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
- 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 criteriaand 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 testand score at least CLB 5 in English or French in all language abilities:
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)|
|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 email@example.com.