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What is the Canadian Startup Visa (SUV) Program? Canada’s start up visa program offers foreign entrepreneurs a gateway to establish permanent residence in Canada while working on their startup or business there. It is an excellent option for startup founders and entrepreneurs with innovative businesses to benefit from the Canadian business climate. Through the SUV program, the Canadian government wants to attract viable businesses that can compete globally and create more jobs there. The program links immigrant entrepreneurs with private sector investors (angel investor groups, etc.) that may be willing to support their business venture.

Eligibility Requirements for the SUV Program According to the Canadian government’s official site, four major eligibility requirements exist to get the startup visa. Each of which we’ll discuss below: Have A Qualifying Business Having a qualifying business means: At the time of receiving your letter of support from a designated organization (we’ll explain this below): Each applicant must hold at least 10% of the corporation’s shares (voting rights). A startup or business can have up to five owners. Applicants and the designated organization jointly hold over 50% of the total shares of the corporation. At the time you receive your permanent residence: Your business must be incorporated in Canada. You actively manage your business from within Canada. Major operational activities of your business must be carried out in Canada. Acquire a Letter of Support from a Designated Organization A designated organization is a business group approved by the government to invest in or support potential start-ups. The following are the kinds of organizations, along with the amount they must invest in your business: Designated Venture Capital Fund: At least $200,000 Designated Angel Investor Group: At least $75,000 Designated Business Incubator: You must be accepted into a Canadian business incubator program. The list of all designated organizations can be found on the official website of the Canadian government. Here’s how you can get the support of one of more designated organizations: Reach out to a designated organization to find out how to get its support. Convince the entity that your business idea is innovative, viable, and worth their support. Get a letter of support from the designated entity. You can convince a designated organization to support you by presenting them with a detailed business plan demonstrating your organization’s growth potential and how it will boost Canada’s economy. Each business idea is assessed on a case-by-case basis. Once you get your letter of support, you’ll need to include it in your visa application. Take a Language Test You must pass a language test in English or French to be eligible for the startup program. Meeting a minimum level of the Canadian Language Benchmark (CLB) 5 is necessary to qualify for the startup visa. Demonstrate Sufficient Financial Resources You must demonstrate sufficient financial resources to support your and your dependents’ stay in Canada. The list containing the minimum amounts for the primary applicant and each dependent is mentioned on the government’s official site and is updated yearly.

Here's a general guideline to explore the SUV Program: Develop a Business Idea: Begin by developing an innovative business concept that has the potential to be competitive and scalable on a global level. Secure Designated Organization Support: Connect with a designated organization in Canada that is willing to support your business idea and provide a Commitment Certificate. These organizations can be venture capital funds, angel investor groups, or business incubators. Prepare Required Documents: Gather all necessary documents for your application. This may include your Commitment Certificate, proof of language proficiency (English or French), proof of settlement funds, educational documents, and any other relevant supporting documentation. Create an Online Account: Create an online account on the Immigration, Refugees and Citizenship Canada (IRCC) website. Submit Express of Interest (EOI): Complete and submit an Expression of Interest (EOI) through the online portal of IRCC. The EOI is a way to express your interest in applying for the Start-Up Visa program. Receive Invitation to Apply (ITA): If your EOI is selected and you meet the initial criteria, you will receive an Invitation to Apply (ITA) from IRCC. Complete Full Application: After receiving an ITA, you will need to complete a full application within the specified timeframe. This application will include comprehensive information about your business idea, your designated organization's support, language proficiency test results, education credentials, and other relevant details. Medical and Security Checks: Undergo medical examinations and security background checks as part of the application process. Biometrics Appointment: If required, attend a biometrics appointment to provide your fingerprints and photograph. Wait for Processing: Once you've submitted your application, you will need to wait for IRCC to process your application. Processing times can vary. Receive Approval and Confirmation of Permanent Residence (COPR): If your application is approved, you will receive a Confirmation of Permanent Residence (COPR) and a visa. Arrival in Canada: Use your COPR and visa to travel to Canada. Upon arrival, you will undergo a final verification before becoming a permanent resident. It's important to remember that each step has specific requirements and deadlines, and meeting them accurately is crucial. The information provided here is a general guideline, and the official IRCC website will provide the most up-to-date and detailed instructions for applying to the Canada Start-Up Visa program.

Startup Visa Application Timeline According to the official site of the Canadian government, it may take up to 36 months to review your application.

Getting the Residence Permit Once your application gets approved, you’ll be issued a permanent resident visa. It will include your Confirmation of Permanent Residence (COPR) and entry visa. The COPR will have your identity details.