Start-Up Visa Program
Canada has always been an attractive destination for immigration. A steadily growing economy, the ability to run your own business, low inflation and high living standards attract the most active people from all over the world here. The Federal Government of Canada offers a unique immigration program called the Start-up Visa Program to attract active and motivated people that have an innovative idea for a business. Interest in this program is growing as it allows you to get permanent residence in short terms.
Do you have an innovative business idea that you would like to implement in Canada? The Government of Canada has developed a great immigration program aimed at people like you! The Mansouri Immigration Firm is a well-known group of experts in start-up immigration to Canada with dozens of partners among Canadian investors and business incubators to help start-up entrepreneurs to move to Canada.
What is the Start-Up Visa Program?
The Start-Up Visa Program (SUV) is the best Canadian business immigration program that allows receiving a Permanent Residence (PR) for all team members of the venture as well as their family members. It is aimed at entrepreneurs with the potential to build innovative businesses in Canada, thereby creating new jobs for Canadians.
Those candidates, who have an innovative business idea and are supported by one of the designated organizations (an angel investor group, a venture capital fund or business incubator), can also come to Canada on a work permit before receiving a PR during the application in the Start-Up Visa Program is processed.
What investments are required for SUV?
Canada’s SUV is designed to attract foreign entrepreneurs, whose business ideas have the following features: innovation, the ability to create jobs for Canadians, and competitiveness. You will also need support from designated investors organizations. They are:
- The designated venture capital funds (as a rule, such funds can invest rather large sums in a promising business project. To obtain the right to business immigration with financing from such a fund, it is necessary to attract at least 200.000 CAD in investments);
- The designated business angel groups (in this case, we are talking about private venture investors financing new business projects. The attraction of this type of financing for an amount not less than 75.000 CAD gives the right to participate in the Start-up Visa Program);
- The designated business incubators (such organizations help young entrepreneurs at the stage of idea development or “seed” and the stage of its commercialization. Successful graduation from the designated Canadian business incubator gives the chance for immigration for the start-up project).
New business projects such as start-ups have great potential, but, unfortunately, at the same time, they bear a high risk for the investor. For that reason, the success of the start-up is not a requirement for PR in Canada as no one can guarantee that your business will bring millions.
In what area should be my start up?
A potential SUV immigrant must propose an idea and a business plan for the start-up project, which will interest Canadian investors. In any case, start-up projects are not limited to the field of high technologies, which for sure occupies leading positions in Start-up programs. Any project capable of generating a profit and creating additional jobs can qualify for such funding. In particular, such areas as agriculture and biotechnology are in great demand. After all, providing the growing population with food always remains an urgent problem for any country. This also includes projects for the development of a catering network in Canadian cities. In addition, projects related to the development of energy are also no less promising for obtaining a Startup Visa.
The main thing in your start-up is innovation. If there is nothing similar to your business idea in Canada – there is a chance it qualifies to be called a start-up. One of the aspects of our services is to verify and confirm the innovative character of your business.
Who can apply for SUV and what are the requirements?
Anyone who meets the following requirements can become a participant in the SUV Program.
To be eligible for the SUV Program each candidate must:
- Be the owner of the qualifying business
- Obtain a Commitment Certificate and a Letter of Support from one of the designated organizations
- Meet the language competence in English or French at CLB level 5
- Prove financial ability to stay in Canada
- Pass the Canadian medical and security approvals
An eligible start-up business cannot have more than 5 owners. Moreover, each of them must own at least 10% of the business. And the venture capital organization and the owners together must control at least 50% of such a business.
Letter of Support
The main goal in the business aspect of the SUV is obtaining a letter of support from a designated organization. This document is evidence of the fulfillment of the main condition for participation in the immigration program – the participation of a Canadian venture capital organization in financing or other support for a specific business project that will be implemented in Canada.
SUV candidates must demonstrate the language knowledge of either English or French at a level not lower than Canadian Language Benchmark (CLB) level 5 in speaking, reading, writing and listening. In particular, CLB level 5 can be achieved through four following tests: IELTS and CELPIP for English, and TEF and TCF for French.
Proof of funds
In addition to the investments, you must have sufficient funds to live in Canada. The Canadian government believes that the primary expenses of new immigrants should be financed by the immigrants themselves. For this reason, a person or family coming to Canada under the above program must have certain minimum amounts: 12,960 CAD for 1 individual, 16,135 CAD for a family of two, 19,836 CAD for a family of three, 24,083 CAD for a family of four members, 27,315 CAD for a family of five, 30,806 CAD for a family of six, 34,299 CAD for a family of seven and 3,492 CAD for any additional family member. To recall, you can include only your spouse and dependent children in your application.
Medical Tests and Police Clearance
In order to satisfy all the requirements of the SUV program, Canada wants to ensure you possess no threat to public health and have a clean background. Immigration Department requires all candidates to take a comprehensive medical check and to provide all police clearance certificates from the countries you lived before.
How to apply?
If you are sure that you meet all the requirements and found an investor that agreed to support your business project, then we can go directly to the application. First of all, we need a package of all your documents. Next, we fill out the application form, attach the documents, pay all registration fees and send the application to IRCC.
What to do after application submission?
After submitting your application, government agencies process it and cross-check all information. Processing time can range from 12 to 18 months. Immigration officials may contact you and ask for additional documents, such as a police certificate. If the application is approved, you will be asked to send your passport to the visa office.
Get a Work Permit before your PR is approved
While your application for permanent residence is being processed, you can apply for a temporary work permit to get to Canada and start building your business! In this case, your business will be the employer that wishes to hire you as a key manager of the project to temporarily work in Canada and facilitate the establishment of your Start-Up.
For more information about the Start-Up visa program, investment requirements, business ownership requirements, terms and conditions, please contact Mansouri Immigration Firm!