Canada’s Start-Up Visa (SUV) is the first of its kind in the world, linking immigrant entrepreneurs with experienced private sector organizations. It is meant for innovative start-ups and established foreign businesses. SUV Program allows them to relocate to Canada with up to five founding partners permanently. Unlike programs in other countries, Canada does not provide “temporary” or “conditional” status. Successful applicants of this program can immediately apply for permanent residence if they secure a commitment from a designated Canadian private sector organization.
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.
If you are an entrepreneur interested in immigrating to Canada, the Start-Up Visa Program might be your option. Here is everything you need to know about Start-Up visa:
· No Age Restrictions
· Support from Venture Capital Funds or Angel Investors for your venture.
· Processing within 12-16 months
· Direct route to Canadian Permanent Residency
· Relocate to Canada by obtaining a work permit while your permanent residence application undergoes processing.
· Partnerships of up to five individuals are permitted within the same startup.
· No prerequisite net worth or the need for verification.
· Obtain a Letter of Support or investment commitment from one of the Designated Organizations in Canada
· Have a qualifying business Idea. Own at least 10% of the shares in the startup. Foreign nationals and their Designated Organization must jointly have more than 50% of the total voting rights in the start-up.
· Minimum English or French language skills at CLB level 5
· Have sufficient funds to settle in Canada ( 13,757- $36,407 depending on the size of the family)
· Funds for the start-up venture, Typically a mi $200,000 for each applicant.
Despite often being advertised as ‘No minimum funds required’, entrepreneurs require a certain amount of capital to invest in their venture to secure support from designated organizations. Venture capitalists and Angel investors seek to invest in ventures that have experience in generating good revenue.
This is a crucial part of the Start-up visa process. There is high competition to secure support from a Designated Organization in Canada and 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.
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:
· Venture capital funds - $200,000
· Angel investor groups - $75,000
· Business incubators – Get accepted into one of the authorized programs.
Various factors affect the costs involved in a Start-up Visa. It can cost anywhere between CAD 165,730 to 300,000+. Some of the expenses of a Start-up Visa are Pitch desk Preparation, fees charged by the designated organizations, professional/ lawyer fees, government fees, and Business execution costs.
Fes charged by Designated Organizations:
· Business Incubators - $40,000+ per company
· Angel investor groups - $35,000+ per company
· Venture capital funds - $50,000+ per company.
Start-up visa requires a certain level of due diligence. With our years of experience, 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.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form