Canada Startup Visa Program is a popular residency scheme, that offers Canadian permanent residence to qualified entrepreneurs. The program is abbreviated as SUV. The main aim of the program is to innovative entrepreneurs with investors in Canada who can help them establish their startup business.
In this article, we’ve brought together some frequently asked questions about the program.
How can I qualify for Canada Start-up Visa Program?
First, you need to meet all four eligibility requirements. Plus, you’ll need to meet the admissibility requirements to enter Canada.
Eligibility requirements for Canada Startup Visa Program;
- You have a qualifying business
- You have a letter of support that you get from a designated organization
- You meet the language requirements,
- You have the funds to live in Canada before you start making money from your business
The authorities are liable to refuse your application if you’re inadmissible to Canada.
What is the application process?
The first step is to speak to a designated organization. At this stage, you need to convince them to support your startup company. If they decide to support you, they’ll send a commitment certificate to the authorities and provide you with a support letter. Contact the designated organizations to check what are their main requirements to support you.
How to get support from a designated organization?
The first step is to contact some of the designated organizations. The main criteria are to be able to convince them that your idea and business are going to be successful. Some organizations may require you to submit a detailed business plan. If they agree to support you, they’ll send you a letter to verify their support. This letter of support is important when the authorities assess your application. Designated organizations can be a venture capital fund, an angel investor group, or a business incubator.
Is there a distinction between venture capital funds, angel investor groups, or business incubators in terms of financial support?
When a venture capital fund or angel investor group supports you, you get an investment from them. With the business incubators, first, you need acceptance into a designated Canadian business incubator program. However, note that there are limited spots available to get acceptance from these programs.
Who reviews the startup visa program applications?
The first authority to review your application is the organization that you asked for support from. If you manage to get a support letter from this organization, your application will be reviewed by Immigration, Refugees, and Citizenship Canada. Note that your application might also be subject to an independent peer-review process. This process is done to make sure that your activities are legal and the designated organization’s standards are compatible with the rest of the industry.
What kind of application letter should I prepare to get a support letter from a designated organization?
There is no standard application letter as every organization has different requirements. What is important is to convince them that your idea is worth the support. Sometimes they require a business plan or present your idea in person.
Is there a language test to apply for a startup visa?
Yes, there is. You need to prove that you’ve reached Canadian Language Benchmark 5 in listening, reading, writing and speaking. Make sure you include your language test results along with the application forms.
How much money do I need for my living expenses when I get to Canada?
This amount varies depending on how many family members will be joining you. Sometimes, the designated organizations offer additional money for living expenses. But it’s important that you’re not allowed to use the investment money for your living expenses.
Can I immigrate to Canada together with a team of entrepreneurs?
Yes. you can. If you’re a group of entrepreneurs up to five people, you can make an application as owners of a single business. When the designated organization reviews your application, they’ll check which team member is essential and who is not. If you’re applying as a group, note that an essential person is critical. The designated organization is not going to support you if an essential person is missing. Note that if the application of an essential person is declined, all related applications are going to be declined too.
What is an essential person?
An essential person is the one that is critical to the business. An essential person will be defined as essential on the letter and certificate provided by the designated organization.
What is the minimum investment that I need to get to apply for the Startup Visa program?
If the investment is made by a designated Canadian venture capital fund, you must get a Can$200,000 investment. The minimum amount is Can$75,000 if the supporter is a designated Canadian angel investor group. If your supporter is a business incubator, no investment amount is required. However, you need to be accepted into a Canadian business incubator program.
What happens if I manage to get investment support from several designated organizations?
Receiving multiple support from more than one organization is called syndication. In this case, the syndication is required to be identified, and note that the authorities will be sent only one certificate and you’ll be provided with one support letter.
What if my business fails after I immigrate to Canada with a Startup Visa?
Your permanent resident status isn’t affected if your business fails. The authorities are aware of the fact that there is always a risk and not every business will succeed.
Get passvisa: Who We Are and How We Can Help You
Get passvisa is a bespoke investment advisory firm. We help people get an additional residency and citizenship by making a qualifying investment in Europe, the Americas, the Caribbean, and the rest of the world. Depending on the program of choice, we offer professional advisory services for property acquisition, fund subscription, or other investment vehicles.
Contact us and talk to one of our experienced team members to help you with any and all your questions about Canada Startup Visa program.
