Canada's Startup Visa Program is for qualified immigrant entrepreneurs; one can also use Canadian permanent residence. The program aims for innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up businesses.
Preparing your Application Start-Up Visa (SUV)
The first part of the application is an initial assessment and validation of the potential applicants to the SUV program. Please note a small fee for this initial service to cover administration costs. This is not a promise that your application to the Start-up Visa Program will be successful.
An experienced Canada Immigration Consultant can guide applicants during the process, and applications are more likely to be done fast-tracked. Their goal is to approve successful applicants within weeks. The Canadian Entrepreneur Visa provides permanent resident status, leading to citizenship.
Start-Up Visa Programme
Canada Immigration Today welcomes innovative business ventures and invites entrepreneurs from other countries to benefit from the strong Canadian economy. The Start-up Visa (SUV) program launched by the Immigration, Refugees and Citizenship Canada (IRCC) targets foreign start-ups. They have the potential to build innovative businesses within Canada that further innovate its entrepreneurial ecosystem.
The process is intended to allow for the expedited migration of foreign-owned businesses looking to operate in Canada. Applicants should consult a good Canada Immigration Consultant for an easy process.
In this process, they provide up to five founders or core team members with a permanent residency, provided that they meet the criteria established. This is under the program and IRCC’s standard requirements for immigration.
Eligibility criteria for Canada Start-up Visa
1. Proof of Support by a Designated Investment Organization
If an individual is interested in immigrating to Canada through the Entrepreneur Start-up Visa program, the first step is to find a Canadian angel investor group.
If not, a business incubator or venture capital fund to back you up. At least one of these entities must be willing to invest in your new start-up. Keep in mind that the investor organisation must be a designated angel investor group, a qualified business incubator program, or a designated venture capital by the Canadian government to participate in the Entrepreneur Start-up Visa program.
Once the applicant submits their idea and convinces one of the designated incubators, angel investor groups, or venture capital funds to support your business, they will send you a letter of support. They also provide the IRCC with a completed Commitment Certificate. The certificate lays out the details of the agreement and commitment between the designated organisation and the candidate.
Once the applicants receive the letter from your investor or investors, they are ready to apply for Startup Visa.
2. The minimum amount one must secure for your business is:
1.200,000 CAD if the investment is from a Canadian VC,
2.75,000 CAD if the investment is from an angel investor,
3.0 CAD, that's right, zero, if your business is accepted in a business incubator program in Canada.
3. Proof of Meeting the Minimum Language Requirement
One must be able to communicate and work in English, French, or both. This means that you must take a language test from an IRCC approved agency and meet:
1. Canadian Language Benchmark (CLB) 5 in speaking and listening and 4 in reading and writing in English
2.Niveaux de Compétence Linguistique Canadiens (NCLC) 5 in speaking and listening and 4 in reading and writing in French
4. Proof of Meeting the Education Requirement
One needs to have completed one year of study at a postsecondary institution. And also need to provide transcripts, a letter of good standing, diplomas, degrees, or certificates to show that they fulfil this requirement.
5. Proof of Sufficient Settlement Funds
One must have sufficient funds to support. The amount depends on family size.
Although these are the minimum required funds, it is recommended that you bring in as many funds as possible when you move to Canada.
Application Process
Canadian Startup Visa Program For Entrepreneurs takes between 12 to 18 months of processing time. This requires two things in terms of business or start-up details.
1. Draft a Business Plan
One needs to provide a detailed CV for preliminary qualification and the other initial required documents.
2. Letter of Support
At this stage, one needs to have completed the business plan and submitted it to a designated investment organisation. As discussed above, this organisation can either be one of the designated angel investor groups, business incubators, or a designated venture capital fund.
is for qualified immigrant entrepreneurs; one can also use Canadian permanent residence. The program aims for innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up businesses.
