What Is Canada’s Start-Up Visa Program?
Canada’s Start-Up Visa (SUV) program has been designed to draw the attention of foreign talents, businesses, and investments from around the world. This is created with the aim of strengthening the economy and aiding in innovation.
Entrepreneurs can establish a new business in Canada with this program and on successful completion, one can even apply for Permanent Residency status.
Candidates applying for the Start-Up Visa program are required to show valid proofs of financial funds for settling in Canada. Moreover, it must also be suitable to cover the cost of living of yourself and your family members.
Entrepreneurs are allowed to enter the country with a work permit from a designated Canadian investor before the start-up is established and running. The start-up visa program doesn’t demand any sort of investment coming from your own funds.
Canada’s Start-Up Visa
What is a Start-Up Visa Program Designated Entity?
A letter of support or commitment must be issued by a designated organization in Canada.
Entrepreneurs can opt for one or multiple designated organizations to commence the process.
Upon meeting the eligibility requirements, candidates must also meet either of the following criteria
- At least $75,000 is needed to be secured from a Canadian angel investor.
- Minimum $200,000 of investment is required from a Canadian venture capital fund which is further supported by the Canadian government.
- Candidates must enter a business incubator program through a designated business incubator
What are the Eligibility Requirements for the Candidates?
In order to be eligible for the Start-Up Visa program, candidates must comply with these criteria:
- Qualifying Business
- For the Start-Up Visa program, each applicant needs to have a minimum of 10% of the voting rights if there is more than one shareholder. And,
- Designated organization and the applicants must have more than 50% of the voting rights in your new venture in order to qualify for the program.
- A certificate of commitment or a letter of support from a designated organization in Canada is required for eligibility for the program
- Relevant proofs of sufficient funds are needed to be presented
- Proficiency in English or French language is mandatory. According to the minimum score required for Canadian Language Benchmark, individuals are required to score at least CLB level 5
What can lead to Start-Up Visa refusal?
The start-up visa may be refused for any of such reasons like
- If the business is not qualifying
- A letter of support from a designated organization is not provided
- Settlement funds are insufficient
- Failing to meet the language requirements
How Do Candidates Qualify for A Temporary Work Permit/Permanent Residence?
To qualify for a work permit:
Candidates with a letter of support or commitment from a designated organization can apply for a temporary work permit.
To qualify for Permanent Residency:
Candidates must be actively involved in the management of the business in Canada and the operations of the incorporated business, or an essential part, must take place in Canada.
How does an Entrepreneur Gets a Support Letter from a Designated Entity?
An applicant of SUV must have developed a innovative and viable business project that will meet the program requirements of government approved designated entities.
We at ImmiQuest have a stong team of expereinced Business Consultants who can ensure that your Start-up business plans meet all industry required terms and conditions.
What is the Standard Processing time for the Start-Up Visa program?
- Getting a letter of suport from a designated entity- If an entrepreneur has a viable start up idea , it will take about 3-6 months to get a commitment letter of support from a designated organization.
- PR application Filling – Once a letter of support is received, the application for permanent residence can be submitted.
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