Canada Startup Visa Program: Here Are Eight Facts to Consider
Did you know that Canada offers an expedited startup visa program for qualifying entrepreneurs? If you’re looking for a second residency and are interested in launching a new business, then this program could be right for you. Here are eight facts to consider before applying.
1) What Is Canada's Start-Up Visa Program?
Canada’s Start-Up Visa Program gives Canadian permanent residence to qualifying immigrant entrepreneurs. It is formally referred to as the Canada Start-Up Class. However, it is often known as the Start-Up Visa program (SUV).
The initiative connects innovative entrepreneurs with private sector investors in Canada who will assist in the establishment of their startup business.
Initially, candidates can enter Canada on a work permit sponsored by their designated Canadian investor, before becoming eligible for permanent residence once their business is operational.
There are three types of investors in the private sector:
The initiative, which began as a three-year pilot, became permanent on March 31, 2018.
2) What Are the Candidate Eligibility Requirements?
The basic candidate eligibility requirements for the Start-Up Visa are:
3) What Is a Designated Entity for the Start-Up Visa Program?
A designated entity is an angel investor, venture capital fund, or company incubator from the Canadian private sector.
The necessary commitment must satisfy the following conditions:
1. A designated angel investor group must invest a minimum of $75,000 in an eligible startup. Candidates can also qualify with two or more investments totaling $75,000 from angel investor groups.
2. A designated venture capital fund must confirm an investment of at least $200,000 in the qualified startup. Candidates may also qualify with at least $200,000 in pledges from specified venture capital funds.
3. The applicant must be accepted into the program of a designated business incubator.
4) What are the Start-Up Visa Program's requirements for business ownership?
For a candidate to qualify for permanent residency, the following requirements must be met:
1. The company must be incorporated and conducting business in Canada.
2. The candidate must own at least 10 percent of the corporation’s voting rights.
3. The candidate must own at least 10 percent of the corporNobody else may have more than 50 percent of the corporation’s voting rights.
The same corporate investment may support the permanent residency applications of up to five individuals. However, certain applicants may be deemed indispensable to the organization. If an essential candidate withdraws their application or is denied, the applications of all other candidates for the same business investment will be canceled.
5) How do applicants qualify for work permits and permanent residency?
Candidates with a Commitment Certificate from a designated entity are eligible to apply for a short-term work permit to commence employment with the organization. The entity designated must support the request.
1. Candidates must actively participate in the running of the Canadian firm.
2. The business operations, or a significant portion thereof, must take place in Canada.
3. The business must be Canadian-incorporated.
6) How does a prospective Immigrant Entrepreneur seek assistance from a designated organization?
An immigrant entrepreneur wanting to immigrate to Canada must possess or establish a viable business project that meets the due diligence standards of government-approved designated businesses. Typically, business advisers in the Canadian startup ecosystem and seasoned corporate company immigration attorneys will ensure that start-up business plans comply with all industry-required terms and conditions.
7) How long does the procedure take for an immigrant planning to start a business?
If an entrepreneur has a credible business startup proposal, obtaining a commitment certificate or letter of support from a designated entity will take between four and six months. Once a letter of support is received, a permanent residency application can be submitted. It will take roughly 18 months to complete the visa application process.
8) How can Immigration.ca assist prospective immigrant businesses applying under the Start-Up (SUV) Class?
Through our Toronto-based facilities, our company (LINK TO GLOBAL RCG CANADA SUV PAGE) collaborates intensively with prestigious entities in the Canadian startup ecosystem. We offer a variety of hands-on business counseling services to help aspiring immigrant entrepreneurs and their business ideas satisfy all industry standards.
If you’re interested in starting a business, the Canadian startup visa program is worth considering. The process can be long and complicated, but with the help of an experienced immigration lawyer, it can be worth it. There are many benefits to becoming a permanent resident of Canada, so if you meet the eligibility requirements, don’t hesitate to apply. For more information on the program and how to apply, visit our website.
Simply contact us, and get started today!