do in incubator program against this hefty amount, your help is appreciated. Thanks.

 

[canadavisaQs]

To incorporate in Canada, you typically need to have a partner who is either a citizen or pr. Probably best to check with a business lawyer in Canada. If you are able to incorporate - no guarantee unfortunately that you’ll be able to get work permits.

This is spreading false information, please do not do that.

Anyone can incorporate a business in Canada, without having to even step food in Canada, forget about being a Canadian resident.

Incorporating doesn't gaurantee anything, it just means you have incorporated a business in Canada.

 

[Startup_Visa]

@canadavisaQs there is nothing false about @scylla statement. He has clearly said typically and he is right that Federal Incorporation for a Limited Liability Company requires 25% resident Canadian Directors. So 25% Directors have to be Canadian PR or Citizens.

 

[jdutta]

Incubator fees vary - Mine is asking for 2100 CAD per month. I get office space in return (which due to the Covd 19 situation I haven't been able to use). I also get CEO mentoring from a very experienced person and have learned a ton of stuff in the past 6 months. (Started in April 2020). So yeah, while this is expensive route I think it is worth it - especially if you are over 40 and do not qualify for any express entry category.

 

[VicJay]

Incubator fees vary - Mine is asking for 2100 CAD per month. I get office space in return (which due to the Covd 19 situation I haven't been able to use). I also get CEO mentoring from a very experienced person and have learned a ton of stuff in the past 6 months. (Started in April 2020). So yeah, while this is expensive route I think it is worth it - especially if you are over 40 and do not qualify for any express entry category.

HI Jdutta, did you get the letter of support once you paid for the first month and got accepted ? Have you applied for your suv work permit and your suv permanent residence now ? how long was the application process of the incubator. Please I will be grateful if you answer my questions. Thanks and stay safe

 

[jdutta]

Hello - Please find my answers below:

Did you get the letter of support once you paid for the first month and got accepted? Yes

Have you applied for your suv work permit and your suv permanent residence now? Applied for SUV work permit, biometrics done, waiting for the next steps. Working on PR application.

How long was the application process of the incubator: From an initial idea pitching to final selection - approximately 3 months!

Hope this helps!

 

[VicJay]

Hello - Please find my answers below:

Did you get the letter of support once you paid for the first month and got accepted? Yes

Have you applied for your suv work permit and your suv permanent residence now? Applied for SUV work permit, biometrics done, waiting for the next steps. Working on PR application.

How long was the application process of the incubator: From an initial idea pitching to final selection - approximately 3 months!

Hope this helps!

Yes this helps, Thank you so much. Are you in MB ? or what province are you based in. Did you apply from within canada or you are outside canada.

 

[jdutta]

I am not in Canada yet as I don't have a WP.

 

[jdutta]

Hi,

If you don't already have a business that is generating revenue and isn't growing 30% month over month it's almost impossible to raise money from angel investors.

You should try to get accepted into an incubation program, but if you only have just an idea and nothing else no incubator will accept you. You need to get the incubators excited about your business either with revenue or a team. If you don't have any of those things make it happened to find really good developers in your city try to get them involved in your business or just bootstrap everything yourself whatever you do make something that will excite the incubator to give you the letter of support.

I hope this helps and good luck with your business.

Thanks!

Great feedback! Thanks!