Start-Up Visa (SUV) Program in Canada
Are you an entrepreneur who would like to launch a start-up venture in Canada? The Start-Up Visa Program is a direct immigration pathway towards obtaining permanent residency in Canada. It is best suited for entrepreneurs with high-potential, global-scale start-up ideas who want to contribute to Canada’s economic development. The program welcomes hundreds of immigrant entrepreneurs. Read on to learn more about the SUV program, and whether you are eligible to apply.
Overview of the Start-Up Visa Program
Canada’s Start-Up Visa Program was established to attract innovative entrepreneurs from around the world who possess the skills and potential to build successful businesses in Canada. By participating in this program, qualified entrepreneurs and their families can obtain permanent residency in Canada, opening doors to countless opportunities for growth.
To qualify for the Start-Up Visa Program, applicants must meet (5) specific requirements:
- Commitment from a designated organization: Applicants must secure a letter of support from a designated organization in Canada, which includes angel investor groups, venture capital funds, or business incubators. These organizations must be willing to invest in, or support their start-up idea. They must also be approved by the Canadian government to participate in the program.
- **Have a qualifying business ** Applicants must have at least 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners) AND applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time.
- Post-secondary education or work experience Applicants must have at least one year of post-secondary education, or have equivalent work experience.
- Language proficiency: Applicants must demonstrate sufficient language proficiency in English or French, by providing language test results. A minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French is required.
- Sufficient settlement funds: Applicants must show that they have enough funds to support themselves and their family members upon arriving in Canada. The exact amount required depends on the number of family members accompanying the applicant.
The application process for the Start-Up Visa Program involves several steps:
- Secure commitment: Entrepreneurs must first obtain a commitment from a designated organization in Canada. This commitment serves as an endorsement of the business idea and signifies the organization’s confidence in the applicant’s entrepreneurial abilities.
- Prepare supporting documents: Applicants need to compile and submit various documents, including proof of language proficiency, educational qualifications, financial statements, and a detailed business plan outlining the proposed venture’s viability and potential.
- Submit the application: Once all the necessary documents are ready, applicants can submit their application to the Permanent residence online application portal, including a completed application form and the required processing fee.
- Background checks and medical examinations: As part of the application process, applicants and their accompanying family members will undergo background checks and medical examinations to ensure they meet health and security requirements.
- Obtain permanent residency: Upon successful completion of the application process, applicants and their families will be granted permanent residency in Canada. This status entitles them to live, work, and study in Canada, with the possibility of eventually obtaining Canadian citizenship.
Why Choose Our Law Firm?
The Start-Up Visa Program is a relatively new and underused pathway towards obtaining permanent residency. It is a great way for immigrants to gain a number of benefits, including permanent residency, access to Canadian markets and networks, and collaboration with designated organisations. Our advisors can help you find out if you qualify for the program, connect with a designed organisation, and prepare and submit your application. Pax Law law has a proven track record of successfully assisting entrepreneurs and start-ups in achieving their immigration goals. By choosing our firm, you can benefit from expert guidance and tailored solutions.