What is start up visa for Canada?
What is the Canada Start-up Visa Program? The SUV offers entrepreneurs and their families a chance to obtain permanent residency for starting a qualifying business in the country. It allows immigrant entrepreneurs to submit a business project along with other personal information. Once approved by the immigration programs, the applicants can come to Canada.
What are the Main Advantages of Canada’s Start-up Visa?
- Permanent residence is granted for successful entrepreneurs and their family
- PR also functions as a work permit
- The applicants can then apply for citizenship
- Canadian citizens are allowed dual citizenship
- You do not have to provide a source of funds to apply
- There is no age limit for the main applicant
- It has a fast processing time
Canada’s Start-Up Visa (SUV) offers unique business immigration opportunities for foreign entrepreneurs. Owners of innovative businesses and established start-ups may be able to use this program to secure permanent residency in Canada. Under this program, up to 5 founding partners of a start-up can obtain Canadian residency statuses.
It is one of the top three most popular immigration options available to immigrant entrepreneurs. In this guide, you will learn all about the program, including who it is best suited for, its pros and cons, and alternatives to the program.
Start-Up Visa Canada: Eligibility Requirements
Below is the list of requirements for you to assess and conclude whether you have a qualifying business under the SUV program:
- Foreign nationals must get a letter of support or investment commitment from one of the designated Canadian organizations;
- Each foreign national must hold a minimum of 10% of voting rights in the start-up. Foreign nationals and their designated organization must jointly have more than 50% of the total voting rights in the business;
- Each applicant must meet the minimum English or French language skill at CLB level 5; and
- Each applicant must have sufficient funds to settle in Canada (at a minimum, between $12,960 – $34,299, depending on the size of the applicant’s family).
Who Should Apply for Canada’s Start-up Visa?
Many successful applicants for this program have the following distinguishing qualities:
- Have access to liquid cash to invest in their venture (around $150,000+);
- Have highly specialized knowledge or unique experience in their field or have solid managerial experience.
- Have an upper-intermediate level of English and/or French language skill(s); and
- Have ownership of a successful, high revenue-generating company in their home country or a fast-growing company in a niche industry
How to Apply for Canada’s Start-up Visa Program?
To apply for a Canadian Start-up Visa Program, you need to follow the steps below:
- Prepare your Pitch Deck (business concept);
- Submit an application to designated Venture Capitalists, Angel Investors, or Incubators;
- Obtain a Letter of Support from the designated organization(s);
- Submit your application for permanent residency and work permit;
- Arrive in Canada and run your business;
- Receive your Permanent Residence; and
- Become a Canadian citizen in 3 years (optional).
Emigrantz Global Consultancy registered and partnered with ICCRC (ICCRC – R407847) has more than a decade’s experience in the immigration industry. We have been fulfilling the needs of Permanent residency, student visa, business visa and work permit aspirants for Canada along with other countries.
We are just a call / email away to help you in making your dreams come true.
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