Canada Start-Up Visa Program offers Canadian permanent residence to qualified immigrant entrepreneurs. It is officially known as the Canada Start Up Class. But it is largely referred to as the Start-Up Visa program (SUV).
The program is designed to attract innovative entrepreneurs and connect them with private sector investors in Canada who will support the establishment of their start-up business.
Candidates have the option to initially come to Canada on a work permit, which is supported by their designated Canada-based investor. Once their business is operational, they become eligible for permanent residence in Canada.
There are three types of private-sector investor:
- Angel investor.
- Venture capital fund.
- Business incubator.
What Are the Candidate Eligibility Requirements?
The basic candidate eligibility requirements for the Start-Up Visa are:
- Qualifying business.
- Commitment Certificate and Letter of Support from a designated entity.
- Sufficient unencumbered, available and transferable settlement funds.
- Proficiency in English or French at minimum Canadian Language Benchmark level 5.
What Is A Start-Up Visa Program Designated Entity?
A designated entity in the context of the Canada Start-Up Visa Program refers to a Canadian private sector angel investor, venture capital fund, or business incubator. To qualify for the program, the applicant’s business must meet the following criteria for the required commitment.
- A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
- A designated business incubator must accept the applicant into its business incubator program.
What Are the Start-Up Visa Program Business Ownership Requirements?
For the candidate to qualify for permanent residence:
- The intended business must be incorporated and carrying on business in Canada.
- The candidate must own at least 10 percent of the voting rights in the corporation.
- No other person can hold 50 percent or more of the voting rights in the corporation.
NOTE: Under the Canada Start-Up Visa Program, up to five candidates can have their permanent residence applications supported by the same business investment. However, certain candidates may be deemed essential to the business. If any essential candidate withdraws their application or is refused, all other candidates supported by the same business investment will have their applications terminated as well.
How Do Candidates Qualify for A Work Permit/Permanent Residence?
To be eligible for a work permit, candidates who possess a Commitment Certificate from a designated entity can apply for a short-term work permit to commence working in the business. The request for the work permit must be supported by the designated entity.
To qualify for permanent residence:
- Candidates must be actively involved in the management of the business in Canada.
- The operations of the business, or an essential part, must take place in Canada.
- The business must be incorporated in Canada.
How does an intending Immigrant Entrepreneur obtain support from a designated entity?
An aspiring immigrant entrepreneur planning to move to Canada must have or develop a viable business project that meets the due diligence requirements of government-approved designated entities. Usually, business consultants in Canada’s start-up ecosystem, along with experienced corporate business immigration lawyers, work together to ensure that start-up business plans comply with all the industry’s necessary terms and conditions.
How long does it take for an intending immigrant entrepreneur to go through the process?
If an entrepreneur has a viable start-up business project, it typically takes about 4-6 months to secure a commitment certificate or letter of support from a designated entity. Once the letter of support is received, the application for permanent residence can be submitted. The entire process of finalizing the application and obtaining the visa issuance may take approximately 18 months.
How Can Canserves.com help intending immigrant entrepreneurs under the Start Up (SUV) Class?
Operating from our Toronto-based facilities, our company collaborates extensively with recognized designated entities in the Canadian start-up ecosystem. We offer a comprehensive set of practical business advisory services aimed at assisting aspiring immigrant entrepreneurs and their start-up business ideas in meeting all industry standards and prerequisites.
Conclusion
The Canada Start-Up Visa Program stands as a gateway to success for entrepreneurs with innovative ideas and a determination to create a mark in the business world. With a supportive start-up ecosystem, welcoming business environment, and attractive benefits, Canada offers a nurturing space for entrepreneurial dreams to flourish. So, if you aspire to turn your business dreams into reality, the Canada Start-Up Visa Program awaits your arrival. Start your journey today, and embrace a future full of possibilities.
Frequently Asked Questions (FAQs)
Q: Can I apply for the Canada Start-Up Visa Program without a designated organization’s support?
A: No, a letter of support from a designated Canadian venture capital fund, angel investor group, or business incubator is a mandatory requirement for this program.
Q: How long does it take to process the Canada Start-Up Visa application?
A: The processing time for the application may vary, but it typically takes several months. It is essential to be patient throughout the process.
Q: Is there an age limit for applying to the Canada Start-Up Visa Program?
A: No, there is no specific age limit for this program. Entrepreneurs of all ages are welcome to apply.
Q: Can my family accompany me to Canada under this program?
A: Yes, successful applicants can include their spouse or common-law partner, as well as dependent children, in their application.
Q: What happens after I receive my Canada Start-Up Visa?
A: After receiving the visa, you can travel to Canada and begin working on your start-up business right away.
Q: Can I change my designated organization during the application process?
A: Yes, you can change your designated organization if necessary, but it must be done before you receive your visa.