start up visa program

Canada SUV

overview

Canada Start Up Visa (SUV) Program

31
months approx. for permanent residency application
Processing time: 4-6 months
The Start-Up Visa Program is aimed at attracting innovative entrepreneurs who can contribute to Canada’s economy by establishing unique and forward-thinking businesses. This program provides a pathway to permanent residency for individuals who present innovative business ideas that are supported by designated Canadian organizations, such as business incubators, angel investors, or venture capital funds. Notably, the program does not require personal investment from applicants, provided they secure financial or mentoring support from a designated organization.

Additionally, applicants have the option to apply for a temporary work permit, allowing them to establish and operate their businesses in Canada while awaiting the completion of their permanent residency process. This collaborative approach, facilitated by partnerships with designated organizations, encourages the launch and growth of innovative ventures, thereby fostering economic development and positioning Canada as a global hub for entrepreneurial innovation.

The Pathway to Permanent Residency offers a direct route to becoming a Canadian permanent resident while contributing to economic growth. This innovation-driven program focuses on developing scalable, globally competitive businesses. Notably, there is no minimum personal investment required if the applicant is backed by a designated organization. Applicants also benefit from a temporary work permit, allowing them to work in Canada while their permanent residency application is being processed. Additionally, the program provides global access to Canadian business resources, a skilled workforce, and international markets.

To qualify for the program, applicants must meet several requirements. They need a minimum language proficiency of CLB 5 in English or French and demonstrate sufficient settlement funds to support themselves and their family. An optional temporary work permit allows applicants to start their business in Canada while awaiting permanent residency approval. Additionally, applicants must pass medical and security clearance checks.

The business itself must meet specific criteria, including ownership and control requirements, with applicants jointly holding more than 50% of voting rights. Applicants are also required to actively operate and manage their business in Canada. A key requirement is obtaining a letter of support from a designated organization, such as a venture capital group, angel investor, or business incubator.

Securing Investment from a Designated Organization
To qualify for the program, applicants must secure investment or support from a designated organization approved by the Canadian government. The requirements vary based on the type of organization:

  • Venture Capital Fund: A minimum investment of CAD $200,000 from a designated venture capital organization is required.
  • Angel Investor Group: A minimum investment of CAD $75,000 from a designated angel investor group is needed.
  • Business Incubator: No financial investment is required, but acceptance into a government-approved business incubator program is mandatory.

Designated organizations provide funding, mentorship, or incubation services to eligible entrepreneurs. A **Letter of Support** from one of these entities is essential, confirming their intent to back the business, the level of investment (if applicable), and details of their involvement.

Personal Financial Requirements
In addition to securing investment, applicants must demonstrate sufficient personal funds to support themselves and their family upon arrival in Canada. The required settlement funds vary based on family size:

  • 1 family member: CAD $13,757
  • 2 family members: CAD $17,127
  • 3 family members: CAD $21,055
  • 4 family members: CAD $25,564
  • 5 family members: CAD $28,994
  • 6 family members: CAD $32,700
  • 7 or more family members: CAD $36,407

These financial requirements ensure applicants can sustain themselves while establishing their business in Canada.

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