Canada’s Start-Up Visa (SUV) offers special immigration prospects for international company owners. Established start-ups may use these programs and creative company owners to gain permanent residence in Canada. Up to five of a start-up’s original partners may become Canadian residents under this scheme. It is among the top three immigration alternatives offered to immigrant business owners.
You will discover all there is to know about the program in this guide, including who it is best suited for, its benefits and program alternatives. Here is a list of conditions that you may use to determine if your company qualifies for the SUV program:
- Foreign nationals must obtain a letter of support or investment promise from one of the recognized Canadian organizations;
- Each foreign national must have a minimum of 10% of the start-up’s voting rights. Foreign nationals must jointly own more than 50% of the voting rights in the company with their designated organization;
- Each candidate must possess at least CLB level 5 proficiency in either English or French.
- Each applicant must have enough money to live well in Canada (at the very least, between $12,960 and $34,299, depending on the applicant’s family size).
Start-Up Visa Program
To get your letter of support, you may need to either complete a start-up development program or obtain funds from the approved organization you work with in return for stock in your business. One of the most important needs for the SUV is this. You must receive a Commitment Certificate and Letter of Support from one or more venture capital funds, angel investor groups, or business incubators.
Processing periods for SUVs might vary according to the IRCC’s workload. According to the basic standards, there may be a 12- to a 17-month waiting time before receiving a final decision on an application. You will be able to expand your company in Canada if your SUV application is in the correct hands, all standards are met, and the required paperwork is submitted.
The SUV program has a success rate overall of more than 75%. Depending on the kind of designated organization, the approval rate varies:
- 78 percent of firms backed by business incubators get funding
- 80 percent receive funding from angel investor networks
- 43 percent receive funding from venture capital funds.
Why Do We Need It
Innovative international entrepreneurs may apply for a Canadian Start-Up Visa while launching a new firm. The start up visa canada is unique among Canada’s entrepreneur immigration programs in that it does not impose a minimum investment requirement on the prospective immigrant. As a result, the foreign entrepreneur may relocate to any province or territory in Canada under this scheme.
The last benefit of the Start-Up Visa Program is that it enables recipients to remain in Canada as permanent residents for three years after receiving their visas. During this time, they are entitled to apply for Canadian citizenship and a Canadian passport themselves. A foreign entrepreneur’s spouse and children may follow the same path to citizenship in Canada as they did.
The Start-Up Visa may assist international entrepreneurs in starting and growing firms in Canada by providing them with access to new markets, tax advantages, and a fast and cost-effective immigration procedure via a program. With the aid of private investment organizations, foreign entrepreneurs with great potential may contribute to the Canadian economy while functioning with a support system offered by these groups.