Requirements for receiving PR under Canada Start-Up Visa Program

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.

A governing 3rd body will also hold a peer review for the designated agency for ensuring that all essential protocol compliances have been adhered to as per SUVP.

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.

Why you must apply for Canada PR Visa now?

 Millions of aspiring immigrants seek to apply for Canada PR Visa every year. You will be delighted to know that the nation has one of the most forthcoming immigration policies globally. The Government of Canada plans to accept 200,000 fresh Canada PR Visa holders annually from across the world. This makes the nation a perfect overseas destination to immigrate on Permanent Resident status.

Canada is a developed nation with a fast-expanding economy and good infrastructure. It is the 10th largest economy globally and ranks 12th on HDI - Human Development Index. The Maple Leaf Nation is ranked 16th for nominal per capita income globally. It is chiefly reliant on abundant natural resources and a strong overseas trade network.

Canada Immigration Programs

Canada offers numerous immigration programs through which eligible candidates can apply and receive a Permanent Resident Visa. The application has to be filed with Immigration, Refugees, and Citizenship Canada, the authorized agency of the Canadian Federal Government. You can apply for citizenship in Canada after residing in the nation on the PR Card.

Canada Immigration Programs

You must ensure that you possess all the essential documents specified for the chosen immigration program before filing an application for PR Visa. As stated already, multiple immigration pathways exist to obtain PR Visa having their individual eligibility criteria and documents.

The selection of candidates to apply for a PR Visa is based on the overall points that they score in the immigration point calculator. The score is offered based on the information provided by the candidates in their profiles. The factors include their age, education, language proficiency, work experience, etc. Candidates who secure the required points are offered the invitation to apply and must submit a complete application within the specified timeline.

You can apply for Canada PR Visa through any of the streams for which you fulfill the eligibility criteria:

• Federal Skilled Worker Program (FSWP) 
• Canadian Experience Class (CEC)
• Federal Skilled Trades Program (FSTP) 
• Start-up Visa Program
• Investors Entrepreneurs Program
• Self Employed Program
• Quebec Skilled Workers Program (QSWP)
• Atlantic Immigration Program
• Provincial Nominee Program (PNP)  

Documents needed to apply for Canada PR Visa

• International English Language Testing System - IELTS: For proving proficiency in the English language
• Education Credential Assessment – ECA: If you are applying through the FSWP
• Evidence of funds: Adequate funds for supporting your application
• Educational Certificates or Degrees, Sponsor certificates, Diploma degrees
• Original documents and formally translated documents to support the education 
• Proof of age like a Certificate of Birth
• Employment documentation like offer of a job, pay slips, reference letters
• Police Clearance and Medical Certificate
• Your Passport or travel documents

Processing times for Canada PR Visa

The time taken for processing a Canada PR Visa application varies based on the chosen immigration program like Express Entry, PNP, or QSWP. The approval of your application depends on your CRS score. The processing time after you receive the Invitation to Apply for Canada PR Visa is usually 4 to 6 months.

Processing times for Canada PR Visa

Types of Express Entry Draws

IRCC conducts the Express Entry draw roughly once in 2 weeks. Every draw has a specific CRS score cut-off representing the CRS score of the lowest ranked candidate who received the ITA for PR Visa. After you receive the ITA, you have a time period of 60 days for submitting the formal EPAR – electronic Application for Permanent Residency.

Immigration, Refugees, and Citizenship Canada holds 3 kinds of Draws in Express Entry. These are as follows:

Canadian Experience Class Draws

CEC draws are aimed at Express Entry pool candidates having a minimum of 1 year of work experience in Canada.

Provincial Nominee Program Draws

PNP draws are aimed at Express Entry pool candidates nominated from a province in Canada for PR Visa.

Benefits of Canada PR Visa

Federal Skilled Trade Worker Program Draws

FSTP draws are aimed at Express Entry pool candidates having eligibility for the program. Usually, their CRS score is lesser than other candidates in the pool.

All Program Draws

Draws that are all-program are not focused on any particular program. These draws focus on the CRS scores of the candidates, regardless of the program for which they qualify.

Here is a brief overview of the last 3 draws held under the Express Entry System:

Draw	Date	Number of ITAs	CRS Cut Off
228	3 August 2022	2,000	533
227	20 July 2022	1,750	542
226	6 July 2022	1,500	557

 

The Express Entry has a highly competitive pool of candidates and more often even a minor lapse can adversely influence the application.

If you are looking for a top Canada PR Consultant in Bangalore offering immigration advice and support of ICCRC-accredited Immigration Consultants, contact Nationwide Visas today. Our Experts can be a valuable resource for your successful Canada PR Visa application.