What is the Start-Up Visa Program?The Government of Canada started the Startup Visa Program, also known as SUV, to attract entrepreneurs worldwide and provide them with the budget and the support required to succeed in their businesses. In return, Canada rises on these businesses to grow, expand, boost the economy, and create more employment for Canadians.One of the advantages of the start Up program in Canada is the processing times. The Start-Up Canada program aims to approve candidates within weeks after their applications. Moreover, the Start-Up Canada visa provides permanent resident status to the principal applicant and close family members. After that, they can also qualify for their Citizenship.
Step-by-Step to Apply Under the Start-Up Visa Program in CanadaHere are the four general steps to qualify under Canada’s Start-Up Visa program.
1: Get a Designated Investor to Support Your BusinessThis is one of the essential steps under the SUV program. Then, you must get a letter that confirms a designated investor supports your business and will fund your entrepreneur idea.
2: Fulfill the Language NeedsUnder the Canada Start-Up Visa program, you need to prove you can communicate in English or French. Even though it is not a high level, you must provide a language test result to prove you meet the minimum level of the Canadian Language Benchmark (CLB) 5 in all the skills.
3: Demonstrate Your Business Meets Ownership RequirementsThe Start-up visa in Canada accepts a single business to have a maximum of five owners. However, each applicant must have at least 10% of the franchise rights in the company. In addition, the designated investment organization and the applicant (s) must all own more than 50% of the total voting rights bound to all shares of the corporation.
4: Prove to Have Enough Funds to Stay in CanadaThe Start-Up Visa Canada program requires applicants to prove they have enough funds to support themselves and their families in Canada. To do it, here is a table to help you know which are the required funds. It depends on your family members and it also can change every year.
|Number of family members||Funds Required (CAD)|
|For each additional member||$3.560|
How to Get Supported by a Designated Investment Organization?To qualify under the Start-Up Visa in Canada, one of the first things you need to do is find an investor to support your Start-up idea. It can be:
- Angel Investor Group
- Business Incubator
- Venture Capital Fund
Education Requirement for the Start-Up Visa CanadaYou need to have at least one year of study at a postsecondary institution. To apply, you need to provide your transcripts, degrees, or credentials to demonstrate that you meet this requirement.
Application Costs For the Start-Up Visa CanadaAgain, the application cots will depend on your family members.
|Application Fee||Required Funds|
|Main Applicant||1,540 CAD|
|Dependent Child||150 CAD|
Application Process Under The Start-Up Program
Draft your Business PlanFirstly, you need a detailed CV for initial qualification and provide a business plan with all the information about your start-up idea. Don’t worry if you don’t have it ready. At mana immigration, we can do it for you.
Letter of SupportYou must have finished your business plan and have it ready to send to a designated organization for this step. This organization can either be an angel investor group, a business incubator, or a designated venture capital fund.At the end of this Phase, at least one designated entity must have approved your business plan and submitted a support letter to you and a Commitment Certificate to IRCC.
Permanent Resident Application under the Start-Up Canada programAt the final step of the Start-Up Visa Canada program, you need to apply for your Permanent Residency. At this moment, you should have the investment confirmation letter and other required documents. Then, IRCC will review and accepts or decline your application.
Required Documents For The Start-Up Program in Canada
- CV of the candidate
- Business Proposal
- Passport or Legal Travel Document
- Birth Certificate
- Marriage Certificate (if applicable)
- Police Clearance Record from your country of residence
- Proof of Funds
- Bank Letter
- Language Test Results
- Medical Examination
- Letter of Support
Benefits of the Canada Start-Up Visa
- With your application, all your family will also obtain Canadian Permanent Residency. It includes your spouse and dependent children (the age of 22)
- You and your family will have universal healthcare and public education for free.
- Under this program, you can where do you want to live.
- It is one popular program since candidates and families arrive with PR faster.
- Apply for Citizenship.
- PR also comes with a work permit.
- There is no age limit to apply.