What is Start-Up Visa Program?

The Canada Start-Up Visa (SUV) program is a Permanent Residency pathway for innovative entrepreneurs with the potential to establish a business in Canada that will create jobs and contribute to the Canadian Economy.

SUV program links immigrant entrepreneurs with experienced private sector organizations. Successful applicants can immediately apply for permanent residence.

Canreach is your trusted partner for navigating Canada's Start-Up Visa program. As specialists in business visas and our years of experience and having secured 60+ Letters of Support, we're dedicated to helping visionary entrepreneurs achieve Canadian permanent residency while fostering economic growth.

Here is everything you need to know about Start-Up visa:

Start-up Visa Highlight

·      No Age Restrictions

·      Support from Venture Capital Funds or Angel Investors for your start-up.

·      Processing within 12-16 months

·      Up to 3 years of work permit while permanent residency application undergoes processing

·      Partnerships of up to five individuals are permitted within the same startup.

·      No prerequisite net worth or the need for verification.

·      PR is dependent on the business potential and not the immediate financial success.

Eligibility:

Qualifying Business Idea

Entrepreneurs should have innovative business ideas. Each applicant must own at least 10% of the shares in the startup, and applicants and their designated organization must jointly hold more than 50% of the total voting rights in the startup. The business should be incorporated in Canada, and an essential part of its operations should occur in Canada.

Language Skills

Applicants must have a English or French test results of at least CLB5 (IELTS 5 except for Reading).

Letter of Support

Applicants must secure a letter of support from a designated organization, a document issued by the designated organization along with the Commitment Certificate, submitted by the organization directly to the IRCC.

Getting a Letter of Support:

This is a crucial part of the Start-up visa process. There is high competition to secure support from a Designated Organization in Canada. The applicant needs to exhibit relevant skills with your innovative idea or show scalability for your business.

These are the following key steps for obtaining a letter of support from a designated organization:

1.      Prepare your business proposal.

2.      Apply to a designated organization for assessment.

3.      Attend an interview with the designated organization.

4.      Formalize an agreement with the designated entity.

5.      Fulfill the financial obligations to the designated organization.

6.      Secure a Letter of Support from the designated organization.

7.      Submit your application for permanent residency and work authorization.

Designated Organizations:

Your business concept or venture must gain the backing of one or more of the approved entities mentioned below:

·      Venture capital funds

·      Angel investor groups

·      Business incubators

These Designated Organizations are authorized to invest in or provide support to prospective start-ups through the Start-up Visa Program. If an organization opts to review your business idea, it will assess the potential of your proposal and its likelihood of success.

These organizations exercise discretion in selecting the business proposals they evaluate. Each entity maintains its own process for accepting proposals and has specific criteria for assessment. There is a different minimum investment that the applicant needs to secure from either designated organization.

Canreach can help you navigate all the complexities of the Start-up Visa Program with expert guidance on every step of the process from Preparing a business proposal for the designated organization to applying for the permanent Residency.