Eligible immigrant firms can apply for Canadian legal residence through Canada’s Start-Up Visa Program. The actual name is the Canada Start-Up Class. However, it is popularly known as the Start-Up Visa program (SUV). The initiative aims to connect creative entrepreneurs with private sector funders in Canada who would help them create their start-up businesses. Applicants may enter Canada on a work permit backed by their authorized investor while applying for Canada permanent resident visa once their firm is operational. It is one of the top three most famous immigrant entrepreneur immigration Canada alternatives. Let’s find out more about it below:
Eligibility Criteria for Start-Up Visa Canada
The following are the criteria for determining whether you have an eligible company under the SUV program:
- Foreign citizens should get a letter of support or an investment promise from one of the recognized Canadian organizations.
- Every foreign citizen must own at least 10% of the start-up’s voting power.
- Foreign nationals and their authorized organizations must own more than 50% of the overall voting rights in the company.
- Every applicant should have at least CLB level 5 English or French language skills, and enough cash for the immigration to Canada.
Who Should Register for a Start-up Visa in Canada?
Most qualified candidates for this program have the following characteristics:
- Have availability to liquid funds to invest in their enterprise (about $150,000+);
- Have high specialized expertise or special skills in their area, or have good managerial experience;
- Have an upper-intermediate quality of English or French language skill(s); and
- Hold a strong, high-revenue-generating business in their native nation or a fast-growing business in a specialist area.
Advantages of Start-Up Visa
The following are few of the benefits of the SUV program:
- A straightforward path to move to Canada.
- All nations are welcome.
- There are no restrictions on corporate activity in Canada.
- There are no criteria or proof of net worth.
- Provides for a partnership of five people in the same business (a minimum of 10% equity for every partner is needed); and the ability to migrate to Canada while the Canada permanent resident visa is being handled.
Disadvantages of Start-Up Visa
The following are a few of the program’s drawbacks:
- High competition for funding from authorized organizations in Canada; hence, obtaining such support might be difficult.
- To acquire backing from a specified organization, founding partners are frequently expected to make big monetary investments.
- A well-established, viable, and sustainable business plan with a long record of success is required.
- Long processing periods (2 years or more) to gain Canada permanent resident visa; and
- There is a moderate chance of rejections or delays owing to expert reviews at the permanent residence phase.
How to Register for the Start-up Visa Program in Canada?
To register for a Canadian Start-up Visa Program, please follow the processes outlined below:
- Create a Pitch Deck (company concept).
- Apply to specified Venture Capitalists, Angel Funds, or Start-ups.
- Get a letter of recommendation from the appropriate organization(s).
- Send your permanent resident status and work permit form.
- Move to Canada and start a business; immigration to Canada is an easy option from many countries.
- Get your Permanent Residency, and obtain Canadian citizenship in three years (optional).
Processing Time and Application Fees
SUV processing timeframes can differ based on the IRCC’s workload. According to the general rules, the waiting time for a final judgment on an application can range from 12 and 17 months.
Many charges should be considered, such as application fees, rights of permanent residence payments, medical tests, security certificates, biometrics, and English language assessment tests.
Success Rate of Canada Start-Up Visa
You should be able to expand your business in Canada if your SUV registration is in the right hands, all regulations are met, and all relevant evidence is delivered. According to IRCC, the SUV program has an average success rate of more than 75%. The approval rate differs according to the type of registered organization:
- 78% for firms sponsored by business incubators,
- 80% for start-ups sponsored by angel investor groups, and
- 43% for start-ups funded by venture capital firms.
Conclusion
In general, ensure that your due research approach is well-documented and that there is substantial proof to show the originality and feasibility of your endeavour. Most importantly, to keep the immigration to Canada procedure easier, be sure to follow the top advice to assure the completion of your registration.
