Canada Startup Visa Program is for overseas entrepreneurs seeking to launch and expand their firms in Canada. It has been developed for businesspeople and identified important individuals in their businesses who wish to launch, work and develop their businesses in Canada.
Business owners are offered Permanent Residence through the Start-up Visa Program. For this, Immigration Refugees and Citizenship Canada must be satisfied their ventures have the potential to:
- Create employment in Canada
- Be innovative in an industry or sector
- Compete on an international scale
Even if the business venture fails upon immigration to Canada, successful applicants under the SUVP will retain Permanent Resident status.
Canada Startup Visa Program aims at entrepreneurs who can launch businesses in Canada that will fuel the economy of the nation.
Eligibility
In order to qualify for the Start-up Visa, you must possess an eligible business. It implies that as a proprietor at any time period, you will have a minimum of 10% of the right to vote in the business.
Additionally, all owners (a maximum of 5 can apply jointly) and the designated investment agency in Canada have to at all times own collectively a minimum of 50% of the total rights to vote.
People possessing such rights have to then:
- Demonstrate that their business has support and sponsorship from a designated agency in Canada
- Make sure that they fulfill the least requirement for language in either French or English
- Possess adequate funds for settling and living in Canada
- Clear medical exam and immigration security checks
Showing backing from a designated institute
You are required to possess backing from a designated agency in Canada as a prerequisite inclusive of evidence of funding. A business entity that has been authorized by the government for investing in or supporting Start-ups is a designated agency.
The designated agency has to offer you a support letter and this has to be included in your Canada pr Visa application. Additionally, the designated agency has to share a certificate of commitment directly with IRCC highlighting their backing and anticipation from the business.
Sponsorship and Support can also be offered by multiple agencies concurrently, also referred to as syndication. In this case, all designated agencies have to be identified and will jointly offer one support letter and certificate of commitment.
Evidence of funding
You are not required to invest any of your personal money under SUVP. But investment and evidence of funding are needed. You will have to demonstrate a specific level of funding based on whether your venture possesses support from an angel investor group or venture capital firm. It must be noted that if the sponsorship has been received from a business incubator, you are not required to provide evidence of funding obtained.
Confirmed funding of CAD 200,000 has to be shown if the sponsorship has been received from a designated Venture Capital / VC group. Confirmed funding of CAD 75,000 has to be shown if the sponsorship has been received from a designated angel investor group. Higher criteria for evidence of funding will be applicable in cases of numerous sponsorships.
Possess satisfactory funds for settling in Canada
The successful candidates under the SUVP are not offered any monetary help by the Government of Canada. You will have to demonstrate possessing adequate funds for you and accompanying family members prior to arrival.
Minimum language proficiency criteria
Candidates are required to demonstrate a minimum CLB /Canadian Language Benchmark 5 in either French or English for the SUVP application. CLB is the system adopted by Canada for evaluating competencies in Listening, Writing, Reading, and Speaking. For English, the tests are CELPIP or IELTS and for French, the tests are TCF or TEF.
Security and Medical clearance
Standard medical and security clearance checks have been adopted by Canada for approving the entry of overseas nationals. A certificate for Police Clearance will be required for proving security clearance and IME - Immigration Medical Exams for approval on medical grounds.
Candidates applying for the SUVP also have the choice of receiving a Temporary Work Permit for arriving and working in Canada.
Processing time for Canada Startup Visa Program
The current processing times for Start-up Visa applications are around 12 to 16 months. The processing times can also differ based on individual case factors like application type submitted, if the application is complete in all aspects or not, etc.
If you are interested to know how to calculate my points for Canada Express Entry or wish to apply for Canada Startup Visa Program contact Nationwide Visas. Our ICCRC-accredited Immigration Experts will help you with the best immigration strategy.
