Everything you should know about Canada Startup Visa Program

by By Rajneesh Kumar


Posted on June 18, 2022


Everything you should know about Canada Startup Visa Program

The Canadian government is on a lookout for experienced entrepreneurs willing to setup their business in Canada, which is innovative and capable of creating more employment opportunities for Canadians. The Start Up Visa Program, commonly called as SUV is designed to provide a quick Canadian permanent residence pathway to eligible entrepreneurs. Those who have innovative business ideas and relevant experience of handling a business may apply for Canada startup visa.

Benefits of Canada Startup Visa

There are a plethora of benefits associated with Canada startup visa, including:

  • You can move to Canada on a permanent basis
  • You can live and set up your business anywhere in Canada
  • You need only an innovative business idea
  • No minimum education background required
  • No need invest funds of your own
  • No minimum net worth threshold criteria
  • Get a temporary work permit and build your business while your application is under process

Eligibility Requirement for Canada Startup Visa

To be eligible to apply for Canada Startup Visa, you must:

Have a qualifying business and your company must meet the following requirements:

  • Once you get a commitment from any designated organization:
    • each applicant must holds at least 10% of voting rights attached to all outstanding corporation shares
    • and
    • applicants and the designated organization must hold over 50% of the overall voting rights jointly attached to all the outstanding corporation shares
  • At the time of obtaining Canadian permanent residence:
    • applicants must provide ongoing and active business management from within Canada
    • an important part of your business operations must happen in Canada
    • your business will be incorporated solely in Canada

Obtain a letter of support from a designated organization, like a business group that commits to support and invest in your start-up. It’ll be a proof that an angel investor group, business incubator or venture capital fund is committed to fund your business idea.

  • For a letter of support, you must:
    • Connect with the organization and convince them that your idea is innovative and worth supporting. Your pitching process will be different based on the organization. For example, you might need to submit your business concept personally or provide a detailed business plan.
    • Once you reach an agreement with the said organization, you’ll get a letter of support.
    • The organization will also issue a commitment certificate directly to the IRCC for assessing the application.

Meet the official language criteria and prove that you are capable of communicating in any one of the two official languages of Canada (English or French).

  • Applicants must undergo an approved English or French language test and score at least CLB 5 in English or French in all language abilities:
    • speaking
    • reading
    • listening
    • writing

Submit enough proof of settlement funds as you’ll not get any financial support from the Canadian government.

The amount varies based on your family size.

Number of family members Fund requirement (CAD)
1 $13,213
2 $16,449
3 $20,222
4 $24,553
5 $27,847
6 $31,407
7 $34,967
For each additional family member $3,560

If you too have an innovative business concept and a wish to permanent move to Canada, Visas Avenue can guide you with the process to apply for Canada startup visa.

To begin with, fill out a free assessment form and discover the best Canadian immigration options.

Or, you may talk to us on Toll-Free No. 78-18-000-777 or write to us at info@visasavenue.com.


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Canada Startup Visa for Entrepreneurs- Your Pathway to Canadian Permanent Residency

by By Rajneesh Kumar


Posted on April 8, 2022


Canada Startup Visa for Entrepreneurs- Your Pathway to Canadian Permanent Residency

Commonly known as SUV, Canada’s Start Up Visa Program offers a permanent pathway to qualified entrepreneurs. If you have an innovative business idea backed by years of experience in entrepreneurship, the Canada startup visa program will make an ideal option for you. The Canadian government is always on a hunt for experienced entrepreneurs who wish to start their businesses in Canada and create more job opportunities for Canadians.

What are the benefits of startup visa Canada?

Canada startup visa program comes with plenty of benefits to offer, like:

  • You can immigrate to Canada permanently with your family.
  • You get a right to live and set up your business anywhere in Canada.
  • You need just a unique, innovative business idea to get started.
  • You don’t need any minimum education qualification to qualify.
  • You don’t need to invest your funds.
  • You don’t need to meet any minimum net worth threshold.
  • You’ll get a work permit (temporary) in Canada to build your business while your startup visa application is under processing.

How to qualify for the Canada start-up visa program?

To qualify for the Start-up Visa, you must meet all four eligibility criteria along with Canada’s admissibility requirements.

To be eligible, you must:

Have a qualifying business, which means the company you have created must meet the following criteria:

  • At the time you get a commitment from a designated organization:
    • each candidate holds 10% or higher voting rights attached to all shares of the corporation outstanding during that time (maximum 5 persons can apply as owners)

and

    • candidates and the designated organization hold more than 50% of the total voting rights jointly attached to all shares of the corporation outstanding during that time
  • At the time of receiving permanent residence:
    • candidates must provide active and ongoing business management from within Canada
    • an essential part of the business operations happens in Canada
    • the business is solely incorporated in Canada

Get a support letter from a designated organization, i.e., a business group approved to support and invest in possible start-ups. It’s proof that the angel investor group, venture capital fund, or business incubator is ready to help the business idea.

To get a support letter, the candidate must:

    • Contact the organization to convince them to have an innovative business idea worth supporting. The pitching process is different for a different organization. For instance, you may have to submit a business concept personally or submit a detailed business plan.
    • Once candidates reach an agreement with the organization, they get a support letter.
    •  The organization will also issue a commitment certificate directly to the IRCC for assessing the application.

Meet the language requirements to prove the ability to communicate one of the official languages of Canada, i.e., English or French.

Candidate must take an approved language test and score at least Canadian Language Benchmark (CLB) 5 in English or French in all four language abilities:

  • speaking
  • reading
  • listening
  • writing

Bring sufficient settlement funds as the Canadian government doesn’t provide any financial support to immigrants under the startup visa program.

While applying, candidates must submit proof of having sufficient funds to support themselves and their dependents after they arrival in Canada.

The amount varies based on family size.

 

Number of family members Fund requirement (CAD)
1 $13,213
2 $16,449
3 $20,222
4 $24,553
5 $27,847
6 $31,407
7 $34,967
For each additional family member $3,560

Visas Avenue can guide you throughout the Canada startup visa program if you are interested in applying for Canada PR as an entrepreneur.

To begin with, you may fill out our free assessment form for Canadian business immigration in 2022, and one of our representatives will contact you soon.

Or, you may reach us for proper guidance on Toll-Free No. 78-18-000-777 or drop an email at info@visasavenue.com.


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