CANADA
Canada’s Start-Up Visa Program (SUV) welcomes innovative immigrant entrepreneurs and offers them a clear path to permanent resident status. The SUV program is designed for qualified individuals who can contribute to the Canadian economy through job creation and business growth. It targets foreigners with innovative business ideas and links them with private-sector investors in Canada.
Foreign entrepreneurs first receive a work permit with the support of designated Canada-based organizations like venture capital funds, angel investor groups, or business incubators. Once their business is operational, they can apply for permanent residence in Canada.
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Minimum Investment
Angel Investor Group: CAD75,000 (around $54,850)
Business incubator: No set threshold
Key benefit
Processing time
Benefits
- Build a Business in a Thriving Economy: Canada offers a stable and supportive environment for entrepreneurs, with a skilled workforce and a government framework that encourages business growth.
- Fast-Track to Permanent Residency: The SUV program streamlines the path to permanent residency in Canada, allowing successful applicants to establish long-term roots.
- Family Inclusion: The Canada SUV program allows main applicants to include their spouse and unmarried children under 22 in their visa application, granting permanent residency for the entire family.
- High Quality of Life: Canada boasts a superior standard of living with universal healthcare, excellent education systems, and a welcoming social environment. Successful SUV applicants and their families gain access to these benefits upon obtaining permanent residency.
- Access to Funding and Partnership: The program connects qualifying entrepreneurs with designated organizations in Canada, which can provide crucial financial backing and valuable guidance for business development.
- Pathway to Canadian Citizenship: After residing in Canada for 3 years as a permanent resident, it’s possible to apply for Canadian citizenship. However, this process requires meeting additional criteria, including language proficiency tests in English or French, a Canadian citizenship knowledge test, and physical presence requirements in Canada.
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Requirements
- Applicants for the Canada SUV program must have an innovative business idea with the potential to create jobs and contribute to the Canadian economy.
- Securing a letter of support from a designated organization in Canada, such as a venture capital firm, angel investor group, or business incubator, which assesses the business idea and ensures it aligns with program objectives.
- Making the required investment in Canada. The minimum investment requirement are as follows:
- Venture capital firms: at least CAD 200,000
- Angel Investor Groups: at least CAD 75,000
- A Business Incubator investment has no defined minimum investment threshold
- Passing a language test to demonstrate proficiency in English or French at the Canadian Language Benchmark (CLB) 5 level.
- Applicants must show sufficient financial resources to support themselves and their families upon arrival in Canada, while the business turns operational. The minimum settlement funds are:
- Single applicant: CAD 13,757
- Couple: CAD 17,127
- Family of three: CAD 21,055
- Family of four: CAD 25,564
- The SUV applicants must be admissible to Canada, meaning they pass medical examinations and criminal background checks.
- Applicants are required to actively participate in the management of the business that must be incorporated and engaged in activities within Canada.
Procedures and Time Frame
The Canada Start-Up Visa (SUV) program follows a specific procedure with a processing timeframe that can vary. As a starting point, applicants for the SUV program must prepare their business ideas that will be innovative with high job creation potential for the Canadian economy. Afterward, they need to connect with designated organizations in Canada such as venture capital firms, angel investor groups, or business incubators, and secure a letter of support from them. This letter is crucial for SUV applications.
At the next step, applicants need to prepare their application package, which must include all required documents, the business plan, the letter of support, proof of language proficiency (through a CLB 5 test), proof of settlement funds, and other personal documentation.
The SUV applications are submitted to Immigration, Refugees and Citizenship Canada (IRCC). Processing times can vary depending on several factors, such the application completeness and IRCC Workload.
While IRCC doesn’t publish specific processing times for the SUV program, current estimates suggest it can take anywhere between 1 and 3 years to receive a decision on the SUV application.
Applicants are also required to cover the SUV application processing fees:
- Main Applicant: CAD 1,625
- Spouse: CAD 850
- Depended child: CAD 230
- Permanent Residence Fee: CAD 515 per person
Disclaimer: The information on this website is provided for general informational purposes only and does not constitute legal advice. The Canada Start-Up Visa (SUV) program has specific eligibility requirements and procedures. Individual circumstances can significantly impact your eligibility for the program. Seeking guidance from a qualified Canadian immigration lawyer is highly recommended to ensure having the most up-to-date information and a strong application strategy.