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 the 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 is the most attractive Canadian business immigration program that allows receiving a Permanent Residence (PR) for all team members of the venture. It is aimed at entrepreneurs with the potential to build innovative businesses in Canada, thereby forming new workplaces 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 are the main requirements to apply for?
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
What is a Start-Up Visa program designated organization?
To carry out this immigration program, the Federal Government of Canada approved three categories of Designated Organizations.
- A designed angel investor (must supply an investment of 75.000 CAD)
- A designated venture capital fund (must supply an investment of 200.000 CAD)
- A designated business incubator should welcome the applicant into its business incubator program but are not enforced to invest.
Evidence of Commitment and a Letter of Support
A Certificate of Commitment is proof that the applicant has received support from a Venture Fund, a group of Angel Investors or a Business Incubator. The investor organization submits it directly to IRCC. The purpose of this document is to summarize the agreement between the applicant and the investment organization. Also, the Start-Up Entrepreneurs will receive a Letter of Support from the investment organization, which allows the start-up team and their family members to apply for permanent residence.
What is the Start-Up Peer Review Process?
In order to protect the program from fraudulent activities, a peer review process was launched. In the case that the peer review finds concern about the agreement, the IRCC may send a procedural fairness letter to the applicant. Withdrawals by the peer review commission affect the final decision of the case.
How long does the whole process take?
Start-Up Visa allows you to receive a PR within 12-18 months after receiving a Letter of Support. 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!
For more information about the Start-Up visa program, investment requirements, business ownership requirements, terms and conditions, please contact Mansouri Immigration Firm!