As many newcomers to Canada originate from countries with warmer climates than Canada, this article…
Startup Program
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Canada Startup Program
The Canada Start-Up Visa (SUV) Program is designed for immigrant entrepreneurs who want to start and grow innovative businesses in Canada. The program offers permanent residence (PR) to qualified entrepreneurs who have a business idea supported by a designated organization.
Eligibility Requirements
To qualify for the Start-Up Visa Program, applicants must meet four main requirements
1. Have a Qualifying Business
- The business must be innovative, create jobs for Canadians, and be able to compete globally.
- At the time of receiving permanent residence:
- The applicant must own at least 10% of voting rights in the business.
- Together with a designated organization, they must control more than 50% of voting rights.
- The business must be incorporated in Canada and actively managed from within the country.
2. Secure a Letter of Support from a Designated Organization
The applicant must get support from one of the following:
- Venture Capital Funds (Minimum investment: $200,000 CAD)
- Angel Investor Groups (Minimum investment: $75,000 CAD)
- Business Incubators (No investment required, but acceptance into a designated incubator is needed)
3. Meet the Language Requirements
- Must score at least CLB 5 (Canadian Language Benchmark) in English or French.
4. Have Sufficient Settlement Funds
- Applicants must prove they have enough money to support themselves and their family upon arrival. The amount depends on family size (e.g., for 2024: $14,690 CAD for a single applicant, $18,288 CAD for a couple).
Application Process
- 1. Develop a Business Idea – Ensure it meets the program’s criteria.
- 2. Get Support from a Designated Organization – Secure a letter of support.
- 3.Submit a PR Application – Apply online or via paper-based application.
- 4. Biometrics & Medical Examination – Required as part of the process.
- 5. Wait for Processing – Processing times vary but generally take 12–36 months.
- 6. Receive PR and Move to Canada – After approval, the applicant and family can immigrate.
Can You Work While Waiting for PR?
Yes! Entrepreneurs can apply for a work permit (temporary) to move to Canada and start working on their business while waiting for PR approval.
Benefits of the Start-Up Visa Program
- Direct pathway to permanent residence.
- No minimum net worth requirement.
- Open to multiple founders (up to 5 applicants per business).
- No obligation to repay investments if funding is secured.
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