Canadian Start-up Visa vs UK Tier 1
If you are looking for a country to launch your start-up it is likely that Canada and the UK are on your list. Both countries are among the World’s best to live in and both have dynamic and exciting market opportunities. But which one is the best for you? Here in this article, we put both of these great nation’s on a test to help you drill down which one is best for your start-up.
The country itself always performs highly in living standards, it is also socially liberal and suffers from low levels of crime and high levels of stability. In recent years pushed forward by President Justin Trudeau, the country has been at the forefront of a move towards a green economy and going against the grain on climate polluters.
Canada is one of the World’s most open countries for moving to in order to launch a startup. While it has many options the one we will focus on here is the Canadian startup visa launched in 2013. Originally it was proposed only to those with seed funding. These sources needed to be either £95,000 from venture capital or £36,000 from angel investments. Due to the lack of capital for some start-ups, they decided in 2014 to extend the scheme to those businesses that had been accepted into so-called “Incubator programmes”. These programmes offer support to start-ups and mentorship to get them off of the ground. This has had a huge effect on the picture for start-ups in Canada.
The UK is a financial powerhouse in World and is a key destination from those looking to move to start-up, it also has a low level of crime and high living standards and is at the forefront of the World’s financial markets.
In the UK there is the Tier 1 route for entrepreneurs and like the Canadian option is available to those with seed funding but with significantly higher levels needed to satisfy the entry criteria. In the UK you will need £200,000 to invest though there is the exemption route for certain funding sources. There is also a mature market in seed capital an angel investing in the UK which means that good ideas will always attract capital.
Your choice will largely depend on your preferences and type of business. For those who are financially based, there is little doubt that the UK will be the destination of choice, it is a powerhouse of finance and the centre of Europe in the finance markets. But if you have less capital to invest or need an incubator to get started then Canada may be the preferred destination.
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