Start-Up Visa Canada (SUV) enables foreign entrepreneurs to acquire permanent residence in Canada through business immigration. Proprietors of innovative start-ups or established foreign companies might be able to make use of this program to permanently relocate to Canada as well as other founding partners (as much as 5 partners), so long as they meet other needs for that program.

If you’re a foreign entrepreneur who’s thinking about applying to begin with- Start-Up Visa program, this 2023 guide is perfect for you. Here you’ll find full details about Start-Up Visa Canada, including details not generally found elsewhere on the web. We’ve also incorporated some useful tips so that you can be effective within this Start-Up Visa Canada program. So, let’s start.

Start-Up Visa Canada: Eligibility Requirements 2023

Start-Up Visa Canada

Here is their email list of needs as set through the Canadian immigration government bodies for entrepreneurs who would like to make an application for PR in Canada underneath the Sports utility vehicle program:

Additionally towards the above, to become effective within this program, entrepreneurs should be ready to also satisfy the following fundamental criteria:

Who Should NOT Apply for Canada’s Startup Visa

The Start-Up visa program isn’t the right program for foreign entrepreneurs who’ve limited capital to purchase their start-up venture in Canada. Among the key needs for that Start-Up Visa program Canada is to acquire a letter of support or investment commitment from among the Designated Organizations in Canada. The likelihood of getting support from the Designated Organization are negligible should you (or perhaps your company) don’t have sufficient capital to take a position to your venture.

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Although the SUV program is advertised as “no minimum investment is required”, in reality,

your venture ought to be well-capitalized to be able to receive support in the Designated Organizations. It’s naive to think that for those who have a good idea, VCs or Private Investors in Canada will fund your venture and provide the seed capital. Normally, this is and not the situation. VCs and Private Investors look for excellent companies with past traction and generating millions in revenue before they invest any funds.

Thus, if you are a entrepreneur having a great service or product and limited capital to develop your venture (under $200,000), the Start-Up Visa Canada program may not be the best path for you personally. Never be frustrated, we’ll discuss alternative pathways below.

Start-Up Visa vs Other Business Immigration Programs

There are numerous business immigration programs in Canada that entrepreneurs may use to transfer to Canada, additionally towards the Start-Up Visa program. Particularly, you are able to explore the C11 Entrepreneur Visa, Intra-Company Transfer Program, Self-Employed Category, or perhaps the LMIA Path (formerly Owner-Operator LMIA). See our table below to check these programs and comprehend the benefits and drawbacks of every program.

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Advantages and Disadvantages of Start-Up Visa Canada

It might be better to think about the advantages and disadvantages of the program when considering further steps. It is vital to completely know very well what the program offers and whether this is actually the right program for you personally.

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Advantages of the Program

Below are some of the pros of the SUV program:

Disadvantages of the Program

Below are some of the cons of the SUV program:

How to Get a Letter of Support for Canada’s Startup Visa Program

Obtaining a letter of support from the Canadian Designated Organization is extremely hard since your start-up must reveal that it’s strong market validation or recurring scalable revenue. For those who have a cutting-edge idea, skill sets and capital to complete it, you might want to use specialized business consultants to build up, make sure validate idea first before you decide to seek an endorsement from the designated organization.

To acquire a letter of support for any from the Designated Organization, you are able to stick to the key steps below:

Step 1: Prepare your Pitch Deck (business concept) or a Business Plan.

Step 2: Submit your application to a designated organization for review and evaluation.

Step 3: Undergo an interview with a designated organization.

Step 4: Sign an agreement with the designated organization.

Step 5: Pay the fees for the designated organization.

Step 6: Obtain a Letter of Support from the designated organization(s).

Step 7: Submit your application for permanent residency and work permit.

If you need support with any of the steps above, please reach out to us for help and guidance. We might be able to connect you to the right people and resources who can help you in your immigration journey.

Start-Up Visa Canada

List of Designated Organizations

With respect to the kind of designated organization you work with, you will have to either develop a startup development program or receive funding from their store in return for equity inside your company to get your letter of support. It is among the most important needs from the Sports utility vehicle. You have to get yourself a Commitment Certificate and Letter of Support from a number of Investment Capital Funds, Angel Investor Groups, or/and Business Incubators. Here is a complete list of the designated organizations.

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Processing Time for Start-Up Visa Program

SUV processing Time can differ with respect to the workload from the IRCC. The overall guidelines condition the waiting period for that ultimate decision with an application could be between three years and five years.

Start-Up Visa Canada Costs: Full Review

The costs of the Start-Up Visa program in Canada range between CAD $165,730 to $300,000 , based on various factors. As pointed out above, the beginning-Up Visa program isn’t the right fit for entrepreneurs that do not need capital to purchase their business enterprise in Canada.

Please make reference to the sample cost structure below to know how much cash you should put aside to finance your Start-Up Visa program application. All charges here are approximate estimates in USD dollars, such as the charges which are billed by providers as well as other companies supplying the Sports utility vehicle Program support:

Pitch Deck Preparation

Fees Charged by Designated Organizations

Legal Costs

Government Fees

The SUV application fees are as follows:

Business Execution Costs

Canada Start-Up Visa Success Rate

If your SUV application is in the right hands, all of the requirements are satisfied, and the necessary documentation is provided, you will be allowed to grow your business in Canada. IRCC states that the SUV program has a general success rate of above 75%.

The rate of approval varies depending on the type of designated organization:

Delay and Rejection Reasons for Your Start-Up Visa Application 

Sometimes, the Immigration Officer may initiate a peer review when the Officer doubts the genuineness or practicality from the enterprise. The peer review panel will verify when the designated entity has conducted the correct checks and investigations based on industry standards.

Below are some red flags that may result in peer review or even a refusal of the SUV application:

Generally, make certain that the research process is well-documented which there’s significant evidence open to demonstrate the genuineness and viability of the undertaking. Most significantly, make certain to follow along with our some tips to guarantee the success of the application.

Get Experienced Advice Before You Apply for Canada’s Start-Up Visa Program

Canserves team can help you bring your startup business to Canada with your family and business partners. You can focus on your startup idea, and we focus on your permanent residence in Canada.

Your Next Step Awaits

We have worked with & represented clients from all walks of life. Always just one call – or click – away, weʼre happy to help you begin your & your familyʼs journey to Canada.

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