The Process
Several standard verifications are conducted from the time of application to our incubator through your submission to IRCC.
Overview
You will complete the application process in the following 8 steps.
1. Incubator Application
Submit an application through our online form or by providing your information in a format determined equivalent by our team.
2. Incubator Interview
Prepare to answer follow up questions from to clarify details in your application, to further assess your team, and to identify ways ISM can best assist you.
3. Final Materials
Upon passing the interview, we will request the most up-to-date versions of the materials you submitted in your initial application.
4. Verifying Documentation
Provide official verifications of your identity, background, qualifications, business structure, proof of funds, and eligible payment method.
5. Incubator Agreement
Sign an agreement to consent to fees, program responsibilities, confidentiality, general liability, and governing law.
6. Pay Fee
Receive an invoice and submit your initial payments on schedule as per the upfront payment or payment plan in your Incubator Agreement.
7. Receive LOS
We will submit your Commitment Certificate and Letter of Support to IRCC, and then provide you with a copy of your Letter of Support.
8. Immigration Application
Complete your Permanent Residence and Work Permit application by following the additional guidance provided by IRCC.
Due Diligence
We will collect the following verifying documents throughout the application process. Foreign official documents must be translated to English and stamped by a certified translator.
Pitch Deck & Business Plan
All applicants must provide a pitch deck and a business plan. If you do not have a business plan, we recommend getting started with one of the templates available here. Provide your final materials including financial projections. Your business plan should include:
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Intro, vision, problem, solution, market landscape and position, current traction, business model, team, summary, and fundraising.
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Which essential parts of the operations of your business will happen in Canada
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Plans for incorporating the business in Canada
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For each team member applying for a Work Permit, include urgent business reasons for coming to Canada before getting Permanent Residence
Team Information
Identity of each applicant (e.g. copies of passports, birth certificates).
Provide each applicant's CV, and include or attach a full list of any universities, research institutes or laboratories you have been affiliated with, received funding from, or received in-kind support from as well as the dates. We may request copies of any diplomas, degrees or certificates you have earned.
Proof of sufficient funds for each member to settle in Canada: Provide a bank letter including the date the account was opened and the amounts in CAD, and 6 months of bank statements. Bank letters must be signed and include the contact information of the signatory.
Business Information
Financial and legal structure of the business (e.g. articles of incorporation, bank letters, statements including business expenses). If you are not incorporated, provide an explanation of plans to incorporate. If you have incorporated in another country, provide documentation along with an explanation of your expansion to Canada.
Qualifying ownership of the company or the future company (e.g. shareholder agreement, certificate, pre-incorporation contract)
Control of intellectual property (e.g. patents, industrial designs, trademarks, copyrights, or trade secrets). Start-ups who have not registered any form of intellectual property may have Trade Secrets and should provide documentation such as non-disclosure agreements, internal confidentiality protocols, explanations of closed internal project management methods, or otherwise protections of trade secrets listed here. If a third party may control any of your intellectual property, you must provide any waivers, re-assignments, or other consent agreements demonstrating your authorization to control the intellectual property. If you are unsure about your intellectual property, we recommend reviewing the basics of intellectual property here.
Payment Method
Confirm your payment method. We do not accept cash deposits. The funds must be received through a financial institution using instruments such as wire (preferred), Global Money Transfer, Interac or other EFT, cheque, money order, etc. A wire transfer from your own incorporated entity, from your own personnel, or from an otherwise incorporated entity is preferable.
If you utilize a Money Services Business (MSB), it must be FINTRAC registered and you must provide your agreement with the MSB. If any other third party entity or individual pays the fee on your behalf, they must have your formal consent to do so and have a reasonable relationship with your start-up. You must provide a consent letter or agreement between your start-up and the third party stating the relationship and the purpose of the funds, and including their signature and contact information. For individual third parties, a copy of their ID must be attached.
Additional Materials (case by case)
If applicable to your business, we may request income statements, balance sheets, partnership agreements, contracts, profit/loss records, annual reports, tax filings, and business metrics. We may also examine drivers such as leadership & management, personnel, and customer loyalty.