Canadian Start-Up Visa
The Start-Up Visa Program in Canada provides permanent residency to qualified entrepreneurs and is officially called the Canadian Start-Up Class. The program is more commonly referred to as the Start-Up Visa program (SUV). Its purpose is to connect foreign entrepreneurs with Canadian business organizations. The focus is on helping the entrepreneurs build new, innovative businesses in Canada.
Applicants can first arrive in Canada on a work permit sponsored by their designated Canada-based investors, before qualifying for permanent residence once the business is up and running. Since launching as a pilot program in 2013, the Start-up Visa Program has welcomed hundreds of immigrant business owners to Canada each year. The Program has attracted candidates from numerous countries including Egypt, India, China, Uruguay, Australia, South Africa and Iran.
The Start-up Visa Program is ideal for entrepreneurs with an existing business that is ready for investors. In order to be eligible to apply to the Start-up Visa Program, applicants must have already created their business and secured commitment from a designated Canadian business investment organization or incubator.
Benefits of Start-Up in Canada
Start-up Visas are awarded to innovative companies that are poised to create jobs in Canada and succeed on a global scale. Acceptance into this program may result in a fast work permit processing time (as little as six months!) and Permanent Residency. The following are just a few of the benefits of establishing a business in Canada:
Despite the global coronavirus pandemic affecting Canada's immigration system, the Canadian government has remained committed to processing immigration applications to the best of its abilities. Canada has strengthened its immigration goals as a result of the pandemic. Toward the end of 2020, the nation announced it would increase its annual immigration target to more than 400,000. Given the current level of opportunity for migrants, there has never been a better time to apply for a Canadian visa.
Is my business eligible
As a condition of eligibility for an immigrant entrepreneur for the Canada Startup Visa Program, applicant must be able to secure investment or support from a designated organization. In order to receive a letter of support, applicants must convince a designated venture capital fund or angel investor group to invest in their proposed business. A Commitment Certificate summarizing the commitment made with the applicant must be provided directly to IRCC by the investor organization.
More than 50 angel investors, venture capitalists, and business incubators have been invited to participate in the program. The designated organizations are groups that have been approved to invest in or support possible start-ups. This could be business incubators, investor groups, or angel investors.
Business Incubator
The length of the program, eligibility requirements, and process for business incubators vary depending on the program. An incubator nurtures a new business from its startup phase through the growth phase by providing all the necessary tools and advice for it to stand on its own. A business incubator must accept the entrepreneur into one of its business incubator or acceleration programs.
Venture Capital
A venture capital investment is a finical support provided to startups and small businesses that investors believe will have long-term growth potential. Venture capital investment usually comes from well-off investors, investment banks, and other financial institutions. The designated venture capital fund must confirm its investment of at least $200,000 in the qualifying business. Candidates can also qualify if two or more funds, totaling $200,000, commit to the company.
Angel Investor
An angel investor is a wealthy individual who provides capital for startups in exchange for ownership equity or convertible debt. Each angel investor has their own requirements for which startups they will support. An angel investor group must invest at least $75,000 in a qualifying business. Candidates may also qualify with two or more angel investor group investments totaling $75,000.
A Qualifying Business can have up to five owners, and all of them can apply for the Start-up Visa program. At the same time, you (and any other owners, if any) must be managing the business in Canada. As a Canadian company, your main operations should take place in Canada, and naturally, your company must be incorporated here. You won't be able to incorporate a company in Canada and run your business from abroad. Your company must have a strong connection to Canada and must rely heavily on Canadian customers boosting its economy.
As a potential business owner in Canada, you need to demonstrate the ability to speak one of the official languages of the country, English or French. Even if you speak both languages, demonstrating proficiency in one will suffice. Entrepreneurs must take a language test and meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French
People who apply with the start-up visa program are not eligible for financial support from the government, so you must bring enough funds to prove that you can support yourself without receiving any help from the government. The amount of money required depends on how many family members will accompany the applicant.
A security clearance and medical examination are obligatory for all Canadian immigration programs to determine whether the applicant or accompanying family members pose a security threat or have health conditions that would place an excessive burden on the Canadian Health System.
How to apply for Start-Up Visa
Contact us today to to find out if you and your business qualify for one of these programs. We can help you review the requirements based on your experience and financial strength to determine which program is best for you. Our team of highly skilled in-house Canadian visa consultants is composed of CICC members and Immigration lawyers who can help you with all your Canadian Immigration needs.
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Documents Required
Canada Visa documentation is a significant part of the application process. Below are some examples of the documents that may be required to apply for a visa. Documents below do not represent a complete list of all documents required and are subject to change. Nonetheless, they are a provisional set of documents which are predicted to be required when applying for a Canada Visa.
