This article discusses the Canadian Startup visa, its eligibility requirements, the application process, and benefits.
Innovative entrepreneurs, investors, or venture capitalists may have an improved chance of getting Canadian residency since the country is very open toward individuals who intend to boost the Canadian economy and create jobs. Canadian residence comes with excellent living standards, quality healthcare and education, and immense business opportunities.
However, establishing temporary or permanent residency in Canada is a challenging feat. The Canadian immigration system is very strict, and visa processes usually take a lot of time and legwork.
If you want to acquire all the benefits of the Canadian business climate without dealing with the never-ending due diligence required by the Canadian authorities, contact us today. We’ll make your Canadian dream a reality.
Canada – Country Overview
Canada is a North American country comprising ten provinces and three territories extending from the Atlantic to the Pacific Ocean. Toward the north, it extends to the Arctic Ocean. The country boasts the largest coastline in the world. It is also the second-largest country in the world by area.
Despite the massive area, Canada’s population is only 38,682,700. Ottawa is the capital of Canada, and the country’s three largest metropolitan areas are Toronto, Montreal, and Vancouver.
Canada has two official languages – English and French. The country is highly ethnically diverse and multicultural owing to grand-scale immigration.
Canada – Economy
Canada has one of the largest economies and one of the highest nominal per capita income. The country’s highly developed economy relies heavily on the service industry, natural resources, and international trade. Canada is also one of the world’s largest trading nations.
What is the Canadian Startup Visa (SUV) Program?
Canada’s start up visa program offers foreign entrepreneurs a gateway to establish permanent residence in Canada while working on their startup or business there.
It is an excellent option for startup founders and entrepreneurs with innovative businesses to benefit from the Canadian business climate.
Through the SUV program, the Canadian government wants to attract viable businesses that can compete globally and create more jobs there. The program links immigrant entrepreneurs with private sector investors (angel investor groups, etc.) that may be willing to support their business venture.
Eligibility Requirements for the SUV Program
According to the Canadian government’s official site, four major eligibility requirements exist to get the startup visa. Each of which we’ll discuss below:
Have A Qualifying Business
Having a qualifying business means:
- At the time of receiving your letter of support from a designated organization (we’ll explain this below):
- Each applicant must hold at least 10% of the corporation’s shares (voting rights). A startup or business can have up to five owners.
- Applicants and the designated organization jointly hold over 50% of the total shares of the corporation.
- At the time you receive your permanent residence:
- Your business must be incorporated in Canada.
- You actively manage your business from within Canada.
- Major operational activities of your business must be carried out in Canada.
Acquire a Letter of Support from a Designated Organization
A designated organization is a business group approved by the government to invest in or support potential start-ups.
The following are the kinds of organizations, along with the amount they must invest in your business:
- Designated Venture Capital Fund: At least $200,000
- Designated Angel Investor Group: At least $75,000
- Designated Business Incubator: You must be accepted into a Canadian business incubator program.
The list of all designated organizations can be found on the official website of the Canadian government.
Here’s how you can get the support of one of more designated organizations:
- Reach out to a designated organization to find out how to get its support.
- Convince the entity that your business idea is innovative, viable, and worth their support.
- Get a letter of support from the designated entity.
You can convince a designated organization to support you by presenting them with a detailed business plan demonstrating your organization’s growth potential and how it will boost Canada’s economy. Each business idea is assessed on a case-by-case basis.
Once you get your letter of support, you’ll need to include it in your visa application.
Take a Language Test
You must pass a language test in English or French to be eligible for the startup program. Meeting a minimum level of the Canadian Language Benchmark (CLB) 5 is necessary to qualify for the startup visa.
Demonstrate Sufficient Financial Resources
You must demonstrate sufficient financial resources to support your and your dependents’ stay in Canada.
The list containing the minimum amounts for the primary applicant and each dependent is mentioned on the government’s official site and is updated yearly.
Application Process for the Startup Visa Program
Since last year, the Canadian government has made it mandatory to apply online. You must include all the forms, supporting documents (like the letter of support), signatures (if applicable), language test results, and proof of payment of the processing fees for your application to be considered.
Once you submit your application, the government will review it if you:
- Meet the eligibility criteria.
- Show enough funds to support yourself and your dependents when you arrive in Canada.
- Pass the medical exam.
- Have a clean criminal record (proved by a police certificate).
Immigration, Refugees, and Citizenship Canada (IRCC) reviews immigration applications. For some applications, an independent peer review process may also be conducted.
Canadians take their applications very seriously. Any slight issue can get your application rejected or, worse, get you barred from applying to visit Canada for five years.
When the stakes are so high, it only makes sense to get professional help from an experienced team who’s done it all many times before. That’s where we come in.
At Nomad Capitalist, we’ve helped many clients go where they’re treated best. If Canada fits perfectly in your offshore puzzle, reach out to us. We would love to help you navigate your way toward it.
Startup Visa Application Timeline
According to the official site of the Canadian government, it may take up to 36 months to review your application.
Getting the Residence Permit
Once your application gets approved, you’ll be issued a permanent resident visa. It will include your Confirmation of Permanent Residence (COPR) and entry visa. The COPR will have your identity details.
Should You Establish Residency in Canada?
Canada is not some far-away land whose residency benefits have to be spelled out. Excellent quality of life, universal healthcare and education, and an international business climate are all perks of Canadian residency.
However, what no one tells you is how hard it is to navigate Canadian immigration proceedings – especially convincing a designated Canadian investor to grant you their support. Moreover, the cost involved is much more than in other business-friendly jurisdictions worldwide.
We haven’t even started on the taxes yet. Canada is one of the countries with the highest tax rates in the world.
Is this to say that a Canadian residency is bad? Not at all. For some people, it could be the best thing ever.
In essence, you don’t need a shiny latest residency program with big promises to solve your problems. What you need is a residency or citizenship program that best addresses your needs and helps you acquire personal and financial freedom.
How do you know which one is the best program for you? You can either spend hundreds of hours studying different programs in the world and spend a thousand more talking with the authorities to see if they suit your needs. Or, you can talk to us.
We value your time, and that’s why we do all the legwork so you don’t have to.
How to Get the Canadian Startup Visa Program in 2024: The Ultimate Guide FAQ
Canada’s start-up visa program offers foreign entrepreneurs a gateway to establish permanent residence in Canada while working on their startup or business there. SUV program links immigrant entrepreneurs with private sector investors that may be willing to support their business venture.
According to the official site of the Canadian government, it may take up to 36 months to review your application. Once your application gets approved, you’ll be issued a resident visa.
